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    Bank ringfencing money in account advice

    Mod & Ed
    Need a bit of advice ( and before everyone comes on and says ring your bank and company involved I have 4 times each and keep getting conflicting advice )
    On 14/7/2010 placed a large online order with ELC, at the time of placing order all items were in stock, but subsequently received an email saying 6 items were going to be dispatched at a later date in the next 4 weeks, at the time of order ELC ringfenced the value of the entire order from my bank, fair enough I expected that, they have dispatched 3 of the 9 items ordered, but they have taken the money out of my bank account for those items, not from the ringfenced amount, so basically the order value was £207.87, ringfenced that amount, now have taken seperately £102.93 from my account, I have rung elc who said that my bank should realise that it was from the ringfenced amount and not a seperate transaction, have rang bank who have said that they are not mind readers, so why should they know this, re rang elc etc and so on, getting the complete runaround.
    The bank have now said that elc need to fax them to say that the ringfenced amount should be cancelled, but they are refusing to do this, the bank have said that unless they do this the ringfenced amount will stay that way indefinately?? I can't believe this but have been told by 3 different Halifax customer advisors that this is the case, ELC are saying that once the payment has been taken from my account for the outstanding items in the order in the next 4 weeks, the ringfenced amount will become available in my account, maybe I'm being thick, I seem to be paying twice for the same order, although eventually somehow or other the ringfenced money will be available in my account sometime in the next 5 weeks, is this normal??

    5 Comments

    Cancel the order. Re-order remaining items when in stock.

    Banned

    it should only stay as pending for around 7 days max.
    You can get it removed, but can't remember the department, I think it was payment clearing or something similar you need to talk to

    Banned

    oh, and its most likely the retailer at fault, not the halifax in this case

    Card Issuer "Pre-Authorisation" aka Ringfenced Funds

    When you place an order online with any retailer, the payment is sent for authorisation to your card holder every time that you click "Complete Purchase". Most card issuers will ringfence the payment until confirmation is sent that the order has been successful or has been declined. Your card issuer will then release the funds, however this can take 2-5 working days for your card issuer to process.

    If it appears that your card has been charged twice this is known as a pre-authorisation which usually occurs when you are using a debit card. This method checks if there are sufficient funds available before a user places an order. When the order is placed, the credit card processor authorises the amount and later captures it when your order is processed and sent out for shipping.

    The simple way round "ring - fencing" as Chester123 suggests is to cancel the current order & re-order when in stock!

    Original Poster Mod & Ed

    colinsunderland

    it should only stay as pending for around 7 days max.You can get it … it should only stay as pending for around 7 days max.You can get it removed, but can't remember the department, I think it was payment clearing or something similar you need to talk to



    Thanks, I think its def ELC's fault, they've put them through as seperate transactions as each item is dispatching, and say that somehow my bank should've guessed this! they've admitted that their stock system online is only updated every so often, so hit and miss if it shows item in stock whether it is or not
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