Really need some advice - Debit Card Hold?

cupcake94

Hiya,

What exactly is a debit card hold? How long do they last?

I ordered an expensive product from a high street online retailer. They cancelled my order because I entered the wrong billing address.

The money hasn't come out of my account but it has come out of my available funds. Its been 3 days since the product was cancelled..Why on earth is this the case? I was originally told 24 hours then 7 working days..and then the money would be back in my available funds.

Im very confused..Why has this happened? It doesn't make sense..I just want my money back!!! Is this common?

Thank you for any advice or insight

savagej

Unless you have a great deal of time on your hands to sort out what is really a simply problem but one that will probably take forever, I would personally wait it out until the earmarked funds become available to you again.

Is this is a Mastercard by any chance as they teld to take longer for the holds to drop off.

To fix the problem, you need to speak to the original company you cancelled the transaction with, you then someone how have to explain all of this to them and get them to put you through to the section within their company that deals with the settlement of debit card transactions. They need to confirm they have no claims on the funds and they need to find the department within your own bank which deals with debit card authorisation (often fraud is a good way to go as they know a lot on the whole process), and tell them to cancell the hold of the money on your bank account.

As you can see going well this could take up to an hour, or on the worst side it could be a week or longer and by that time the money will be available to you again.

Hope this is of some use.

James

cupcake94

Thank you for taking the time to reply.:)

I have spoken to the company, after speaking to many advisors I asked to be put through to the people who deal with it, the basically told me to wait it out until its been 5 days. Its already been 3 days and nothing! Is this normal?

Thanks again

Mikeyorks

cupcake94 wrote: »

Its already been 3 days and nothing! Is this normal?

When you made the purchase the retailer contacted your Bank and was told you were good for whatever funds were involved. Your Bank earmarked those funds so they couldn't be spent.

If the retailer has subsequently aborted the purchase they should also have voided the reserve on your funds (which is what post #2 was implying). As they didn't do that then the reserve stands until your Bank gives up waiting for the debit to arrive - and returns your money to 'available'. That will be between 3-5 working days - depending on the Bank.

What puzzles me is that if the billing address was incorrect - then your Bank (as this was presumably a 'cardholder not present' purchase, where the address will be checked) would normally have declined the initial approach. So the reserve of funds should never have been made.

Mrs_Ryan

Ive had this today for a lot of money - but my bank were very good and just reversed the hold so I got my money back - a company had taken a payment 6 times :eek: 3 transactions completed and 3 didnt, it took about 2 minutes for the guy in the debit card dispute department to sort it out and the money took just over an hour to show back on my balance. Usually it takes a fax from the company requesting the funds to confirm they dont want the money but it depends on your bank. Best to ask for the debit card dispute team or similar - dont know what other banks call it but my bank Barclays call it that. However telephone banking should know essentially what you mean and they should tell you either a) what you need to do or b) if you're lucky they might just sort it for you.