Is this a rort?

[sprockets]

Each Thursday money is transferred into my NAB savings account. Let's say that figure is $1000 and it appears in there at around 2am (Thursday am). I know this because I check.

So let's say the balance started off at $0.00 and at 2am Thursday it becomes $1000 when I check online. On Thursday I do my food shopping and some other spends for a total of, say, $400, so the balance should be $600. By the end of that week all of that money is gone and another $1000 is there at 2am the week later. With me?

However, when I look back through my transaction history online it shows that I was in debit $400 on the Thursday and it was 'righted' later in the day or maybe at midnight Thursday. So my starting balance was -$400 which is brought up to a maximum of $600 by the end of the day and that amount dwindles until the following week. It's as if I spent money I didn't have until late Thursday, even though it had appeared in my account earlier. The $1000 in credit had disappeared.

My question is, is this a scam/rort by the bank/s to make out as if your average balance is less than it really is, ie, my average isn't ($1000 -> $0.00) but ($600 -> -$400)? Is it a scam to pay less interest or something or does it all work out in the end? Think of it over thousands or millions of accounts, a few cents here and there.

 

[Lyyynnnchy]

Each Thursday money is transferred into my NAB savings account. Let's say that figure is $1000 and it appears in there at around 2am (Thursday am). I know this because I check.

So let's say the balance started off at $0.00 and at 2am Thursday it becomes $1000 when I check online. On Thursday I do my food shopping and some other spends for a total of, say, $400, so the balance should be $600. By the end of that week all of that money is gone and another $1000 is there at 2am the week later. With me?

However, when I look back through my transaction history online it shows that I was in debit $400 on the Thursday and it was 'righted' later in the day or maybe at midnight Thursday. So my starting balance was -$400 which is brought up to a maximum of $600 by the end of the day and that amount dwindles until the following week. It's as if I spent money I didn't have until late Thursday, even though it had appeared in my account earlier. The $1000 in credit had disappeared.

My question is, is this a scam/rort by the bank/s to make out as if your average balance is less than it really is, ie, my average isn't ($1000 -> $0.00) but ($600 -> -$400)? Is it a scam to pay less interest or something or does it all work out in the end? Think of it over thousands or millions of accounts, a few cents here and there.

You check your bank account balance at 2am every week?...

 

[sprockets]

You check your bank account balance at 2am every week?...

Yep or after, I'm an insomniac so I'm never in bed at that time.

 

[Oraaaaazio]

Each Thursday money is transferred into my NAB savings account. Let's say that figure is $1000 and it appears in there at around 2am (Thursday am). I know this because I check.

So let's say the balance started off at $0.00 and at 2am Thursday it becomes $1000 when I check online. On Thursday I do my food shopping and some other spends for a total of, say, $400, so the balance should be $600. By the end of that week all of that money is gone and another $1000 is there at 2am the week later. With me?

However, when I look back through my transaction history online it shows that I was in debit $400 on the Thursday and it was 'righted' later in the day or maybe at midnight Thursday. So my starting balance was -$400 which is brought up to a maximum of $600 by the end of the day and that amount dwindles until the following week. It's as if I spent money I didn't have until late Thursday, even though it had appeared in my account earlier. The $1000 in credit had disappeared.

My question is, is this a scam/rort by the bank/s to make out as if your average balance is less than it really is, ie, my average isn't ($1000 -> $0.00) but ($600 -> -$400)? Is it a scam to pay less interest or something or does it all work out in the end? Think of it over thousands or millions of accounts, a few cents here and there.

Don't know about it being a scam to pay less interest but some banks take the amount of times your account is overdrawn (and how long for) into consideration when you apply for a loan/credit card etc. They apply an internal credit rating to your account - separate from your VEDA score and it definitely works against you.

 

[Orange Agent]

My statements dont show things in time order, just by date, so if checking later on if things are all shown as transactions on the same day it could go like this.