"E-marking" funds .. is this new?

maisonblanche24

Twice in the last couple of weeks I've had situations where I've tried to buy something online and both times the funds have been "e-marked" (Barclays terminology) to come out of the account so funds have been set aside from my balance.

The first time was an online order at B&Q which was cancelled within minutes via phone and I was assured that the card had not been debited so I went into the store to buy the items instead (the delivery was going to take too long).

Then I applied for a Royal Mail service online which failed (they told me at the time) so I went into the Post Office and sorted direct.

Both times the funds had been "set aside" and therefore I was not able to use my account to its full capacity. The situation corrects itself after 10 working days apparently.

Majorly inconvenient! This is as difficult to take in as the old system of waiting for cheques to be processed in such a modern electronic age!

Whilst I appreciate that the practice of funds being earmarked immediately for a genuine transaction should be applauded (it helps stop me going overdrawn!), this seemingly new procedure has caused me problems because in my mind I hadn't spent the money. Attempting to pay for the mother's day meal at a restaurant recently became an embarassing experience as a result!

Banks eh? Can't live with 'em, can't live without 'em! Grrrr.....

pmduk

It's not new, however different banks have varying times for holding these earmarked funds. RBS seems to be 3 working days.

Paul_Herring

"e-marked" (Barclays terminology)

More likely an accent problem - the phrase is earmarked (verb; meaning 1).

And it's typical in the banking industry, though such funds are typically 'un'earmarked/released shortly after if the funds won't be taken out, however occasionally it takes a bit longer as you've found out.