Credit card payments missing
Discussion
Hypothetically if I had some payments missing from my monthly statements, from May 2012, and I have the receipt from the retailer, why would they be missing from my statement?
Is it the retailer who has failed to take payment and may do it later or is it my CC company that has made a mistake?
Is the retailer likely to add it to next months statement (they have not yet, I have checked) or is there a time limit where they can "present" my number for payment?
IIRC they clear the card at point of sale then take payment later in the day/week?
Confused.com
Is it the retailer who has failed to take payment and may do it later or is it my CC company that has made a mistake?
Is the retailer likely to add it to next months statement (they have not yet, I have checked) or is there a time limit where they can "present" my number for payment?
IIRC they clear the card at point of sale then take payment later in the day/week?
Confused.com
It DOES happen though not frequently and its a processing error by the card provider though the retailer will probably not get paid but fail to realise it in many cases.
I have had 2 transactions on my AMEX not appear on the statement: one for fuel (about £70) and the other for around £4!
Your liability doesn't end because it doesn't appear on the monthly statement - you have to wait for the 6 year period under the Statute of Limitations to expire before your obligation to pay ends.
Stick the money in a savings account so you have it if it suddenly appears.
David
I have had 2 transactions on my AMEX not appear on the statement: one for fuel (about £70) and the other for around £4!
Your liability doesn't end because it doesn't appear on the monthly statement - you have to wait for the 6 year period under the Statute of Limitations to expire before your obligation to pay ends.
Stick the money in a savings account so you have it if it suddenly appears.
David
I've heard people say this, but in many years of many, many credit card purchases on multiple credit cards I'm not aware of any being missed so I don't think this is in any way routine. The guy that runs our local petrol station said he lost a days transactions once - are they really done in one hit like that?
Years ago, when these things were done manually, a colleague did have a charge for flights go through after 11 months. He knew full well of course but it didn't stop him complaining bitterly when it was suddenly taken - he took legal advice and was assured that he had to pay.
I miss cheques - several chunky ones I wrote were never presented.
Years ago, when these things were done manually, a colleague did have a charge for flights go through after 11 months. He knew full well of course but it didn't stop him complaining bitterly when it was suddenly taken - he took legal advice and was assured that he had to pay.
I miss cheques - several chunky ones I wrote were never presented.
card payments are broken down into two stages, auth and settlement. If the merchant gets an authorisation from an issuer they (the merchant) should subsequently ask for the payment (settlement).
Dont know what the rules are for Amex but if its the big two (MasterCard or Visa) that is how it works.
I have seen examples of settlements coming in months and years after authorisation and if the cardholder is good for the money then the issuer should settle and debit the cardholder. Those are the scheme rules.
If a merchant or the acquirer has cocked up you might be lucky and never see the payment.
But normally what happens is that the finance department/manager notices that payments have not been received and they eventually correct them.
It isn't down to the card issuer to force merchants to ask for settlement so I am not surprised your bank were unhelpful as they have no need to chase merchants. And some times merchants or acquirers have very valid reasons for not asking for settlements.
Dont know what the rules are for Amex but if its the big two (MasterCard or Visa) that is how it works.
I have seen examples of settlements coming in months and years after authorisation and if the cardholder is good for the money then the issuer should settle and debit the cardholder. Those are the scheme rules.
If a merchant or the acquirer has cocked up you might be lucky and never see the payment.
But normally what happens is that the finance department/manager notices that payments have not been received and they eventually correct them.
It isn't down to the card issuer to force merchants to ask for settlement so I am not surprised your bank were unhelpful as they have no need to chase merchants. And some times merchants or acquirers have very valid reasons for not asking for settlements.
card payments are broken down into two stages, auth and settlement. If the merchant gets an authorisation from an issuer they (the merchant) should subsequently ask for the payment (settlement).
Dont know what the rules are for Amex but if its the big two (MasterCard or Visa) that is how it works.
I have seen examples of settlements coming in months and years after authorisation and if the cardholder is good for the money then the issuer should settle and debit the cardholder. Those are the scheme rules.
If a merchant or the acquirer has cocked up you might be lucky and never see the payment.
But normally what happens is that the finance department/manager notices that payments have not been received and they eventually correct them.
It isn't down to the card issuer to force merchants to ask for settlement so I am not surprised your bank were unhelpful as they have no need to chase merchants. And some times merchants or acquirers have very valid reasons for not asking for settlements.
Dont know what the rules are for Amex but if its the big two (MasterCard or Visa) that is how it works.
I have seen examples of settlements coming in months and years after authorisation and if the cardholder is good for the money then the issuer should settle and debit the cardholder. Those are the scheme rules.
If a merchant or the acquirer has cocked up you might be lucky and never see the payment.
But normally what happens is that the finance department/manager notices that payments have not been received and they eventually correct them.
It isn't down to the card issuer to force merchants to ask for settlement so I am not surprised your bank were unhelpful as they have no need to chase merchants. And some times merchants or acquirers have very valid reasons for not asking for settlements.
card payments are broken down into two stages, auth and settlement. If the merchant gets an authorisation from an issuer they (the merchant) should subsequently ask for the payment (settlement).
Dont know what the rules are for Amex but if its the big two (MasterCard or Visa) that is how it works.
I have seen examples of settlements coming in months and years after authorisation and if the cardholder is good for the money then the issuer should settle and debit the cardholder. Those are the scheme rules.
If a merchant or the acquirer has cocked up you might be lucky and never see the payment.
But normally what happens is that the finance department/manager notices that payments have not been received and they eventually correct them.
It isn't down to the card issuer to force merchants to ask for settlement so I am not surprised your bank were unhelpful as they have no need to chase merchants. And some times merchants or acquirers have very valid reasons for not asking for settlements.
Dont know what the rules are for Amex but if its the big two (MasterCard or Visa) that is how it works.
I have seen examples of settlements coming in months and years after authorisation and if the cardholder is good for the money then the issuer should settle and debit the cardholder. Those are the scheme rules.
If a merchant or the acquirer has cocked up you might be lucky and never see the payment.
But normally what happens is that the finance department/manager notices that payments have not been received and they eventually correct them.
It isn't down to the card issuer to force merchants to ask for settlement so I am not surprised your bank were unhelpful as they have no need to chase merchants. And some times merchants or acquirers have very valid reasons for not asking for settlements.
Gassing Station | Finance | Top of Page | What's New | My Stuff