When do bank card payments leave the account?

wagboteddy

Hi

When I pay for stuff on my card when does the money leave the account ? I have bought something last week on my debit card and then a direct debit came out which I forgot but the debit card payment came out days later instead of the actual date?!
I thought that if I purchased something that the money either came out straight away or that money is put 'on gold'
Can anyone shed some light ? Thanks

grumbler

Theoretically it can take up to 6 months.
In practice a few days delay isn't uncommon.

What's "on gold"?

ManAtHome

I'm guessing 'on hold' (available balance reduced).

Gromitt

The money is only put on hold once the retailer authorises the payment, and typically only for 7 days. If they don't claim it by then the money is released, but they can still charge your card for upto 6 months.

So if you forget about a transaction it's possible that you can spend the money twice and then be charged heavily for an unauthorised overdraft once both are claimed.

If you want to make sure the later never happens, use cash.

Naf

Above advice is good. I never knew about the 6 month limit; interesting.
OP; for more specific advice, what type of payment had you made, to what kind of company & how?
Ultimately, though, the outcome is the same; as far as your bank are concerned, you're expected to keep track of your account and any requested transaction that would take you over your overdraft limit (£0 is a limit) is treated as you requesting an unauthorised overdraft. And no, they don't let you opt out of this without losing functionality of your account.

agrinnall

The 6 month limit is the time in which the money can be claimed from the card without telling the cardholder; after that the seller has up to 6 years to claim the money, and they can try to do that through the original card, but they are supposed to advise the buyer in advance that the money will be taken.