How long on credit charges?

[ammorgan]

How long can a company take for a credit charge to go through on your card?

 

Normally everything we buy goes through our account in a few days but this one charge didn't go through for 13 days and by that time we didn't have the money in the account and we had to pay a fee for the charge.

 

EDIT-I know it's our fault for not making sure we had the money in the account but we needed to make a car repair and that would put the account in the negative and completely forgot about this one charge that we assumed had already hit the account and showed up after the credit for the car repair went through.

Edited April 12, 2007 by ammorgan

[pryan67]

to my knowledge there's no limit

[GEORGE]

THERE IS A TIME LIMIT TO COLLECT ON A SALE PURCHASE (submit the charge)

 

Not gonna' do the HOMEWORK right now but I think it is 30 days max

 

or

 

THEY CAN'T COLLECT

 

It is in the 100+ pages of the VISA terms

Edited April 15, 2007 by GEORGE

[Llwellyn]

How long can a company take for a credit charge to go through on your card?

 

Normally everything we buy goes through our account in a few days but this one charge didn't go through for 13 days and by that time we didn't have the money in the account and we had to pay a fee for the charge.

 

EDIT-I know it's our fault for not making sure we had the money in the account but we needed to make a car repair and that would put the account in the negative and completely forgot about this one charge that we assumed had already hit the account and showed up after the credit for the car repair went through.

 

Was this a retail purchase or was it mail/telephone/internet order? If it was retail, most acquirers recommend that batches be settled at least once per day. I'm not sure what the actual VISA/MC regs are. However, if it was a card-not-present transaction, they aren't allowed to charge you until they actually ship the merchandise... so if the item(s) were backordered or they had a processing delay, they couldn't charge you until they were actually shipping the item(s).

[ammorgan]

It was retail

[GEORGE]

30 DAYS PER VISA

 

LONGER THAN 30 DAYS MAY RESULT IN A CHARGEBACK

 

Why wait longer than 1 day anyway???

 

The sooner it gets charged...the sooner the merchant gets paid

 

BUT if it is a US MAIL ORDER and it is BACK-ORDERED it needs to wait till it is shipped