Order cancalled and money stuck

Help
23

So money can be taken instantly but it is never put back instantly via card transactions. Generally speaking around 3 working days.

From past experience the best solution is through chat. I’ve had to do this in July with a hotel transaction.
Mine took about 3 hours to sort out.
Yes chat isn’t great but still better than having to ring the bank & be transferred twice (happened at 3 high st banks).

I’m guilty as the next person expecting things to be resolved within minutes. The UK banking industry does things in minutes - faster payments- however this has a caveat that payment can be delayed until the end of the next working day - payment now is still classed as faster payment even if it is credited at 4pm Tuesday.

Monzo & other fintechs are changing things but the bean counters are still in use!

24

It isn’t taken instantly, it’s authorised instantly.

1 Like
25

Correct, but still out of pocket as that money has gone

26

You can’t spend it (otherwise you’d be spending it twice), but if it had ‘gone’ you wouldn’t be able to get it back so quickly.

1 Like
27

I did… It was only a pending transaction… And they fucked order up and cancelled at my request

28

Exactly. Glad you got it sorted :+1:

1 Like
29

Yes your correct- from a customers point of view though that money has gone from there account though.

30

Argos will request the money from Monzo and it is technically pending for like 3ish days, this is the same with all transactions.

Argos will then not actually take the money (this is what their “refund” is)

Monzo will notice after 3 days that the money hasn’t been collected and will just give you your money back.

If you contact them on chat and say Argos won’t take the money then they can just give it back to you early. But if Argos come back in three days and ask for the money then it will leave your account. This will put you in a negative balance as you have technically “promised” the money 3 days ago.

This is why you have to contact support to do this.

31

I don’t have an overdraft and a few weeks ago I used pay at pump and it put me into -£8 and I wan’t charged for it. Just got a notification telling me to move money from pots within the next 24 hours…

I believe the buffer is for everyone but no one will actually be able to go negative unless it is Pay at pump or some other payment where the amount updates after the actual transaction.

1 Like