Bank ring-fencing my money?

Stressed_Out

Anyone heard if this? Will I ever get my money back?

Ok I'll explain, last week I ordered online at a very well known site I spent a lot of money but my order got cancelled for some reason it maybe was because it was my first online order with them? Anyway I tried again & it went through ok, when I checked my bank account my balance was correct but both orders appeared on my available balance.

I've phoned the retail outlet & been told they will only take out the one transaction which they have now done bit it's still showing that I'm a large amount of money still not available. They said this is called ring-fencing & I need to contact my bank & sort it with them.

I have done so but my bank are saying they need a fax before the money can appear on my balance again a fax from the store now the store say this isn't needed??

So I'm left no knowing where do I stand? What do I do now, I'm £100's of pounds down :-(

*zippy*

It usually takes about a week for mine to show as money available again, I've never had to do anything though, I presumed they gave them a week to take the money or it was cancelled, I could be wrong though.

peachyprice

It's not the bank ring fencing, it's the retailier, they 'reserved' the initial amount but haven't released it, which is why the bank need a fax from them confirming they aren't going to take it still.

This isn't Asda by any chance is it?

go_cat

It's perfectly legal.. The banks "hold'" the amount if money until it is claimed by the retailer. If it is not claimed within I think 3 days it is released back into available funds .

madvixen

peachyprice wrote: »

It's not the bank ring fencing, it's the retailier, they 'reserved' the initial amount but haven't released it, which is why the bank need a fax from them confirming they aren't going to take it still.

This isn't Asda by any chance is it?

I was going to ask the exact same thing.

podperson

As mentioned it's the retailer not the bank. When you place an order the money is requested from the bank immediately but often takes a few days to process, which is when it often shows as reserved/pending or your current and available balances don't tally up. Because the retailer has cancelled the order then they won't take the money but it may take a few days to 'process' back into your account.

It sounds like the bank are saying that if you can get written confirmation from the retailer that they won't now be taking the money then they will release it immediately rather then waiting for the cancellation to process from them.

Chickabiddybex

This happens all the time - all you have to do is... absolutely nothing. Wait 5 days. Problem solved

(Unless it's a credit card - it can take longer on those. Debit cards usually take about 5 days tops)

Stressed_Out

Thanks for your replies you all have explained it more then my bank or the store (no it's not Asda).

I made the purchase on Thursday evening so guess I'll have to wait then for my money to go back into my available balance. I usually use my credit card, think I'll stick to that in future rather then my bank card.

Chickabiddybex

The same thing can happen no matter which card you use