Debit card transaction time delay

arwalder

Hi all,
we used our debit card at local builders merchants on the 6th June this year but they have only taken the money from our account this week!

Is there a time limit on how long companies can take to process the transaction? thanks in advance x

grumbler

The time limit is 6 months.

TadleyBaggie

The above is partially correct. They can take the money without any notice up to 6 months after the transaction date. Beyond that they can request to take the money up to 6 years after the transaction date, but should give you notice that this is about to happen.

jonesMUFCforever

How have you been disadvantaged from them taking all this time to actually debit your account?
The money is still sitting in your account is it not?

YorkshireBoy

TadleyBaggie wrote: »

They can take the money without any notice up to 6 months after the transaction date.

...but it could* be swiftly charged back under 'late presentment' (reason code 74 in the case of Visa)?...

http://usa.visa.com/download/merchants/chargeback-management-guidelines-for-visa-merchants.pdf (see pages 64-65)


(I know it's the US site, but Visa Europe has the same policy)


* And would be if the cardholder account was closed.

stclair

arwalder wrote: »

Hi all,
we used our debit card at local builders merchants on the 6th June this year but they have only taken the money from our account this week!

Is there a time limit on how long companies can take to process the transaction? thanks in advance x

Did you ever contact the builder merchant to advise them the payment had not debited your account?

jonesMUFCforever

stclair wrote: »

Did you ever contact the builder merchant to advise them the payment had not debited your account?

Don't be silly - would you ?;)

stclair

jonesMUFCforever wrote: »

Don't be silly - would you ?;)

Yes I would actually and have been known to.

ET51

stclair wrote: »

Yes I would actually and have been known to.

Martin would, I'm sure, be proud of such a Fantastically Fervent MoneySaving Super Fan :money:

ET51

arwalder wrote: »

Hi all,
we used our debit card at local builders merchants on the 6th June this year but they have only taken the money from our account this week!

Is there a time limit on how long companies can take to process the transaction? thanks in advance x

6 years, although they should have warned you first as it was over 6 months since you approved the transaction.

Has it caused you any specific issues?

arwalder

Firstly; Thank you to those who posted genuinely helpful replies.
But to paragon909 I find your comment completely and utterly rude.
I came on here I ask for advice and I do not expect to be insulted- not what the forum is designed for at all.

I genuinely did not notice the money was missing at the time and have no problem with them debiting the money we owe but would have expected to be contacted before it was processed as they had our address and contact details.