Haven't been charged??

Bruhkez

First off, I apologise if it's the wrong section. I recently pre-ordered a game from Tesco Entertainment, as soon as I ordered my Available Balance in my banked account dropped 29.75 (The amount of the game) to £40 odd from the £70 I had before. This was a few days a ago and I received the game within 3 days. But the problem is, I checked my Balance earlier and found out that both the Balance AND Available Balance has gone back up to the £70 it was before. There's been no transactions in or put of my account for 2 days so the money hasn't gone and been replaced. I know this is Money'Saving but I'm starting to worry why i haven't been charged, I don't want to incur any other charges for the money not being taken out. It's a Debit Card by the way.

stclair

Generally if point of sale payments are not fully processed within 3-5 days the bank will make the funds available to you again to spend until the retailer completes the transaction.

I believe the retailer has 6 years to complete the transaction. My advice to you would be watch your account very carefully to ensure you got get stung by your bank for charges etc when do finally process the transaction.

opinions4u

Always leave £30 in your account, until it's paid.

Bruhkez

Ok thanks for that, my account is a Halifax Cardcash and it has no overdraft, could I still incur any charges on that if I take the money out now and then replace it during the week?

bengal-stripe

Bruhkez wrote: »

.......could I still incur any charges on that if I take the money out now and then replace it during the week?

Don't do it!

According to s**'s law, the payment will show up that very day you have not enough funds in the account.
That means, your account will be overdrawn and you get charge slapped on.

pjread

absolutely, chalk it up as if it's gone and leave it sat in the account, otherwise you're setting yourself up for a potential fall.

dzug1

Bruhkez wrote: »

Ok thanks for that, my account is a Halifax Cardcash and it has no overdraft, could I still incur any charges on that if I take the money out now and then replace it during the week?

You could do if the payment is processed in that time.

This is one of the ways an account with no overdraft can go wrong and acquire one. The payment has been authorised - the bank can't refuse it.

Bruhkez

Thanks for the input. I know for a fact your the ones that know best but it's kinda happened before. I had an xbox live subscription and totally forgot about not having funds in my account for it, they charged me for it anyway but couldn't take anything out for about a month as there were no funds in my account at this time. With the thing above who's fault is this, Tescos or my banks? And what time of charges could I incur if there's no overdraft, surely they'll just have to wait until there's funds in my account? One of the posts able says they can have up to six years to withdraw the charge. I don intend to take the money out but in a hypothetical scenario I'd just like to know. Thanks

onlypaddy

It's nobodies fault per say, it just means that Tesco's automatic systems have not completed the transaction yet. My understanding of the 6 years rule (better remembered as the 6 months/6 year rule) is:

From Transaction to 6 months: Retailer can claim the money using the authorisation code generated anytime within 6 months.

From 6 months to 6 years: Retailer can still claim the money, but has to apply for permission to the bank - it is no longer automatic.

And what time of charges could I incur if there's no overdraft, surely they'll just have to wait until there's funds in my account?

Not true - you have authorised the retailer to take the funds so the bank must honour this within the 6 month window. If you have had an oversight and spent the money, you will go into unauthorised overdraft. I'm not sure on the charges for your account, but you will most likely be hit with some sort of payment review fee (up to £35), unauthorised overdraft fee (around £25) and then mountains of obscene daily charges (£5 per day i think it is with Halifax).

These are the ballpark maximums that are charged by banks - you would have to check your T&C's to get more specific