PSW Maintenance funds dropping below £800 for a few hours

[wazobia]

Hello forum members

I am due to send in a PSW application anytime from between December 1st (when my school confirms my MSc results) and January 27th (when My visa expires). I had kept my savings account balance at £800 and over since the 8th of August.

I decided to do a quick check of my account earlier today and noticed that on the 3rd of November, there was a transaction which reduced my savings account balance below 800, although another transaction increased it above 800 on the same day. This transaction was between my savings and current account (which was in debit at the time, hence I cannot use that since the combined balance would still be less than 800).

The annoying part is when I went to the bank, I transferred some money to my savings account first before the transaction which caused the balance to fall below the required 800, but looking at the online transactions, it shows that the required balance reducing transaction occurred BEFORE I increased the initial balance.

To use an example

Nov 3rd Opening balance: 800
Nov 3rd Debit transaction: 200
Nov 3rd Credit transaction: 400
Nov 3rd Closing balance: 1000

Both debit and credit transaction were with my current account. On the current account, it shows I made the credit transaction to my savings account first (i.e. 400) and then the debit transaction from the savings account (200) was credited to my current account afterwards.

However on my savings account, which is the one I am going to use for the application, the reverse is true, i.e. the example above is what is shown, which means my balance fell, and then increased.

Is this an automatic rejection? Does anyone else have experience with a similar situation, and can they share how it went for them?

Much thanks

[wazobia]

Just a quick note to explain that the bank statements from my bank only show the end balance at the end of each business day that has transactions involved. What this means is that under the "balance" section of the statement, the only thing shown is the amount at the end of the day; it doesn't show the balance after each transaction.

Just wondering if this will help

[geriatrix]

If "end of day" balance is 800 or above, and the statement is issued in the format as you state, you are fine.

[wazobia]

Thank you for the response

[Angelica]

If "end of day" balance is 800 or above, and the statement is issued in the format as you state, you are fine.

Careful Sush

I hope you remember my story pre-pankina matter

@Wazobia

Which bank statement are you presenting?

If did not use abbey national bank at that time, i wouldnt be in trouble that i went through.

[wazobia]

I use Barclays bank statements. Their statements do not show individual balances after transactions, so on mine it never shows my balance dropping below £800.

However their online statement shows balances after every transaction, and shows a drop below £800 before going back up on the same day.

[wazobia]

Hello.

After speaking to a bank representative about an hour ago, I was told that the transactions on the 3rd of November, as shown on his screen, were in reverse order to what I see on my online statement. He also confirmed that my balance never went below £800 (or £925 in my case).

Using the example I stated earlier, this means that the sequence of transactions on his screen is as follows:

Day

Nov 3 Opening balance £800
Nov 3 Credit transaction £400 Balance £1200
Nov 3 Debit transaction £200 Balance £1000
Nov 3 End balance £1000

Hence, the credit transaction occurred before the debit transaction, as opposed to the previous example in which the debit transaction occurred before the credit transaction, reducing my balance below the magical £800. This is what I remember doing on the day.

This means that, for the moment anyway, I have nothing to worry about concerning my maintenance funds.

Thanks for your replies.

[Angelica]

Hello Mr Naija(Wazobia)
You will be fine. Its always better to use a completely different account for application(s). It saves one from unnecessary headaches

Good luck.

[wazobia]

I guess you are also from Naija, if you recognised what my name means.

Thank you.

[simqa]

Hi there
Actually I had my extension coming n m applying for psw
I had 800 till 29nov but I transaction it can to 770 but by 2 dec it's 800 again
I m applying in this dec 22
I hav been maintaining since sep
I hav another saving account showing 200
Can I connect both these statements
Plz do tell me [/list]

[weikianng]

Hi there
Actually I had my extension coming n m applying for psw
I had 800 till 29nov but I transaction it can to 770 but by 2 dec it's 800 again
I m applying in this dec 22
I hav been maintaining since sep
I hav another saving account showing 200
Can I connect both these statements
Plz do tell me [/list]

Yes, you can.

[simqa]

But both r different banks

[wazobia]

It doesn't matter if they are from different bank accounts, what matters is both bank accounts are in your name.