Banking issue -- I am sick to my stomach over this

[unsinkable]

I made a very large purchase at a store yesterday. The employees told me they had a sale starting today and that I could have the sale price...they just had to run my cc (which is connected to my checking account) thru today. So I saved $150 and took the stuff home with me yesterday.

 

Today the store called. The card wouldn't go thru. I called my bank and they hadn't authorized it b/c it was an unusual amount given my usual activity. I authorized it, told them it wasn't fraudulent. Store called back & it went thru.

 

I checked my account -- the charge is listed twice!!!

 

I have outstanding checks and had just paid monthly bills that hadn't gone thru. If everything started going thru, I'd be bouncing so much stuff I'd probably go to jail. I quickly transferred my entire savings to cover the checks and payments.

 

Called the bank. They won't take the 2nd charge off. Called the store. They say it is probably some kind of hold that their processing company put on there but it should be gone in 24 hours but they can't get ahold of the accounting dept. b/c it is after 5 pm on Friday.

 

I can't even believe this.

 

The bank refused to put one charge thru without talking to me. Then they put 2 of the exact same charges thru and won't take the one off. Does that even make any sense???!!!

 

I don't know if I am going to throw up (again) or have a heart attack.

 

If I didn't have the money in savings, I'd be scr3wed. As it is, I am hoping I haven't made an error somewhere and really do have enough to cover this in my account.

 

I am really on the edge and can't deal with another stressful thing.

[elegantlion]

It's probably a pre-authorization that will fall off in 24-48 hours, usually business days. Unfortunately those do change the balance in your account. In the past, years ago, we were told the banks had no power to remove those. I'm not sure how those issues work now, but thankfully you have the funds to cover the difference.

[Sophia]

I can't believe your bank wasn't more helpful!

 

I was doublecharged by a merchant once. When I went into the bank to report it, they looked it up and said it was obviously a double charge and they would remove it at once.

 

Maybe it would help to go in and ask to speak to a manager?

 

Show the receipt and ask if they understand the merchant is basically stealing your money...your bank should be protecting you, for pete's sake!

 

I'd call the District Manager if the bank doesn't remove it even if you have the funds to cover it now.

[orangearrow]

Things like this are why I stopped using our check card connected to a bank account. I was constantly (as in at least every other month) having to straighten out a charge for this-or-that. Or, my bank was re-sending new cards to me because some place where I'd used the card had had someone attempt to hack their system. They would apparently notify my bank and my bank would put a hold on our banking cards and reissue new cards. It was a major PITA.

 

Now, we put everything on one regular credit card and just pay it with one check on its due date. Much less stressful, I have to say! I was always half-holding my breath when we'd use our banking card - afraid it wouldn't go through, which would mean either that someone had hacked in to our account or that there had been a major double charge somewhere.

 

Hope that things are rectified ASAP for you!

[Blessedfamily]

Don't worry too much. :grouphug: The extra hold will fall off on it's own. To be honest, the store should not have a policy to give merchandise to a customer and charge the card later. What if it doesn't go through for whatever reason?

 

It's a nice gesture, but the store that does it for me either processes the sale while I'm there and gets a manager's approval, or holds the items in the store for me to get the next day when the sale starts.

 

It's odd that the bank just turned down the charge and did nothing else. Most will call your home # and alert you if they think some thing's fishy. I'd ask for clarification on their policies.

 

Doesn't this kind of stuff always happen on a Friday, so you can't get it straight until Monday?

Edited June 12, 2010 by Blessedfamily

[Aggie]

Things like this are why I stopped using our check card connected to a bank account. I was constantly (as in at least every other month) having to straighten out a charge for this-or-that. Or, my bank was re-sending new cards to me because some place where I'd used the card had had someone attempt to hack their system. They would apparently notify my bank and my bank would put a hold on our banking cards and reissue new cards. It was a major PITA.

 

Now, we put everything on one regular credit card and just pay it with one check on its due date. Much less stressful, I have to say! I was always half-holding my breath when we'd use our banking card - afraid it wouldn't go through, which would mean either that someone had hacked in to our account or that there had been a major double charge somewhere.

 

Hope that things are rectified ASAP for you!

 

Same here. If I lose my bankcard, there's no telling how long it'll be before it's rectified. With my regular cc, it doesn't matter.

 

Hope it works out quickly!

[mcconnellboys]

You need to go in and speak with a manager and throw a fit. Just as you said, "they" caused the problem by refusing to put the charge through at first. Then "they" mistakenly ran it twice. If they wouldn't run it once, why on earth would they run it twice? And then telling you that you have to just wait while checks bounce is simply ridiculous. They absolutely could have done something about it today and you should have insisted. That's just ridiculous. It's YOUR money!

[dsmith]

It sounds like it will probably drop off your account in a few days, especially if it shows as pending when you check your account online. Last week I used my debit card to check in to a hotel, but actually paid for the room with a different card. It took 6 days for the hold to drop off the account. :glare: It affected my available balance, but luckily I hadn't had anything paid against that amount.

[QueenCat]

This is just one of the many reasons we do not use a debit card, and use a credit card that we pay off every month. More protection if there is a problem. I hope you are able to get it all sorted out quickly.

[i.love.lucy]

Oh boy do I feel ya. I paid my rent twice this month. How can this happen, you might wonder (or...what kind of a moron does this?) It was accidental because an online bill payment that I was sure was cancelled went ahead and went through, and so did my hand written check. It wasn't the banks fault at all...totally mine. But then when my prop manager called to ask DH which check they should shred, he told them to shred the banks. Of course that one had already been debited!!!! I finally got it all straightened out but not without facing a couple of edgy days waiting for the bank to return my money and not bounce anything or charge me horrendous fines to put things through.

 

Accidents happen. I hope it works out with minimal hassle!!

[milovany]

For the future, ask your bank if you can get a line of credit attached to your checking account. It's like a loan that kicks in if you have an overage. You can pay it off as soon as you know it's gone over (transfer funds, make a deposit, etc.) and the fees are TONS less than overdraft charges. For example, I recently went $300 over and the line of credit kicked in (it transferred the funds to my account to cover that amount). When I realized it had kicked in, I made a deposit and then paid off the line of credit. The total charge was 22 cents, compared to $25+ per bounced check. Just a thought!

[creekland]

I agree that this is a prime example of why credit cards are better than debit cards. We rarely use our debit card and it's no problem paying a credit card monthly. I hope things work out for you...

[4kiddies]

Ok, first off TAKE A DEEP BREATH! There is no reason to get so worked up, I know, easier said than done but its not the end of the world. They are going to straighten it out.

 

Worst case scenario is stuff bounce and you get charged a bounced check fee. You can then fight the bank to have the charges reversed. You will not go to jail over a mistake that you are fixing.

[unsinkable]

Thanks, ladies. I appreciate the advice.

 

There is no way it is going to fall off in 24 hours. No. Way. It kills me how they can instantly debit your account but it takes 5 or 6 days to credit it.

 

The store was and hour and a half away. That's part of the reason they let me take it with me otherwise I'd have to drive back & forth again.

 

I am really trying to improve our financial choices and I was so happy I had actually saved up the money for this purchase and wasn't going to put it on a cc. I should have written a check. Hopefully I won't be spending this much money again soon (in one place!)

[Moxie]

I've had this happen before and the bank reversed the charges with one call and reversed the 2 overdraft fees I had. I think I'd look into a new bank if I were you.

[elegantlion]

Did they run your CC at all the day you were in the store? If that's the case they probably pre-authorized it for the 150.00 to make sure you had the money. I don't believe those have to be approved. It's kind of like when you reserve a hotel with a CC, there is usually a 1.00 pre-approval done to make sure it's a valid card.

 

They probably did the full charge the next day, thereby tying up another 150.00. I've had that happen, albeit with a smaller amount, when I order something and it doesn't ship right away. They do a pre-auth when I order and the charge the amount when it ships.

 

We use one time use debit cards and I don't know if they are different but the last one said allow 5-7 business days before it will "fall off".

 

:grouphug: Banks can be so frustrating.

[unsinkable]

Did they run your CC at all the day you were in the store? If that's the case they probably pre-authorized it for the 150.00 to make sure you had the money. I don't believe those have to be approved. It's kind of like when you reserve a hotel with a CC, there is usually a 1.00 pre-approval done to make sure it's a valid card.

 

They probably did the full charge the next day, thereby tying up another 150.00. I've had that happen, albeit with a smaller amount, when I order something and it doesn't ship right away. They do a pre-auth when I order and the charge the amount when it ships.

 

We use one time use debit cards and I don't know if they are different but the last one said allow 5-7 business days before it will "fall off".

 

:grouphug: Banks can be so frustrating.

 

They didn't run it at all on Thurs. b/c the sale didn't start til Fri. and none of the sale prices were in the register.

 

The $150 was what I saved --- the total was about 1000...so 2000 was taken out of my account. :willy_nilly:

[elegantlion]

They didn't run it at all on Thurs. b/c the sale didn't start til Fri. and none of the sale prices were in the register.

 

The $150 was what I saved --- the total was about 1000...so 2000 was taken out of my account. :willy_nilly:

 

Ah, I misread your OP then. Thank you for the clarification.

[4kiddies]

Oh, well then I'd be nervous too:tongue_smilie:....but it will still work out. :grouphug:

[creekland]

It kills me how they can instantly debit your account but it takes 5 or 6 days to credit it.

 

:iagree:

 

I am really trying to improve our financial choices and I was so happy I had actually saved up the money for this purchase and wasn't going to put it on a cc.

 

There's absolutely nothing wrong (and a lot safe) about saving up the money, putting the purchase on a cc, then using what was saved to pay off the cc. It is the best way to use credit as there are no fees involved and your purchase is generally "covered" should something go wrong - even a dispute you have if you get something home, then find something wrong with it. It's also a superb way to do vacations or travel spending as there's no worry about losing money if your debit card gets stolen or pin number gets found. Sometimes we need to call our cc company ahead of time to let them know we're traveling - otherwise, they can put a block on it thinking it's stolen. No need to ask me how I know... ;)

[hsmom]

They didn't run it at all on Thurs. b/c the sale didn't start til Fri. and none of the sale prices were in the register.

 

The $150 was what I saved --- the total was about 1000...so 2000 was taken out of my account. :willy_nilly:

 

I have a bank that tells me they can do nothing. It is hard to deal with. Now if this is a large chain that you bought stuff from I would find out the customer service 800 number and start calling now! It sounds like the store ran the card number it got refused, then the bank approved that one. Then before the store saw it they ran it again and you were charged twice. Not a hold! I have found a hold usually shows up like your balance is $2000 your available balance is $1000. They don't actually take it out, but it is held in transit state. Now if it shows as a withdraw on your account then it was taken out not held.

 

Also I agree bank manager, if he/she cannot do something then someone higher up can! There is always someone higher up!

[QueenCat]

There's absolutely nothing wrong (and a lot safe) about saving up the money, putting the purchase on a cc, then using what was saved to pay off the cc. It is the best way to use credit as there are no fees involved and your purchase is generally "covered" should something go wrong - even a dispute you have if you get something home, then find something wrong with it. It's also a superb way to do vacations or travel spending as there's no worry about losing money if your debit card gets stolen or pin number gets found. Sometimes we need to call our cc company ahead of time to let them know we're traveling - otherwise, they can put a block on it thinking it's stolen. No need to ask me how I know... ;)

 

:iagree: This is what we do, with most of our purchases, big and small. Much safer than debit cards if there is a problem. We keep a record of our spending, and only spend what we can pay when the bill comes in.

[LaissezFaire]

Banks have a lot of weird policies. I actually went to cash only last year because I was tired of things like this. Have you considered using cash on purchases? So sorry this happened, money issues make me physically ill too.

[Tam101]

Called the bank. They won't take the 2nd charge off. Called the store. They say it is probably some kind of hold that their processing company put on there but it should be gone in 24 hours but they can't get ahold of the accounting dept. b/c it is after 5 pm on Friday.

 

 

You're panicing for nothing!! Pending charges have NOT come out of your account and will NOT cause anything to bounce. Take a deep breath and relax! You're fine. Until the company processes the charge through their bank, it then goes to Fed Reserve and then to your bank it won't be taken out of your account. Both pendings with fall off tonight and the one right charge will go through. Debts are NOT instant transactions everthing still has to go through the Federal Reserve.

[jplain]

I agree with others that this'll straighten itself out, so try not to worry. Easier said than done, I'm sure. :)

This is one of the reasons we don't use debit cards for anything.

We use credit cards, and pay them off in full each month, or we use cash.

 

(By the way, you should never let your debit card out of your sight, ever. That means don't EVER use a debit card at a restaurant where the server takes the card away to swipe it. Our credit card info was almost certainly stolen that way. We were notified of suspicious charges, and had plenty of time to dispute charges. If it had been a debit card, they'd have gotten away with thousands before we realized it.)

[Wyndie]

You're panicing for nothing!! Pending charges have NOT come out of your account and will NOT cause anything to bounce. Take a deep breath and relax! You're fine. Until the company processes the charge through their bank, it then goes to Fed Reserve and then to your bank it won't be taken out of your account. Both pendings with fall off tonight and the one right charge will go through. Debts are NOT instant transactions everthing still has to go through the Federal Reserve.

 

I have to say I was once TRIPLE charged for an item. The merchant called my bank and tried to straighten it out. Bank would not cooperate and I had several bills and checks bouncing that week b/c of the pending charges.

 

Money issues make me ill too. :grouphug:

[Embassy]

You're panicing for nothing!! Pending charges have NOT come out of your account and will NOT cause anything to bounce. Take a deep breath and relax! You're fine. Until the company processes the charge through their bank, it then goes to Fed Reserve and then to your bank it won't be taken out of your account. Both pendings with fall off tonight and the one right charge will go through. Debts are NOT instant transactions everthing still has to go through the Federal Reserve.

 

 

I agree. Also, the company that you purchased the item from can fax a letter to your bank on company stationary that says that only one charge will go through and the bank will take off that pending charge.

 

This kind of thing happens all the time.

[unsinkable]

Thanks for everything...the sympathy, the information, and the calm down! advice :lol:

 

It's nice to get a bit of everything all in one thread!

 

This situation really makes me think about all the banking/bill payment/money choices I've been making. I really need to make some adjustments.

 

Thanks again!