I went to the store and the debit card machine was broken so the cashier took my card and "charge it"

Question

what does charge it mean. I just checked my checking account and says availible balance $..., ledger balance $.... (the ledger is higher than the availible.

Answer 1

When you have a logo on your credit card (visa/mastercard) you can run it either as a debit (or pin based transaction) or a credit (signature based) although they ran your card and the bank is holding back funds because you signed the slip rather then authorizing the charge with a pin number it takes a little bit longer to verify that you authorized the transaction. The amount should clear by tonight- the reason why your available balance reflects this change is because the bank is holding the money to pay the merchant. The ledger balance shows what was in there before the charge took place (it's the same even when you take money out of the ATM after banking hours)

Answer 2

A debit card is unique in the fact that even though it is not a credit card, it can act like one. That is why it has the MasterCard or Visa logo in it. If you had an ATM card though, you would only be able to get cash out of an ATM. That is why they made the debit card, to make shopping easier.

The reason the ledger balance is higher and the available balance is lower is because if you used your debit card at a store, that amout is automatically taken out of your account creating the "Available Balance". However, that amount is not taken from the "Ledger Balance" until it is posted 24 to 48 hours later. Whether you use your card as credt or debit, it is always automatically taken out of your account and is shown through your Available Balance.

Answer 3

First of all, if it was a debit card, and you filed a police report, your bank or card company has to cover the charges, even overdraft fees. You should not be out any money. If you are, you need to take that up with the bank and card company. Secondly, you may be able to sue the employer, because the employee committed the first crime (theft) while working. Wal-mart, on the other hand, would have no responsibility. Just because their electronics till closes at 12 does not mean that they cannot sell merchandise from that area after that time. They would have no legal responsibility. Most of all, are you just looking for some more money, vengeance or what? You have a right to be angry, but the thief was the one at fault, no one else. Don't spread the blame. From now on, keep better track of your cards, and be watchful for any other fall out from this situation. BTW: For all of you wondering about a PIN number to use a debit card, you don't need one. A debit card can be used exactly like a credit card, unless you choose to use the debit option to get cash back, or something like that. She didn't need a PIN to use the card.

Answer 4

The ledger balance is higher because the transactions has not hard posted to the account. The available is what you can use.

No matter which method you use. It comes out of your checking account right away.

In the U.S. and some other countries.
Debit card with MasterCard or Visa symbol can be used two ways at some merchants.

One way is you hit or select the credit button. Then you sign for the purchase. (Some places you don't have to sign)

Another way is your hit the debit/atm/check button and enter your pin.

The merchants who only take Visa and Mastercard your debit card would work as a signature transaction

The merchants who only take atm/debit cards your debit card would work as a pin transaction.

In the U.S. I have not found any merchant that didn't take Visa/MasterCard debit cards except for car rental places

Answer 5

When you charge its like using a credit card. It takes a little longer for it to actually show the charge on your online statement. The easiest way to see if the charge has gone through is to subtract the available balance from the ledger balance and match it up with your receipts. If it all adds up then your in the clear.

Answer 6

YOU WILL NOT GET ANY TYPE OF A STATEMENT LIKE YOU WOULD A NORMAL CREDIT CARD. A DEBIT CARD IS LIKE AN ATM CARD THAT YOU CAN USE AT STORES. WHEN STORES DONT ACCEPT DEBIT, THEY USE IT AS CREDIT. SAY YOU HAVE $100 IN YOUR ACCOUNT. YOU GO TO WALMART AND USE YOUR DEBIT FOR $30. WHEN YOU USE IT AS DEBIT IT COMES RIGHT OUR OF YOUR ACCOUNT. WHEN YOU USE YOUR CARD AS CREDIT IT IS STILL USING IT AS DEBIT IT JUST TAKES LONGER TO COME OUT. NOW YOUR BALANCE MIGHT STILL SAY $100 BUT AVAILABLE MAY ONLY BE $70. IT'S BECAUSE DIFFERENT STORES TAKE A DIFFERENT AMOUNT OF TIME TO PUT ALL THEIR BILLING THROUGH. BUT BE CAREFUL AS THIS MAY CAUSE SOME TROUBLE. I USED MY CARD 2 WEEKS AGO AT A BAR AS CREDIT, AND THE MONEY JUST CAME OUT YESTERDAY AND I DIDNT HAVE IT IN THERE AND I GOT A BIG CHARGE FROM MY BANK. THEY HAVE UP TO 30 DAYS TO TAKE THE MONEY OUT WHEN YOU USE YOUR CARD AS CREDIT, AND IT IS REALLY EASY TO FORGET ABOUT THINGS YOU'VE BOUGHT.

Answer 7

Faith is correct.

~*Kristen... is mistaken about the way debit cards were invented. The actuall reason is that customers invented them first. Someone figured out that he could mail a payment to his credit card company that was more than the balance due. Then he could draw down the balance instead of carrying cash while travelling. It was mush easier that trying to cash a check when away from home. Once the banks figured out what was happening, they jumped on board.

Answer 8

I'm assuming your debit card is also a visa or mastercard. Instead of using the debit transaction which takes the money directly out of your checking account, it "charged it" using the visa or mastercard transaction. You should get a statement which shows the transaction, and the balance you need to pay from your visa or mastercard provider.

Answer 9

charged it as a credit instead of debit. when the charge clears, your availble will go down.