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Student Loan, unable to withdraw from ATM

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  • 23-10-2010 8:08pm
    #1
    Sunjava
    Registered Users Posts: 242 ✭✭


    I drew down my student loan yesterday and I was told it would be put into the account within a few hours. I tried to withdraw funds yesterday and got the usual insufficiant funds message. This evening I went over to my BOI branch ATM to check my balance. The money is in the account but my max. cash withdrawal is E0.00.

    Why is this? Do I have to wait until Tuesday to sort this out?

    any suggestions welcome!


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Contact banking 365. They may be able to help.


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    #3
    Sunjava
    Registered Users Posts: 242 ✭✭Sunjava


    They are closed for business until Tuesday, so I was just wondering if this is a standard occurance?


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    #4
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Funds lodged to your account take a few days to clear. It gives the bank a chance to correct errors and debit unpaid items.

    That's why you will often see balance €500. Less items not yet cleared €100. Plus overdaft €500. Available balance €900.


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    #5
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You would think that when drawing down a loan it should be cleared funds asap.


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    #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    It should be cleared funds, but with regular loans they get transferred to the account electronically, so the funds are instantly clear, but student loans have to be put through manually which means they can sometimes take a day or two to clear. I don't think there's anything you can do about it until Tuesday. Ring your bank first thing and then ask them can they sort you out.


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