Pending transactions have disappeared from my Capital 1 account!

iAMaLONDONER

Several transactions including one for £332.29 have disappeared of my account online and apparently I have a lot of 'available balance' however I know that that can't possibly be right.


I must add that the £332.29 has been pending since I made it on the 4th but has disappeared today (but it never reduced my available balance).

I won't spend anymore as I don't want Capital One- I've virtually spent the limit including the missing payments this calender month already- to randomly apply it to my account and make me go over my limit. Should I phone them (and somewhat ironically complain that they've failed to charge me enough!)

Has anyone experienced this before?

dzug1

Yep, lots of people have experienced it before and it's 'normal' if not common. Most of them (posters on here anyway) don't notice what's happened and continue spending regardless and bleat about the consequences


It WILL (99.9%) get deducted eventually - within a month at most. I've only ever once (in 20 years plus) known it not to turn up eventually


Not a lot of point in wasting money phoning them. There's been a glitch in processing. The one case is 3 years plus ago, in Italy, and I'm quite happy to pay if it ever turns up. I'm never that close to my limit so it wouldn't matter

iAMaLONDONER

dzug1 wrote: »

Yep, lots of people have experienced it before and it's 'normal' if not common. Most of them (posters on here anyway) don't notice what's happened and continue spending regardless and bleat about the consequences


It WILL (99.9%) get deducted eventually


Not a lot of point in wasting money phoning them. There's been a glitch in processing


I've only ever once (in 20 years plus) known it not to turn up eventually

That's somewhat reassuring to know I'm not the only one!

But I'll make sure I won't be charged £12 for going over my limit! Still as it's 0% till May I don't mind them taking a while to process it!

I'm using my other CC now!

InsideInsurance

Normally a credit card purchase is a two step process. First is authorisation which is done fairly instantly and second is claiming the funds. The second step can go requested at the same time as the authorisation but takes longer to process or can be done at some time in the future.

The Autorisation step puts the transaction into the pending transactions and reduces the available figure but not the balance. Because not all authorisations turn into transactions they do drop off after a period of time (normally after X days where X is 3-7 days).

When an authorisation drops off this doesnt prohibit the vendor taking the money, in fact authorisation is technically an optional step, which is where you get the situation of the pending disappearing and subsequently a confirmed transaction appearing. Given generally vendors have up to 6 years to legally claim the money -v- 3 days of authorisation you have to keep a track of your monies yourself

iAMaLONDONER

InsideInsurance wrote: »

Normally a credit card purchase is a two step process. First is authorisation which is done fairly instantly and second is claiming the funds. The second step can go requested at the same time as the authorisation but takes longer to process or can be done at some time in the future.

The Autorisation step puts the transaction into the pending transactions and reduces the available figure but not the balance. Because not all authorisations turn into transactions they do drop off after a period of time (normally after X days where X is 3-7 days).

When an authorisation drops off this doesnt prohibit the vendor taking the money, in fact authorisation is technically an optional step, which is where you get the situation of the pending disappearing and subsequently a confirmed transaction appearing. Given generally vendors have up to 6 years to legally claim the money -v- 3 days of authorisation you have to keep a track of your monies yourself

So what would happen is a vendor claimed the money after someone had closed the account?

lisyloo

So what would happen is a vendor claimed the money after someone had closed the account?

If you authorised the purchase then you still have to pay even if you no longer have an active card.

Do you think you can get out of it just because you no longer have a card?

iAMaLONDONER

lisyloo wrote: »

If you authorised the purchase then you still have to pay even if you no longer have an active card.

Do you think you can get out of it just because you no longer have a card?

Not at all- I was merely asking out of curiosity!

InsideInsurance

iAMaLONDONER wrote: »

So what would happen is a vendor claimed the money after someone had closed the account?

It depends on the card issuer. Most would pay it and effectively reactivate the account. Some would decline it leaving the vendor to chase you for monies owed.

This is one of the reasons that the advice is always to be careful with Continuous Payment Authorities when you cancel a card, particularly those that only do annual billing. There are plenty of stories where people forget their car insurance is paid by CPA, cancel a card, move address and dont inform the CC company because the accounts closed. Next thing they know they've debt collectors knocking because their insurance had renewed reactivating the card and obv payments hadnt been made as the bills went to the old address.

iAMaLONDONER

Update they all randomly re-appeared on my account on the 14th!