IMPORTANT INFORMATION ABOUT A CHANGE IN THE PROCESSING OF CERTAIN VISA® CHECK CARD TRANSACTIONS
Information updated as of 10/3/2008
PLEASE READ TO AVOID UNEXPECTED OVERDRAFT OR INSUFFICIENT FUNDS FEES
If you use your Visa Check Card without entering a PIN, pay attention to the following change in the way we process these transactions to avoid unexpected overdraft or insufficient funds fees.
There are two basic ways to pay with a debit card. When you authorize a transaction by entering your personal identification number, or PIN, your bank account is debited on the same or next business day. If you do not use your PIN (in which case you may or may not sign a sales slip), the actual withdrawal from your account occurs later--usually within three days.
Currently, the funds representing a non PIN transaction are available to pay checks and other debits from your account during the period of several days until the transaction actually posts to your account. This period is sometimes referred to as “float.”
Beginning March 5, 2008, when we approve a non PIN transaction, we may immediately reduce the available balance in your account by the authorization amount requested by the merchant whether or not you use your PIN. These funds will not be available for the payment of checks, PIN transactions, recurring payments or automatic transfers you may have authorized, online bill payments, bank fees and any other debits that post to your account. In order to avoid overdraft or insufficient funds fees, be certain that you have sufficient available funds to cover all outstanding debits to your account.
Will All Non Pin Transactions Immediately reduce my available balance?
No. Authorizations from certain merchant types may differ from the actual transaction amount. For example, some restaurant merchants automatically increase the authorization amount by up to 20% to include a tip. Hotels may estimate the amount of the transaction for purposes of obtaining an authorization. Authorizations from these merchant types will not immediately reduce your available balance and will not be shown as a pending transaction in Online Account Access.
Will Non Pin transactions at a gas pump immediately reduce my available balance?
Beginning October 3, 2008 some participating gas stations will begin processing and sending us the same day within two hours the exact amount of your purchase at the pump. These types of transactions will immediately reduce your available balance and be posted to your account. For those gas stations that continue to authorize based on the estimated amount of your transaction, Commerce will continue to exclude them, and they will not be shown as a pending transaction in Online Account Access.
Where can I obtain a list of Visa Check Card transactions that I have made before they post to my account?
Our Online Account Access is a convenient way to review the Visa Check Card transactions made by you or joint owners on your account. It lists pending transactions, which include transactions which the bank has authorized but that have not yet posted to your account. Currently, Online Account Access only shows PIN Visa Check Card transactions as pending transactions. Going forward, both PIN and most non PIN transactions will show as pending. This information will enable you to keep track of your spending and not exceed the available funds in your account. Remember, however, that not all non PIN transactions will show as pending transactions. These include transactions with the merchant categories (restaurants, hotels) discussed in the immediately preceding question that do not immediately reduce your available balance.
Can a Visa Check Card transaction be removed from the list of pending transactions before the transaction posts to my account?
For non PIN transactions, the authorization amount will not be available to you until our receipt of the transaction OR no more than three business days after the transaction date, whichever first occurs. Non PIN Visa Check Card transactions may be removed from pending transactions during this period. Non PIN transactions made on Thursday, Friday and Saturday may be removed from pending transactions more quickly than three business days. You are responsible for an authorized Visa Check Card transaction that posts to your account even if it has been removed from pending transactions.
What if I do not recognize the name of the merchant on a pending transaction?
Generally, the merchant name on the transaction will match the name on your receipt. However, there are occasions when a merchant authorization is submitted using a corporate name that differs or is abbreviated from the receipt or the name you recognize. For example, a transaction at Pizza Hut® may be shown as “Store 5897” or a purchase at McDonalds® may be shown as “McD Corp. xxx”.
Why is the Transaction Date different from the date I made the purchase?
In general, the Transaction Date shown in Online Account Access or on your bank statement is the date you did the transaction. However, it may be the next business day if you made the purchase after the cut off time for Visa Check Card transactions or if the transaction occurred on a Saturday, Sunday or federal holiday. The dates could also vary dependent on how the merchant processed the transaction with Visa.
Why is the credit for an item I returned to a store not showing as a pending transaction?
The credit will not show as a pending transaction. It will post to your account when the merchant submits it.
Why are there multiple pending transactions for the same purchase?
Multiple transactions may occur if a merchant sends more than one authorization for the same purchase causing your balance to be reduced for each authorization sent. If you feel an authorization was placed in error, please contact us at (800) 617-7480.
If you have any other questions or concerns, please contact us at (800) 453-2265.
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