Earmarked Funds Returned

ShuffleBump

Hi,

I purchased something and the funds were earmarked so showing as a pending transaction and I couldn’t touch the money.
This morning the money has dropped back into my account as I’m assuming the earmark has dropped off, it’s been 5 working days, I’ve never had this happen before.
I have lost the card I used to pay with and had it cancelled so my question that’s keeping me awake is this: can they take the money that the earmark has dropped off from the cancelled card or do I need to ring them with my new card details so they can recharge me?
I don’t want to end up paying twice and then waiting for a refund etc.

deadendwaterfall

ShuffleBump wrote: »

Hi,

I purchased something and the funds were earmarked so showing as a pending transaction and I couldn’t touch the money.
This morning the money has dropped back into my account as I’m assuming the earmark has dropped off, it’s been 5 working days, I’ve never had this happen before.
I have lost the card I used to pay with and had it cancelled so my question that’s keeping me awake is this: can they take the money that the earmark has dropped off from the cancelled card or do I need to ring them with my new card details so they can recharge me?
I don’t want to end up paying twice and then waiting for a refund etc.

I would call them just to be sure so that you don't end up with any nasty surprises ie unauthorised overdrafts.

JuicyJesus

The authorisation remains valid for the merchant to take the funds for six months (potentially up to six years) even if it doesn't show as a live authorisation on your account. They're authorised to take the funds; that the card is now cancelled is irrelevant, all that means is that they cannot make new authorisations against that card number.

Leave the money where it is and don't spend it.

dunstonh

The earmarking drops off naturally after about 5 days but doesnt mean the transaction isnt coming.

Earmarking was around back in the late 80s. It was very inefficient back then. But also more common for earmarks to drop off long before the transaction arrived. Nowadays it is less common due to better processing methods speeding things up. However, if the retailer doesnt submit quickly, the earmark can drop off before the transaction arrives.

Earmarking is just earmarking. its not an actual transaction. You dont need to do anything. Only time you have to do something with earmarking is if you get an earmark that is stuck on and not dropping off.

stclair

Leave the funds in your account however if it’s claimed after 120 days you could do a charge back for Late Presentment you’ll still owe the money though.