how long for a transaction to show in bank balance

madleypiper

i ordered a new payg phone last monday 28th nov. i checked the bank account straight after and the money had come out but a couple of days later the money was back in my account and the transaction not showing. the phone came friday and i had an email saying its been paid for but the money is still in my bank account. does anyone know how long it will take to come out of my account. or have i got a free phone!! (can live in hope)!

Gromitt

You've not got a free phone until 6 years are up as this is how long they have to collect the funds.

Typically though, they'll collect within 7 - 10 days, although mistakes can happen and it'll take longer, like it may take a month.

What you need to do is know it must be paid for and not spend the cash. If you don't have sufficient funds in your account when they do collect, you could be charged various fees by your bank (eg. unauthorised overdraft, guaranteed payment fee, etc)

madleypiper

thanks hun. i will defo leave the money in the bank. i darent spend it because i dont want any charges. just didnt know how long they had to take the money. just dont like that amount of money hanging round in my account iykwim. is it worth rining the bank to find out why it showed as coming out then went back in?

YorkshireBoy

Gromitt wrote: »

You've not got a free phone until 6 years are up as this is how long they have to collect the funds.

Do you have a source for that? I always thought it was 6 months.

bengal-stripe

YorkshireBoy wrote: »

I always thought it was 6 months.

As far as I know, the authorisation is valid for six months.
Nevertheless the supplier can demand payment for up to six years and (if need be) go to court.

YorkshireBoy

YorkshireBoy wrote: »

I always thought it was 6 months.

It is, in fact, 180 days...but may even be less depending on the merchant acquirer agreement in place.

Payment will be refused under 'late presentment'...Visa reason code V74, Mastercard reason code M42, UK Debit Maestro reason code 25.

http://www.barclaycard.co.uk/business/documents/pdfs/chargebacks-intro.pdf