Debit card-bank holding back 2 x amount?

[ScarlettO]

Just wondering if anyone has any input in this banking matter.

The two times my son has ordered a "big ticket" item on line using his debit card, the bank has shown the item under who he bought it from (Ambercrombie $100) and an additional $100 that the bank holds back. I can't make sense of what the bank person was telling me...the money is "let loose" to his account 2 or 3 days later, but it has meant being unable to access his money....does that sound illegal?

 

[faithinkarma]

I can't speak directly to this particular issue, but I have been having problems with our bank holding funds "temporarily" several times in the past week. I think banks have just become really creative in finding ways to hold on to the customer's money for short periods of time.

I may be way off base, but I believe if they hold on to a small amount from thousands of customers there is significant profit for them in this creative accounting.

 

[Tinkim]

My guess is the debit card bears either a MC or Visa logo. These cards are considered "guaranteed funds" like a credit card and the bank is no doubt holding the funds to be sure it comes out of the customer's pocket and not the bank's. This is tricky with a card that is linked to a checking account because really there is no accurate way to know what the balance in someone's checking account is at any given time. Mine always looks like it has a pretty hefty balance but in reality. . . mostly oustanding checks.

 

[Briar Rose 7457]

if I'm not mistaken, when a charge is made on the Visa or Mastercard, the bank puts a holdon the amount. when the money is paid, the "hold" is supposed to be removed. sounds like the bank isn't reconciling the charges with the withdrawals.

 

[ScarlettO]

WEll...that makes sense. He doesn't write checks, and I can see that being a problem, if he were writing bad checks.Thanks.

 

[nana2tots]

That is why i am happy, 4 years, no credit cards!!!!!!!!!!!!disneykid

 

[Pin Wizard]

These are debit cards, Nanna, not credit cards. I moved this past week and used my debit card to pay the movers. Ha! Later that afternoon the movers called and said it was declined. I called my bank who said that the "funds ARE available" but I have a limit per day! Had to split the payment...one amount that day, the balance the next day. It held up getting my stuff in storage, the moving guys getting on the road back to their families a day early. Not a nice picture. Grrrrrrrrrrrrrrrrr to the banks!

 

[pixiemomma]

Pin Wizard , it is possible to have this limit raised. Your bank should be able to do this for you.

 

[Pin Wizard]

Originally posted by pixiemomma
Pin Wizard , it is possible to have this limit raised. Your bank should be able to do this for you.

Believe me, I asked and they weren't too helpful. I even told her that I was in the middle of the move and the movers had to be paid. Her reply was that it's a set limit by the computer. Well, someone is programming the computer! Someone must be able to make a change!

 

[ScarlettO]

Gosh...I didn't know there were daily limits. Now I'm understanding the problem much more.

 

[CajunDixie]

I called my bank who said that the "funds ARE available" but I have a limit per day! Had to split the payment...one amount that day, the balance the next day

Had the same thing happen when I went to WalMart Vision Center with my new Mastercard/MSA card. The MSA stands for Medical Savings Account. It was declined when I used it as a "Credit" card because WalMart now requires all Mastercards to be used only with a pin number (meaning as a debit card). Then it was denied as a debit card twice because funds weren't available....yet I knew I had over $1600 in the account. The Vision manager was nice enough to let me use the phone and call about why it would not go through. Seems there is a $1000 limit for credit and a $300 limit per day for debit purchases or 3 total transactions a day. In order to pay for my son and I's contacts, glasses and exams I had to pay $295 on Thursday, $295 on Friday and I'll have to pay the balance when I pick everything up.

Then when I went over to grab a few things in WalMart itself I used my Visa debit as a credit card (our Credit Union says this is a safer way to use it) but WalMart now jerks me around on that too because they don't want to accept cards as "credit"

 

[faithinkarma]

Believe me, I asked and they weren't too helpful. I even told her that I was in the middle of the move and the movers had to be paid. Her reply was that it's a set limit by the computer. Well, someone is programming the computer! Someone must be able to make a change!

I feel your pain ! I called the bank the other day about a discrepancy in my account and the person who answered said she was sorry but she had turned her computer off for the day. ARRRRGGGGGGG

 

[zurgswife]

All these reasons and more is why I only have CC not debit cards....To many problems...

 

[C.Ann]

Am I the only one that has a debit card that doesn't have a daily limit on it? It has the Master Card logo on it and last August I was able to make a $658 purchase with no problem..

Should I call and ask anyhow?

 

[pixiemomma]

Originally posted by C.Ann
Am I the only one that has a debit card that doesn't have a daily limit on it? It has the Master Card logo on it and last August I was able to make a $658 purchase with no problem..

Should I call and ask anyhow?

Your cards may have a high limit. Our check cards (linked to our checking) have a $900 limit for each card. As far as I know there is no transaction limit either because my husbnad uses his at least 5 times a day. I won't shop anywhere that won't accept my checkcard as a credit card My bank charges for debit purchases.

 

[faithinkarma]

Am I the only one that has a debit card that doesn't have a daily limit on it?

I'm pretty certain ours does not. We have spent several thousand on it in one shot buying furniture. I actually never thought about a daily limit, and would have been mortified had the card been refused.

 

[ScarlettO]

Originally posted by CajunDixie


Then when I went over to grab a few things in WalMart itself I used my Visa debit as a credit card (our Credit Union says this is a safer way to use it) but WalMart now jerks me around on that too because they don't want to accept cards as "credit"

Here's how you use your debit card as a CC at Wallyworld(I do it all the time)....when the screen comes up asking for your pin number hit the "Cancel" button, the next sreen will ask if you are using a credit card...hit yes...then it will advise you to tell the cashier to hit the credit key when she is finished. Voila'

 

[faithinkarma]

Here's how you use your debit card as a CC at Wallyworld(I do it all the time)....when the screen comes up asking for your pin number hit the "Cancel" button, the next sreen will ask if you are using a credit card...hit yes...then it will advise you to tell the cashier to hit the credit key when she is finished. Voila'

I am absolutely delighted someone came up with a way to outsmart them !

When Walmart moved into Quebec there was a huge problem ! Quebecers are the world's heaviest ATM users in the entire world. ( at least they held that honor a few years ago ). To the best of my knowledge there was no such thing as a debit/visa card. They were always two separate cards.

Imagine the chaos at a new store when the vast majority of customers arrived at the cash and were unable to use their usual method of payment ! It was bedlam !!!

At first Walmart tried installing an ATM machine at the door, but very soon they had to give in and begin accepting debit cards. I personally smirked each time I used my card.