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  #1  
Old 13-07-2007, 10:00 AM
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http://www.thisismoney.co.uk/saving-...7&in_page_id=7
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  #2  
Old 13-07-2007, 10:12 AM
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Why the heck don't they use the EFTPOS system used in Australia and NZ. You pay at the checkout using your cards, the money is instantly transferred from your account to the merchants account. Same as the telephone or internet payments. You know immediately how much you have in the bank, not waiting up to week for funds to clear out of your account. This places England at least 17 years behind the Antipodes
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  #3  
Old 13-07-2007, 10:37 AM
m55dlc
 
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Erm, not really DL. It means all of the antipodeans only qualify for Solo and Electron cards as opposed to full visa debit cards (well, you were all convicts now, weren't you )
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  #4  
Old 13-07-2007, 10:46 AM
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Nooo...Visa, Mastercard are in my pocket and nothing wrong with my WESTPAC Visa or my ASB Visa or my Commonwealth Bank Visa all using EFTPOS...never heard of solo or electron until I arrived in England. So go and bite your posterior, Pommy....
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  #5  
Old 13-07-2007, 11:32 AM
m55dlc
 
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Erm, Solo and Electron cards check to see if you have the cash in your account before it authorises the transaction and moves the monies immediately. Visa and mastercard (MC debit cards are relatively new in the UK as we still refer to them as Switch) do not transfer funds immediately but earmark funds and go through overnight clearing. One of these is to guarantee use of the cards when the bank is not contactable and to facilitate paper use.

Cross court smash, point won. As far as posterior, why would I bite mine when it is you who 'misunderstood'.

Oh, and EFTPOS stands for electronic funds transfer at the point of sale, but does not state when funds clear through clearing. Oh, and the UK invented and implemented the first EFTPOS systems, so stating we're behind the times with respect to how this works is incorrect. It also means we don't relinquish the interest accrued on a sale so is it actually in our favour to do this?

Oooooh, I sound a bit argumentative today - must be something in the water.
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  #6  
Old 13-07-2007, 11:34 AM
m55dlc
 
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A family member is working on the project mentioned in the press article above.
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  #7  
Old 13-07-2007, 12:05 PM
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No, you have it wrong...EFTPOS.... Electronic Fund Transfer at Point Of Sale...immediate, not overnight. nothing to sign. it is done IMMEDIATELY over there.

Oh and no, solo and electron do NOT move the money immediately, Three transactions last week at Tesco and Co-OP...they have made doubled up on the transactions and I am now waiting for the double transaction to fall off the account, in the meantime, the money is in my bank account they wont release the funds. The first transaction did not clear out of the bank account until Tuesday, second transaction did not clear until Wednesday and I am waiting for Sunday's transaction to clear. I have had three phone calls with Tesco's over this. Co-Op was straight onto it. the bank has sent the query through to the processing centre, so they still holding on to 67.34 x 2...you want an argument young man, get yourself over here and I will show you the paperwork. I thought I had more money on the bank and when I queried it, this is how I discovered the money I thought was there was being held in suspense. Solo and electron DO NOT clear immediately. Oh Kent said to remind you that the paper bill did not clear until Tuesday and that was paid by SOLO last Wednesday. Card swiped through machine for payment transaction....
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  #8  
Old 13-07-2007, 12:06 PM
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See grimbell what you have done..we do debate things on this site...
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  #9  
Old 13-07-2007, 12:18 PM
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What a load of goulash. An electron or a solo transaction is only authorised when funds are earmarked. Earmarked funds immediately fall off your account balance (like, you paid it!). These do not show as earmarked. In the instance where you've been debited twice, the system has flagged this as an anomoly and frozen both awaiting confirmation.

It is this lack of credit (and please explain to me how this is possible in the way you understand things) inherent within both systems that they are available to minors.
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  #10  
Old 13-07-2007, 12:19 PM
m55dlc
 
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We're not arguing
She's gonna give me some grief later on about this, but what the heck!
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