Transactions-Schmansactions!
Posted: May 15th, 2021, 4:43 pm
WRT an online financial savings account:
Q. When is a "transaction" not a transaction?
A. When it's a deposit.
i.e. It's a "transaction" if it is a withdrawal, but not a "transaction" if it is a deposit! At least it is/was for one of my since closed online savings accounts. Which issued an online statement every month there was a "transaction" (but not including Interest). Which is why I had no effective list of transactions after the account was closed, despite all my deposits (excluding interest).
If we are to have everything moved online, which generally I have been enough happy with, surely our financial institutions need to ensure they stop imposing these kinds of unforced 'errors'(?) upon us?
Meanwhile, looks like we will need to seriously scrutinise all those account Terms & Conditions.
Q. When is a "transaction" not a transaction?
A. When it's a deposit.
i.e. It's a "transaction" if it is a withdrawal, but not a "transaction" if it is a deposit! At least it is/was for one of my since closed online savings accounts. Which issued an online statement every month there was a "transaction" (but not including Interest). Which is why I had no effective list of transactions after the account was closed, despite all my deposits (excluding interest).
If we are to have everything moved online, which generally I have been enough happy with, surely our financial institutions need to ensure they stop imposing these kinds of unforced 'errors'(?) upon us?
Meanwhile, looks like we will need to seriously scrutinise all those account Terms & Conditions.