Failed payment

MovingForwards

Banks cannot manually reverse or send a pending payment as it's down to the business receiving the money to claim it or not.

It's what I was advised when the same thing happened to me buying from Argos just as their system crashed.

born_again

MarcoM wrote: »

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Would be useful to know from bank experts here if it is true that a bank cannot manually lift a reserve?

It is possible, but you need to get through to the correct team (disputes). They will need to check the Visa Online (VROL) and if a reversal is shown on there. They can remove the ring fence the authorisation is causing on the funds.
But be aware this does not remove the authorisation from the system, so it could still debit.

mon37

I went to my bank and they reversed / cancelled the payment so it's no longer pending. They advised to still wait few more days before making a new payment.

snowqueen555

I have had failed transactions remain pending, and then it returns as suggested. It takes several days though.

MarcoM

born_again wrote: »

It is possible, but you need to get through to the correct team (disputes). They will need to check the Visa Online (VROL) and if a reversal is shown on there. They can remove the ring fence the authorisation is causing on the funds.
But be aware this does not remove the authorisation from the system, so it could still debit.

Hi, the situation has evolved.
the money has now been taken but the third party has not received it. The third party is an investment platform, they tell me they can see the authorised payment on their system but it timed out straight after authorisation but will appear eventually after a manual process. I have copied their response below, do you think it is correct? I am refraining from asking my bank to recover the debit for now.


"The payment request was sent, however it was not approved by your bank quick enough. With all payments there is a set timeframe in which authorisation is to be completed within. In some cases if there is a delay the payment times out and needs to go through a manual process. Under this process we physically need to wait for funds to arrive before these can be applied to your account.

We understand that this is not desirable for either party and reiterate that this is not a common occurrence. I would expect the funds will be allocated to your account in two to three business days. If you check your account on Friday hopefully the funds will be there. "

born_again

MarcoM wrote: »

Hi, the situation has evolved.
the money has now been taken but the third party has not received it. The third party is an investment platform, they tell me they can see the authorised payment on their system but it timed out straight after authorisation but will appear eventually after a manual process. I have copied their response below, do you think it is correct? I am refraining from asking my bank to recover the debit for now.

Makes you laugh at times.

Of course they have the payment. As they take it from your bank account.. The bank do not send it to them.
Odds on due to the issue it is sat in one of their holding accounts.
Seems that they would rather wait 3 days for either system or the team that deals with the accounts to look at it. Rather than get of their backsides and sort it straight away.

You could raise a complaint with the company, as it is you that is losing out here.

MarcoM

born_again wrote: »

Makes you laugh at times.

Of course they have the payment. As they take it from your bank account.. The bank do not send it to them.
Odds on due to the issue it is sat in one of their holding accounts.
Seems that they would rather wait 3 days for either system or the team that deals with the accounts to look at it. Rather than get of their backsides and sort it straight away.

You could raise a complaint with the company, as it is you that is losing out here.

thanks.
so you are saying that even if a transaction has authorised but then timed out the money would reach the other end eventually?

i have raised a complaint.
i am hoping this would solve things quicker than requesting a chargeback from my bank.