Is there a max time allowed by banks for the charge to be actually submitted? Does anyone have a good explination of how that all works with using bank cards as credit cards?
2007-01-10 02:39:01 · 9 answers · asked by Brad S 2 in Business & Finance ➔ Personal Finance
If the retailer has an electronic system, the charge should show up in real time as a pending charge. With my bank, if I go to the grocery store and use my bank card as a credit card, when I get home the pending charge is already on my account when I check online. Some banks don't do real time with their website, though. It might take 24 hours before the charge shows up on the site. The retailer is not limited by any certain time frame for processing the charge. It is in their interest to do it as quickly as possible to insure that they get paid. However, it is still possible for a retailer to submit a charge totally by mail, without using the computer, through visa, mastercard or whatever company the card is issued through. That is why they have you sign the receipt, even though the system is computerized. That way they have a backup to claim the charge even if there is some sort of breakdown in the electronic system.
2007-01-10 02:46:53 · answer #1 · answered by Robert A 2 · 0⤊ 0⤋
Some banks have them show up immediatly, others wait until the process has been completed which can take up to 7 business days. At least that is what I was told when I rented cars.
Initially credit cards place a I'll call it a hold on your account for the funds spent. Once the merchants bank finalizes the charges it comes off the pending authorization list and into the account.
If as with rental cars, if they authorize an amount and then never finalize it we used to say it would come off your card within 7 business days.
Then this is what i was told by my boss when i rented cars to appease the customers, I don't know if it is accurate.
2007-01-10 02:50:00 · answer #2 · answered by Jerry 3 · 0⤊ 0⤋
Figure that it will be deducted immediately after you use it and you'll be safe.
The reason you say "credit" when asked (as long as the bank card has the VISA or MC logo on it) is so that you have to sign and it's not counted as a "debit card" transaction. Most financial institutions charge a fee to use the debit card if it's not from their system or allow only a few transactions a month and then charge a fee. You save on bank fees that way.
2007-01-10 04:02:07 · answer #3 · answered by parsonsel 6 · 0⤊ 0⤋
Because that is like taking monies out of an ATM using another bank. You need to use the credit button even if you are using your debit card. Just ask the cashier next time and she will walk your through the process.
2016-05-23 04:02:16 · answer #4 · answered by Elizabeth 4 · 0⤊ 0⤋
Normally if you use your bank card as a debit card it shows up the same day and the money is deducted by the next working day. It will show up against your account immediately if it is done at a store.
2007-01-10 02:43:35 · answer #5 · answered by Braveheart 3 · 0⤊ 0⤋
If the purchase is made electronically (rather than on paper ROCs) it will happen very quickly. If it is a paper Record of Charge (very few are anymore), then the bank can't process anything until the merchant submits the ROC.
2007-01-10 02:46:35 · answer #6 · answered by SDD 7 · 0⤊ 0⤋
Mine usually show up right away. I bank on the internet and all purchases that I make while out shopping are there on the statement online when I get home. It is like an automatic withdrawal online.
2007-01-10 02:42:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
2-3 days the money will be taken out. The copu of the signature is what the bank is waiting for to actually take the money out.
2007-01-10 02:43:49 · answer #8 · answered by ?asker 3 · 0⤊ 0⤋
It depends on the store you used it at. If I use mine at Walmart it takes 4 days to show up. But at the gas station it shows up the same day as a "pending transaction". It's really up to the place you use it at.
2007-01-10 02:43:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋