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Would this work?

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  • 07-08-2009 1:42am
    #1
    brave inca
    Closed Accounts Posts: 61 ✭✭


    I know this is probably not legal but I am just wondering if anone knows if this would work.

    Lets say I have 400 euro in my current account. I then go buy Items online and spend the whole 400 euro. It takes 3 days for these transactions to show on your BANK STATEMENT. If I go to the ATM my balance will say 0 and I wont be able to withdraw. Here is what I am asking. If you go into the bank before the online transactions have hIt your BANK STATEMENT and ask to withdraw 400 euro, Would they actually give you the 400 euro?

    I think they would because when they look at your account on their computer system they wont see your online transactions and therefor your account will say 400 cr.

    What you think?


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    #2
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    The bank will see the tranactions before they appear on your online banking.


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    #3
    brave inca
    Closed Accounts Posts: 61 ✭✭brave inca


    jhegarty wrote: »
    The bank will see the tranactions before they appear on your online banking.


    No they wont because I used to work in a bank and those transactions do not show up on your account until 3 days or so.


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    #4
    100gSoma
    Registered Users Posts: 1,285 ✭✭✭100gSoma


    either way, in 3 days time your account will be in -400 so what's the point?


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    #5
    Ste.phen
    Registered Users Posts: 2,808 ✭✭✭Ste.phen


    100gSoma wrote: »
    either way, in 3 days time your account will be in -400 so what's the point?
    Not to mention the overdraft fees :)


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    #6
    Ste.phen
    Registered Users Posts: 2,808 ✭✭✭Ste.phen


    brave inca wrote: »
    No they wont because I used to work in a bank and those transactions do not show up on your account until 3 days or so.
    On my BOI account ATM Withdrawals over the weekend show up immediately, though the date on them says Friday until either Monday or Tuesday (forget which) when the date gets updated to whatever day I actually withdrew the cash.


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    #7
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    They may not see the transactions, but they would see that the available balance was 0.


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    #8
    JMcCR
    Closed Accounts Posts: 100 ✭✭JMcCR


    Laser went "Live" about a month or so ago. This means as soon as you debit the card in any retail outlet or online your balance is adjusted by the bank. It may not show up on your online statement but your available balance will be adjusted straight away.


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    #9
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    brave inca wrote: »
    I know this is probably not legal but I am just wondering if anone knows if this would work.

    Lets say I have 400 euro in my current account. I then go buy Items online and spend the whole 400 euro. It takes 3 days for these transactions to show on your BANK STATEMENT. If I go to the ATM my balance will say 0 and I wont be able to withdraw. Here is what I am asking. If you go into the bank before the online transactions have hIt your BANK STATEMENT and ask to withdraw 400 euro, Would they actually give you the 400 euro?

    I think they would because when they look at your account on their computer system they wont see your online transactions and therefor your account will say 400 cr.

    What you think?

    What your doing is not going to be kindly looked on by your bank. It is possible but you will be charged a excess fee and charged interest for being overdrawn. The bank may issue a charge back on the items purchased online also, this is not done very often but it is an option.


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    #10
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    Like the above posters say with a laser card the banks know that the charge is 'hanging in the balance' so you won't be able to withdraw- possibly a portion of it if you go really fast to atm, but seriously i'm glad I copped on to personal finance stuff lately or I'd be up that kind of s*** creek with brave inca :)

    Brave Inca, if you haven't done so already but you probably have, an overdraft is the way to handle amounts of 500-1000.


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    #11
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    unclebill98 wrote: »
    What your doing is not going to be kindly looked on by your bank. It is possible but you will be charged a excess fee and charged interest for being overdrawn. The bank may issue a charge back on the items purchased online also, this is not done very often but it is an option.

    Also you may find that if you do this enough, they'll actually cancel your laser card. It'll also look pretty bad if you're trying to get a loan/credit card/mortgage in the future.


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