Unclaimed transaction on my account

Anthorn

There are many fallacies on MSE and the 6 months allowed for "banking" card transactions is one of them, It's just unfortunate that it appears almost everywhere else on the Web and all of them without any sort of qualification whatsoever.

It comes from the time allowed for cheques to be presented to the bank for payment, i.e. 6 months but in the case of a card payment it has already been presented to the bank and an authorisation code obtained.

In fact there is no set rule for the time taken to bank a card transaction which applies to everyone: It's set by the particular card issuer, for example for Barclaycard it's 2 days:

3.1 Everyday procedures
3.1.1 Banking procedures
Please ensure that you follow the end-of-day banking
procedure (as detailed in your Terminal Operating guide)
to ensure you receive payment for all transactions. It is
essential that all transactions are submitted for payment
within 2 working days of being accepted. Please note that
if a transaction is submitted after 2 working days, the card
issuer may reject the transaction resulting in it being
charged back. Barclaycard will be unable to defend you
from such chargebacks.

http://www.barclaycard.com/roi/business/pdf/procedure-guide.pdf

If funds are no longer on hold awaiting banking and have been made available on the account then it's pretty safe to assume that the authorisation of the payment has expired and a new authorisation will have to be obtained presumably with a card not present transaction which could be seen as fraudulent!

dalesrider

Anthorn wrote: »

There are many fallacies on MSE and the 6 months allowed for "banking" card transactions is one of them, It's just unfortunate that it appears almost everywhere else on the Web and all of them without any sort of qualification whatsoever.

As I have stated before...:D

And just for you again. :cool:

Visa regulations state that if a retailer does not process the transaction within 6 months of the auth date. Then there is a chargeback right.
Now retailers can get round this by reprocessing the transaction with a new date within 6 months. But that opens up other avenues to dispute.

This is not a fallacie, it it a hard fact that is printed in the Visa regulations.
I would also think that Mastercard have the same limits.

londonTiger

their internal audit will catch the discrepancy and chase it soon enough. Expect to pay the £98 some point in the future.

londonTiger

dalesrider wrote: »

As I have stated before...:D

And just for you again. :cool:

Visa regulations state that if a retailer does not process the transaction within 6 months of the auth date. Then there is a chargeback right.
Now retailers can get round this by reprocessing the transaction with a new date within 6 months. But that opens up other avenues to dispute.

This is not a fallacie, it it a hard fact that is printed in the Visa regulations.
I would also think that Mastercard have the same limits.

forget what visa says, the debter can pursure the charge through a debt management company or through the small claims court themselves. Court is unlikely though - they'll most likely chase it through a debt company.

Pr3man

Deleted_User wrote: »

It'll be a bit more desperate if you don't have a spare £98 over the next 6 years. Are things that tight?

If you don’t have anything constructive to say, please don’twaste your time by making sly comments.

Pr3man

Thank you everyone for your input.
I have spoken to someone else at my bank and they can confirm that it will be debited anytime within 6 months of the transaction date.
I am glad I have got to the bottom of it- nothing worse than being in limbo not knowing what is goin on!

Anthorn

dalesrider wrote: »

As I have stated before...:D

And just for you again. :cool:

Visa regulations state that if a retailer does not process the transaction within 6 months of the auth date. Then there is a chargeback right.
Now retailers can get round this by reprocessing the transaction with a new date within 6 months. But that opens up other avenues to dispute.

This is not a fallacie, it it a hard fact that is printed in the Visa regulations.
I would also think that Mastercard have the same limits.

Can you please qualify your statement with a link to the information so I can verify that what you say is true. Many thanks in anticipation.