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I was making a purchase at a store, where the debit machine said approved, but their system said declined. The store said that the transaction did not go through, even though it had debited from my bank account. I was then told me there is a 7 day authorization hold on this payment and that it would bounce back and the money would be returned.
Is this true with a debit transaction?
who would be at fault in this situation if there was a faulty transaction.
my bank statement shows that a transaction had gone through, i have even received a trace number. however the merchant refuses any transaction took place and says its the banks fault.
December 1, 2017 04:17:20 PM
In reply to Nancy, Toronto
Hi Nancy. Thanks for reaching out to us about what's happened.
We know how concerning this can be, but don't worry. We're here to help.
Situations such as this are not entirely uncommon when using your debit card. It is most often due to the machine being unable to read your card, or an error is transmitted when your card is swiped. Therefore the merchant shows the transaction has failed even though it was processed through. As the merchant is showing no successful authorization, these transactions do generally disappear and the funds are released back into the account.
The merchant mentioned 7 days to you. This could be accurate. When any debit card authorization comes through for payment, it comes with an expiration date. That is the date that the merchant intends to collect funds by, and can vary by merchant. If they have not collected the funds by the expiration date, we release the funds back into the account.
If the authorization is still active and has not been collected on, we may be able to remove it for you. Just give us a call at 888-751-9000. We have representatives available 24 hours a day, 7 days a week to help. You can also stop in to see us at a local TD Bank Store. To find one near you, please click here: https://go.td.com/1nq31dc.
If we're able to remove the hold, the funds will be released back to your available balance right away. While it's unlikely as they show the transaction has failed, it is possible that the authorization may still post. Should this occur, we recommend first contacting the merchant for a refund. If they're unwilling or unable to, please give us a call at the number above or visit us at a local Store so that we may file a dispute.
We hope this helps to clarify, Nancy. If you have any additional questions, please don't hesitate to reach out to us.
We hope you have a great weekend and wish you Happy Holidays!
Candice A, Mount Laurel
December 1, 2017 04:22:04 PM