Visa Debit - just how long can they wait?

Mikeyorks

fiveyearplan wrote: »

I have no idea how long that would take to process but much longer than 7 days I'm sure.

You're not sure ..... that's why you added "I'm sure";)

Look at the contract with your merchant acquirer. It probably stipulates when the paper copy has to be with them - probably next working day +1 .. at the latest? When all was paper - they had ranks of data prep people capturing the data on virtually a Day 1 basis.

However, bit academic to this argument. As any 'authorisation' only takes place when your acquirer captures your paper data into the system.

fiveyearplan

Mikeyorks wrote: »

You're not sure ..... that's why you added "I'm sure";)

Look at the contract with your merchant acquirer. It probably stipulates when the paper copy has to be with them - probably next working day +1 .. at the latest? When all was paper - they had ranks of data prep people capturing the data on virtually a Day 1 basis.

However, bit academic to this argument. As any 'authorisation' only takes place when your acquirer captures your paper data into the system.

I'm SURE it can take longer than 7 day. I'm NOT sure how much longer it can take. I paid with a debit card in that way a few years ago and it took approx. 3 months before it showed up on my statement. I don't really need to know this information because if my terminal is ever down I will only accept cash or cheque!!! I would guess however that it is much like a cheque and does have an expiry date of probably 6 months.

Mikeyorks

fiveyearplan wrote: »

I would guess however that it is much like a cheque and does have an expiry date of probably 6 months.

Hmmmm ..... is that a SURE or a NOT sure.;) (not sure myself now what 'it' is referring to!!)

jonesMUFCforever

Can I ask a general question about this thread?

On what grounds would you go to your bank and complain that a transaction you authorised (but took more than 5 days to be processed) be returned or chargebacked to the retailer?

YorkshireBoy

ejones999 wrote: »

On what grounds would you go to your bank and complain that a transaction you authorised (but took more than 5 days to be processed) be returned or chargebacked to the retailer?

On the grounds that a £38 bounced DD charge has been applied to the account (followed by a £25 exceeding overdraft charge) because the transaction wasn't accounted for and suddenly appeared 'out of nowhere'!

boo_star

Mikeyorks wrote: »

So - have you never asked yourself why your Bank returns the 'authorised' sum, if unclaimed, to your available balance after about 7 working days??? It's because there is a time limit for claiming under the authorisation! They don't do it for fun. Thereafter they can bounce the transaction if funds unavailable.



This is what I said "virtually all Chip / Pin transactions are authorised ... so called 'floor' levels don't apply" ....... a bit loosely worded towards the end but, fairly clear, I think that "virtually" applies to the whole sentence?

If a transaction is authorised - that means any floor level has been passed or ignored? With effect from Chip & Pin floor levels have lost a lot of meaning. As this quote from the APACS site :-

The bank doesn't return the authorised sum. When you make an "authorised" card payment the bank puts whatever sum on hold, for around 2 working days. After that point you're free to spend the witheld funds, but the amount can (and often does) still debit.

You also say that with C&P that floor limits don't always apply. I'm sorry but they apply as much now as they did before C&P. Merchants can take payments without an auth from the bank. Sure they have to verify the PIN, but not that the customer actually has funds.

It certainly happens less often nowadays than it used to, but a number of supermarkets still use floor limits to lower costs to them.

I'm sure if MSE Martin was present in the thread he would say make sure you know what's in your account before you use your card. Sadly he isn't so I will do it

Make sure you know how much is in your account before you use your debit card. You can go overdrawn without your knowledge from debit card transactions.

smithja

This arguement has already been had a few times in other threads. Visa and Mastercard have a set of rule son how a company signed up through a Merchant Aquirer must process a transaction otherwise the transaction may bounce or be subject to a successful chargeback. Mikeyorks and YorkshireBoy are both perfectly correct as was I with my initial response. With the old imprinter, you took the vouchers to the bank that night with all of your other takings i.e cash and cheques, and it was processed just like a Bank Giro Credit for your gas bill or a cheque through clearing, there is really no difference between a card voucher and other paper instruction and it does not necessarily take longer than an electronic transaction. A company is only guaranteed their money if they followed all of the rules to the letter, it is just like making a mistake filling in a cheque or in its guarantee, it might be paid if you have the money in your account even if its not all correct, it might be paid if you dont and you are charged, and the bank might decided to bounce it and charge you (a bank will often just chance it with guaranteed cheques when someone has written out a whole book and does not want the debt, even although they were completed correctly). Card payments are no different, I would suggest if you still dont beleive me or the others who are giving out accurate information you call a high street bank ask for their merchant services department and ask them. James

fiveyearplan

Mikeyorks wrote: »

Hmmmm ..... is that a SURE or a NOT sure.;) (not sure myself now what 'it' is referring to!!)

'It' is referring to the time it could take to process transaction. I don't know why you're being so pedantic. I only answered this thread to offer my experience of debit card transactions in response to a querry raised on this forum.

MarkyMarkD

This is a very silly thread.

If you bought something using your debit card, you have had the benefit of the goods/services and you owe the retailer the money.

If they delay taking the money from your account, you are benefiting through a saving in interest or an increase in interest earned.

If you "forget" about the outstanding transaction, and spend the same money again, and hence go overdrawn without authority, that's your own silly fault.

It's the individual's own responsibility to keep an account of transactions which haven't yet debited their account. It's not rocket science - simply keep your debit card receipts at least until the item has gone through your statement.

smithja

I am sure everyone agrees, and is not disputing the money is owed.

I think the arguement is about can they be bounced like a cheque and the answer is yes if the company does not follow the merchants rules a bank can bounce a debit card payment. I dont think that if someone forgets and it gets debited 6 months down the line the bank should be allowed to charge them for it, as Mike said there is a reason why an authorisation drops off after a certain number of days (it varies by card type from 4 days to 30 days) and it is not to help the bank it is because they no longer legally have to pay out the money, and I think as some else mentioned Martin, I think he would be none too happy about a charge being applied for it. Everyone forgets things at times.

James