Time Limit on Retailers Taking Funds

keithmdw

Is there a time limit before which a retailer who has swiped your card for a transaction must take the funds before they are no longer allowed to take it?

I made a purchase some time ago and the retailer has not yet taken the funds from my card nor is it listed as an outstanding authorisation on my card.

I want to make sure there is sufficient funds on the card for when they try but didn't know if there was a cut-off point after which they basically lost the money if they hadn't claimed it.

ashcarrot

I found most go after 3 business days however others seem to take a whole week. Im not sure what the actual rules are but it can be p***ing off its a large amount (which i found out to my displeasure once)

Walletwatch

I think the amount is earmarked for a fixed period as laid down by VISA or Mastercard (2 business days is what I've found it to be) Nothing stops the merchant climing after that either, but your limit isn't blocked for future purchases beyond that point.

Galstonian

I've seen some overseas paper transactions take almost six months. I don't know if there is a similar rule for electronic transactions.

sly_dog_jonah

South West Trains card transactions often take well over a week to appear on my missus' Natwest current account.

Walletwatch

Does anybody know if the Bank socks you charges for failed transactions on your current account (not on your credit card), if the merchant claims after the period for which the amount is earmarked and the account is not funded? Or is it different for different banks?

sly_dog_jonah

i think rather than fail, the transactions would go through and you'd be charged for an overdraft!

Walletwatch

Which probably means one wud go into unauth OD, and wud be accompanied by a charge (at least with my Bank)

Of course there's no excuse for having to provide for a purchase you've made, but then why have a hold for a 2-3 day period in the first place???

The only thing I can think of is that this protects banks from dodgy account holders who can run up huge sums of unauth od in a short time, and then run for it?