Understandably it's frustrating to receive an 'Insufficient Funds' error message when paying via Pay by bank, if you believe you have enough money in your account to cover a payment. However, there are several reasons why this can occur.
One reason is that we use the lower of two balances in a customer's bank account when processing payments. These are the Current balance and the Available balance.
The Current balance is the officially available balance before any pending transactions have cleared, while the Available balance is the amount of money that is actually available to spend. This is usually smaller than the Current balance.
If either of these two balances is lower than the requested payment amount, the payment will fail, resulting in an 'Insufficient Funds' error.
1. If you have recently funded your account, it's possible that the funds did not fully clear into the account when you attempted to make a payment.
2. If you are using overdraft or credit facilities on your account.
To avoid this issue, we recommend checking both your Current and Available balances before making a payment to ensure you have enough funds available before attempting to pay.
If you continue to experience issues with payments, please don't hesitate to contact our support team for further assistance 🧑🏿💻