| Banking question (non QPR) 18:02 - Jul 21 with 1264 views | loftboy |
Hired a car this weekend gone and paid on my debit card a £200 deposit which left my account immediately, returned the car in perfect order this morning and had the deposit paid back onto the same card, so why will it not reappear for at least 48 hours |  |
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| Banking question (non QPR) on 18:16 - Jul 21 with 1231 views | Lblock |
I've had this numerous times and it's annoying
Simply seems to be them holding onto our money for as long as possible
Does make nervous as I dodged one by pure fluke when I refused to pay a furniture store a deposit for an order. Two weeks later they went bust.
Enterprise Car Rental do this to me all the time. Sometimes takes 5 days and I did think it was another way of earning money off interest held in their account |  |
| Cherish and enjoy life.... this ain't no dress rehearsal |
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| Banking question (non QPR) on 18:19 - Jul 21 with 1221 views | danehoop |
Always best use Credit Card rather than debit card for these things. If there is a problem them you have far greater protection as it is the credit card company taking the risk in the event of bankrupcy. In the event of unfair charging (imaginary damage) you can raise a dispute through the credit card company and it then becomes the hire company who is required to prove damage to justify the charge. |  |
| Never knowingly understood |
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| Banking question (non QPR) on 18:27 - Jul 21 with 1201 views | E17hoop |
Because, for the 2 days that the bank has your money they can use it for investments, loans etc.
In the past we used cheques and they had the cash for longer - now with instant transactions they're stretched to create credit windows and this is one of them. |  |
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| Banking question (non QPR) on 18:47 - Jul 21 with 1161 views | RangersAreBack |
This is a legacy of the previous system where payments could take 2 to 3 days to transfer if the 2 parties did not hold accounts with the same banks. As the concept is ludicrous in this digital age, the government intervened to insist on the introduction of faster payments. Most payments should now arrive in your account within 2 hours, usually its immediate.
If a company does suggest that it takes 2 days, challenge them by asking who they bank with. If it's a regular UK bank and the money is being transferred from one current account to another then the transaction should fall under the faster payments scheme.
As an earlier poster wisely advised, use your credit card. You have far more protection especially in the event of bankruptcy. If a payment is not forthcoming you can instruct your credit card provider to issue a chargeback. They will ask you to complete a simple form summarising the facts of the case then take the money directly from their account. It is then up to the other party to challenge it. In my experience I've not had 1 comeback. |  | | |
| Banking question (non QPR) on 23:46 - Jul 21 with 949 views | dsr_burnley |
The reason paying by credit card is good for this sort of thing, so I'm told, is that because you're buying on credit the lender (ie. the credit card company) is jointly and severally liable with the selling company (ie. the furniture shop) for fulfilling the contract. If the furniture shop goes bust, the credit card company must give you your money back. (Or supply the furniture!)
If you buy on a debit card, there's no credit involved, so the bank isn't liable.
It's based on a pretty old consumer protection law, pre-dating credit cards, but it's never been repealed. |  | | |
| Banking question (non QPR) on 00:42 - Jul 22 with 922 views | Match82 |
| Banking question (non QPR) on 18:16 - Jul 21 by Lblock |
I've had this numerous times and it's annoying
Simply seems to be them holding onto our money for as long as possible
Does make nervous as I dodged one by pure fluke when I refused to pay a furniture store a deposit for an order. Two weeks later they went bust.
Enterprise Car Rental do this to me all the time. Sometimes takes 5 days and I did think it was another way of earning money off interest held in their account |
I think you're probably right.
Which raises an interesting question: do we REALLY want to fight this?
It's lovely to think that it would be a black eye for the bankers, but the reality is that they'd make the money elsewhere - say charging a higher interest rate.
So I think I'd rather let them borrow my money for a couple of days and get it all back, than have to pay higher interest on say the same credit card. Interesting conundrum. |  | | |
| Banking question (non QPR) on 02:48 - Jul 22 with 896 views | RangersAreBack |
| Banking question (non QPR) on 00:42 - Jul 22 by Match82 |
I think you're probably right.
Which raises an interesting question: do we REALLY want to fight this?
It's lovely to think that it would be a black eye for the bankers, but the reality is that they'd make the money elsewhere - say charging a higher interest rate.
So I think I'd rather let them borrow my money for a couple of days and get it all back, than have to pay higher interest on say the same credit card. Interesting conundrum. |
In this case is it the bankers withholding money or Enterprise Car Rental? | | | |
| Banking question (non QPR) on 08:20 - Jul 22 with 816 views | jonno |
The hire car company don't actually have to take the money from your account. They can "reserve" an amount that they can later take any amount up to in the event of any damage to the car etc. Then, assuming the car is returned intact with no damage, they simply cancel the reservation of the deposit. That's what the company I hire from in Cyprus does. They cancel the reservation in front of you so there is no chance they can later grab it. Doesn't involve any money leaving your account. |  | | |
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| Banking question (non QPR) on 17:41 - Jul 24 with 698 views | loftboy |
It reappeared after 36 hours so not too bad. | |
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