UK Banking/Ebay/Paypal Question

Discussion in 'Et Cetera, Et Cetera' started by B_ScaredLittleBoy, Jan 31, 2008.

  1. B_ScaredLittleBoy

    B_ScaredLittleBoy New Member

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    Okay. I just put a cheque in my bank. That takes at least three working days to clear.

    The cash in my bank is spoken for and is going to be debited out tomorrow.

    I want to pay for an Xbox 360 I won on ebay. Can I pay now without it taking the money that's already in my bank out? Because I assume Paypal transactions take 3-4 days to complete, by which time the cheque money will be deposited into my account.

    OR does Paypal check the account balance before paying and will it see that I haven't got enough money in the bank yet?

    I hope this is clear. Just looking for some clarification. Thanks.
     
  2. dong20

    Gold Member

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    If you don't have the funds (inc any overdraft facility) to meet an authorisation for the amount requested then no. Authorisations are real time, it merely takes 3 days for the transaction to show on your account. If you have the money now and pay for it, will that screw up whatever is to be debited tomorrow?

    NB If it's a direct debit it's almost certainly already been authorised and those funds are no longer available. DD's like BASCS are three day transactions.

    Day 1: input day when files will be submitted to Bacs
    Day 2: processing day, where the file is transmitted to the customer's bank
    Day 3: debit/credit day
     
  3. D_Guenedock Dykmole

    D_Guenedock Dykmole New Member

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    you wont be able to as the if the cash has already been used your account will declare it as unavaliable. If paypal does take the money it may be successful depending on your account type which means youll get an overdraft charge if you dnt have money to cover it which will be about min of £50 depending on your banks policies
     
  4. B_ScaredLittleBoy

    B_ScaredLittleBoy New Member

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    I don't want to go overdrawn. Guess I'll wait til Monday then. I just want my Xbox is all :redface:

    So the money will be in Monday then? I'm counting today as one of the three working days.

    *Waits*

    Thanks for the speedy reply guys.
     
  5. dong20

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    So long as you paid the cheque in by 15:30 today it should clear by COP (close of play) Monday - day of deposit counts as one of the three days.
     
  6. B_ScaredLittleBoy

    B_ScaredLittleBoy New Member

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    Cool. I did actually contact the seller saying I might have to pay on Monday. Thanks Dong, you so wise!
     
  7. dong20

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    I'd check with your bank when they consider COP to be...it may vary. I'd not pay Monday morning for example. If you have online banking you can check if the cheque has cleared (it will show in your account today but check the available balance rather than the shown balance - the difference will be what's locked for payments and what's uncleared funds).
     
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