retailer time limit for switch paymentsto be taken from bank account

duffuscastle

:A Hi there, have looked through posts and cant seem to find the answer.

Can anyone tell me if a retailer has a time limit to requst a switch/maestro payment from my bank. I purchased a considerable amount of travellers cheques/ currency from a high street store and payed half by cash and half by maestro which equated to £2000 to be payed by mastro. When i made the payment by my maestro card the retailer telephoned for authorisation of the payment. The authorisation went through straight away and the assistant was given an authorisation number by the person on the other end of the phone. I went home with the goods. This was at the beginning of June and THE £2000 still has not been removed from my bank account. Any help or info on this would be greatly appreciated:rotfl:

noh

6 years is the time limit. You still owe them £2000 why not call them and find out why the money hasn't been taken yet?

Nigel

jonesMUFCforever

It is 6 years from the date of transaction.
If you move or spend the money - you will be liable for any fees that your bank would pass if this takes your account overdrawn or over any o/d facility.

I would imagine that these type of establishments will have at least one major audit of its stock at least once a year (perhaps at this company's year end) - this might trigger an investigation when they find the error.
They will not give notice when it is spotted they will process the debit.

boo_star

It is 6 months to claim via Maestro/Mastercard.

They do have 6 years to chase the debt though (but not via the Maestro/Mastercard system.)

Mikeyorks

More likely he isn't going to ring ..... because it's a wind up!

smithja

Where do people keep coming up with this six year figure from to collect a debit or credit card payment from the account it was made from. They have at the very most 30 days it is only 4-5 for a Visa transaction, after that all bets are off, if you dont want to pay it you can dispute the transaction and it will be returned to your account they have no choice, if you did not have the money in your account when it was presented the bank is perfectly within its rights to bounce the payment just like a cheque and you will incur no charges as it was the retailer who breached their Terms and Conditions, with their Merchant Service, you did not breach anything so you are not liable for any charges after a maximum of 30 days (thats why there are signs up all over the place saying when you pay by card you are actually paying say M&S Card Service Limited, and then a 2.5% fee), and if they debit it and they try and charge you for the pleasure state the retalier has not followed the procedure for handling the card making the transaction void and the money will be refunded. That does not mean you dont own the money though (and I am not avocating you do it), in this case as you paid half by cash and half by Maestro you only owe £1000, secondly as you are in Elgin and not in England, Wales or Northern Ireland the time frame for them to take you to court if they know where you live or can find you is 5 years. If you are in any doubt as to the veractiy of this call up any large banks LloydsTSB, HSBC, Barclays and ask to be put through to their Merchant Services, then ask for details of how long a retailer has to post a transaction to an account from its date with each particular card type, i.e. Visa Credit, Visa Dedit, Matercard Credit, MasterCard Debit, Maestro, SOLO, Visa Electron, Etc. and I am sure they will be happy to give you the full information. I have seen hundereds of card transactions bounced when the retailer did not follow the procedure. Don't be put off by other givining you false information, your best bet is as I said to speak to the banks Merchant Services as would it be for some of the people who work in banks but dont seem to know the card procedures properly. They are set in stone. James

smithja

if you get really bored, here is a link to Mastercards full Merchant Rules stretching to 233 pages. Visa and everyother card issuer have similar set. I hope this clears up the matter on this an some people stop propagating false information. James http://www.mastercard.com/us/wce/PDF/10071_MasterCard_Merchant_Rules.pdf

smithja

9.9 Responsibility for Transactions

All merchants are responsible for ensuring that the cardholder understands that
the merchant is responsible for the transaction, including the goods or services
that are the subject of the transaction, and for related customer service, dispute

resolution, and performance of the terms and conditions of the transaction.

9.14.2 Present Transactions within Three Business Days

The merchant must present records of valid transactions to its acquirer no later
than three bank business days after the date of the transaction, except

• the record must not be presented until after the goods are shipped or the
services are performed unless, at the time of the transaction, the cardholder
agrees to a properly disclosed delayed delivery of the goods or services,

• when the merchant receives authorization for a delayed presentment (in
which case the words “Delayed Presentment” must be noted on the TID),

• when the merchant is obligated by law to retain the sales slip or return it
to a buyer upon timely cancellation, in which case the merchant should
present the record within 10 business days after the transaction date, and

• when the merchant has multiple locations and uses a central facility to
accumulate and present records to the acquirer. In this case, the merchant
must present the record in accordance with applicable laws and

regulations and, in any event, within 30 days of the transaction date


One follows on from the other, so if the Merchant does not follow their Terms and Conditions the customer cannot be held liable for their error. James

BlightyAndy

Wow - so you could have got £2000 free? Wicked!

jonesMUFCforever

I don't think so!
You still owe for the cheques and they would send in the solicitors and add the charges to what you owe.

Mikeyorks

This thread is a bit like Sunday when the clocks go back, as BST ends ..... it's wind up time (unless you're all quartz) !!!!