Hi
Am I correct in assuming the Spending Report doesnt include any pending transactions, as a very large pending transaction doesnt appear in my report.
If this is the way it works, then would it not be possible to have all pending transactions grouped together at the end of the report.
Hi @Mike1 pending transactions will not appear in various features - including anything related to Spending Analysis, Reports, Bills etc.
We can’t rely on pending transactions - the descriptions, amounts, dates all change on them between them first appearing and them being ‘confirmed’ by a bank. Each bank does different things with how it processes pending transactions - with some banks we don’t even get them at all.
Paul
That’s a shame, I now realise my spending report is always wrong as I generally have a dozen transactions pending
Hi Paul,
I have an HSBC account and my current account balance in HSBC app doesn’t match the one in Snoop. That’s because HSBC deduct the pending transaction from the total balance which gives a true reflection of how money is left in your account. For example Snoop is showing I have £1400 in my account while HSBC is showing £400 because there is £1000 transaction pending.
The whole point of Snoop is to be aware of how much money is left in your bank account so you don’t overspend money that you don’t have. Otherwise it defeats the purpose of having Snoop if it is going to overestimate how much money is in the bank.
How come Snoop can’t mirror the available balance that is in my HSBC app.
On the other hand Moneyhub app seems to be more accurate as it subtract the pending transaction.
I’m surprised this problem hasn’t been solved yet while it’s an available feature in other app such as Moneyhub.
I like Snoop but the I can’t be running the risk of going in overdraft if Snoop forget to add the pending transaction. I think this is a serious problem for an app that is meant to be helping you to manage your finance.
I have also mentioned that pending payments are missing from my spending reports, which also give me a false sense of security.
I have just double checked and my Snoop Barclaycard total does seem to take account of pending payments, so perhaps it works differently with different banks
Hi - firstly each bank has different processing when it comes to pending transactions and we do different things for different banks and account types.
When you log into Snoop and see the accounts listed on the homepage… the balance there should match the most prominent balance shown in the bank’s main app. Please note, banks normally have two different balances - one for the ‘confirmed’ (or ‘booked’) balance and one for ‘Available’. Again different banks display this differently - some display both, some only one etc. For HSBC and all banks we should be showing a matching balance to the most prominent one used.
However, there is one feature in our app where we do forward balance projections (what we call our ‘Bill Protector’ feature). This is not relevant to spending analysis or reporting, which all look backwards rather than forwards.
For most banks, this forward looking balance has to start from the ‘confirmed’ position. Otherwise we would double count bills that may have already been deducted from the main one the bank uses and therefore trigger more incorrect alerts about bills being at risk. So for example:
If we have started from the £900 balance, we would ‘predict’ the £100 bill is still due (as we’ve not seen the confirmed transaction yet) and hence calculate the final balance of £800 for today. Meaning £100 has been double counted. Hence we don’t do this and we only go back to the confirmed position and treat all bills as still due until they are ‘confirmed’ to be paid.
I do appreciate this is not foolproof because the £100 pending balance difference in the example above might not related to a bill that’s due and could just be any other adhoc spending. However, our view is that doing the calculations the other way leads to a worse outcome for more people.
Paul
Many thanks Paul for your quick reply.
You are saying that the balance in Snoop should be matching the most prominent balance showing the the bank’s main app. Unfortunately it is not matching, for example during this weekend my HSBC account was showing £400 in my current account while Snoop was showing £1400. This mismatch is happening because Snoop is not taking in consideration the £1000 pending transaction. It doesn’t seems to be an issue with the Moneyhub app which is able to mirror the balance in my bank’s main app. I was hoping Snoop could do the same as it is a nice app except for the misleading balance which is the most important feature of any open bank app.
Hi @Mwbaba please can you contact us via the app or email us at hello@snoop.app and mention this post when you contact us.
I’d like to investigate this with you but will need to exchange details with you directly rather than on this public forum.
Paul