Can a bank charge overdraft fee for a pending transaction?
When you pay with your debit card and select SIG, or credit (as opposed to using your pin number), the person that you're buying from doesn't get any money from you at that moment. Instead, the vendor puts a hold on your money (sometimes it's more than you actually spent with them to reduce their risk). The bank doesn't actually withdraw from your account and hand it to the vendor for a few more days. This is why the transaction is "pending." You have a hold on however much money is in the pending transaction. A hold means that the money is promised to someone else and you can't use it. So the bank treats it as though you spent the money when you actually swiped your card. It's not part of your available balance. Nearly every bank can and will charge you an overdraft fee for this. Try to negotiate with your bank to take away the fee. Check your cardholder agreement to see what it says about overdrafts and pending transactions. For more tips, here's a good article on how to fight overdraft fees: http://ezinearticles.com/?How-Can-You-Fight-Overdraft-Fees?&id=2704651 And you might want to look into a bank that doesn't charge any overdraft fees: http://www.probityfinancialservices.com
How do I get my money refunded when it’s shown as pending on the BHIM app screen?
U could wait for 2 working days of bank. Money will be transfer to your beneficiary with in 2 working days. Reason behind this is u may be transfer money on the weekend or else bank need to initiate its transaction settlements . I am also facing this issue . Do not panic.Once bhim app shows pending status not to be updated even money was transferred to the other end. So u ask update from the beneficiary. Still also problem exist raise issue or call customer care . money will be revert within 3 working days. Don't worry.
How long does Bank of India take to refund failed POS transactions?
Firstly, you have to lodge your complaint online. I am providing you the link below for your reference.www.bankofindia.co.inFill all the details and submitAfter submitting the request, the refund amount will be credited in your account within 3 to 4 days.
Why are failed online transactions not credited back into the payer instantly? Why does it take a couple or more days to do so?
Scenario 1:If a cash transaction fails, first thing your bank has to check is, where the transaction took place?.. If it is other bank Atm then your bank has to notify them as to this transaction was failed and get it credited back. Here the other bank will check whether really it was failed transaction or not? (This has to be followed in a proper process to avoid error)Once it is confirmed that it was failed transaction and no money was withdrawn, they will credit it back in your bank account.Scenario 2: If the cash was withdrawn from your bank, they will follow the same confirmation process which the other bank followed in scenario 1. But remember this will be quick as it will be there own ATM.Scenario 3:If its a retail transaction at POS. Generally in such cases the money is immediately credited back.However, if the charge slip is not generated but transaction ID gets credited then the money will be stuck with the acquirer bank.They will release this money on confirmation from the seller that the transaction was failed and he got the money by any other modeor if no chargeslip is produced by seller within 21days or so.Scenario 4:If its an Ecom transaction(online transaction).Here it may be any cause, due to system downtime/ any problem on the merchant website/ system downtime from issuing bank.If there is a problem from issuing bank money is credited back within 24hours after resolving the issue and after checking whether really the transaction was failed because of the same error.If problem is on the merchant site then it may take time as they have to resolve the technical problem first, then scrutinize each and every transaction as to which one was failed due to the same error and credit back Techincal concepts description: *Issuing bank is the bank which has issued you the debit/credit card.* Acquirer bank is the bank whose EDC machine is used by the seller (Merchant)*POS- Point of sale transaction (Transaction done on the EDC machine)
My transaction failed but the amount was debited, so what do I do and how many days will it take for the seller to resolve the issue and refund the amount?
For the failed transaction and money debited case, money will be reversed from the bank's end.It's called as server issue, it's like money is debited from your account but it's not credited to the seller account. Money is stuck in the payment gateway in this case.Neither seller nor any other people are responsible for these type of issues. The bank from which you have made payment is responsible and they will reverse your money back to your account.Your bank will investigate the transaction details, If really your payment is failed and money is debited, they will definitely help you.Your bank will take from some hours up to 15 days or even more time to reverse money back to your account.Contact the bank manager regarding issue.If in case you didn't get money back in your account kindly write a letter explaining your failed transaction to your respective bank manager, he will raise a complaint regarding your payment after some 1 to 15 days your money will be credited back.
My paytm transaction failed but amount was debited. How do I solve this issue?
This incident happened recently while using Paytm for payment at shops. Paytm's did not refund the failed transaction amount. After demonetization, I was paying with paytm in some shop for small amount. Once due to network issue the payment got failed and I saw the failed transaction message on the screen. So I tried to pay again but it showed insufficient balance. So I checked the balance, the amount was deducted. The shop keeper did not get the money credited to his paytm account. The shop keeper told he will wait for few and I can pay after 2 days if amount is not credited to his account. Even after 2 days the amount was not credited to shop keeper.So I contacted the customer care with mails and tweets. The customer care of paytm is very very bad. They take more than 1 day o reply. Even after lot of interaction with customer care, I didn't received my refund. I followed up for 2 weeks and then forgot about it since amount was about 150bucks. Imagine paytm looting these amount from thousands of customers. They advertise a lot but hardly are for customer. I lost the trust in paytm and pay petty amount by cash. Paytm is a big cheater. I never used paytm after this incident.
How do I can get refund money from irctc if the payment failed during the transaction and money has already been debited from the bank account while doing transaction?
The other answers here say the amount will be refunded automatically.This is not true in most cases when the transaction failed due to network issues and their payment gateway did not even register the transfer of money.I have faced this exact problem and got my money back by following these steps -Go to the branch where your bank account is maintained.Write a letter addressed to the Manager mentioning that you faced failed transaction with railway app and money has been debited. Mention the exact time, date and transaction number (Check your account statement for these details) of the debit transaction. If you paid via debit/credit card mention the card number too.Talk to the bank staff and hand over the letter, they will take care of it and refund the transaction.It took them 5 days to return the amount in my case.
When a merchant issue a credit/debit card refund does the acquiring bank see it right away?
Agreed with Rick.When a refund is processed, it will not 'post' or be visible in your online banking account, even if the Merchant refunded immediately. It might take it 3-14 days due to different card issuers' processing efficiency and their work flow. Usually the Merchant's refund cycle is batched once daily, possibly delayed a day or two, to submit all the refund to the acquirer. As a merchant, our solution is when the delayed has been over a long time for consumers, we choose to help consumer and reach out to our aquiring bank for a refund ARN(refund aquiring reference number). Then, give the refund ARN to the consumer to contact the card issuing bank. Your card issuing bank can track down your refund via the refund ARN.
How long does Walmart take to credit a refund back to my account?
I returned an item yesterday (Saturday) and was wondering when the credit will show up on my bank account. I heard it normally takes 3-5 business days. I'm not sure if that is true or not.
What will happen if I refunded on wrong credit card?
I work in a small retail store. Today this woman wanted a refund for four items on three different receipts. (For some reason, on one day she was given two receipts. And on another day she had another receipt.) One receipt was paid by with Credit card A. Another receipt was paid for with Credit Card A also. The third receipt I'm not sure about because it didn't say the payment type. It seemed like the receipt was cut off. So I basically returned all items on credit card A. I'm not sure if the third receipt was paid for using Credit card A or not. What if I refunded one item on the wrong card and she actually used cash or another card? I asked my manager without using my name (just said another person did that) and she said it's not a big deal if it's the same person but diff card.