Is this legal?

[WindRavenX]

I bought airline tickets online a week ago, and my bank posted the transaction correctly as $289 dollars. Two days later, it took down the posting. Then, today, it re-posted the transaction and caused me to go into the red today.

Godfucking dammit.

[eyesroll]

1. A bank is allowed to correct its errors.

I would assume it took down the posting in error, and re-posted when it figured it out. Transactions don't always post immediately, anyway.

Did you assume you got a free ticket, or did you just look at your balance and not even process that the $289 wasn't accounted for?

(Or, if it was a credit, it posted it under "temporary authorizations" and then posted it for real a few days later...which is not only legal but standard.)

Try calling your bank though -- they may waive a few or two, if you've been a good customer.

[WindRavenX]

2. The latter

I didn't realize until looking over my records that the transaction was not accounted for.

It wasn't a temporary authorization because it was actually posted as a complete transaction-- they literally took it down and re-posted it. It's just weird that they took it down and re-posted it.

[Generic Brad]

3. It is

I'm guessing you made the transaction during the weekend. At that time it was memo posted which essentially means it is noted, queued up, but has not actually been drawn against your account. Then they ran their batch cycle and hard posted the debit. There could be other factors like paying with out of state checks that have to clear, etc.

Each bank has a processing order with certain types of transactions having priority over others. Generally they post all debits in their early batch cycles and then post credits last. Doing that creates more overdrafts and generates more revenue for the shareholders.

Not trying to stir the pot here, mind you. My recommendation is to either complain at a branch in person or call your bank's customer service center. There is always the possibility that they flat out made an error.

[WindRavenX]

4. I bought it a week ago

It was posted as a complete transaction on Thursday, taken down Friday, and then reposted today. That seems...weird. I understand the whole pending transation errors, but this was a done deal.

[Generic Brad]

5. Then you have every right to scream bloody murder

What kind of transaction was it, by the way? Check? Credit card? Internet payment? Telephone transfer?

Consumers have specific rights for various patment mechanisms. I can tell you what your rights are if you are interested.

[WindRavenX]

6. It was an online transaction using my debit card

NT

[Generic Brad]

7. Then you are covered under Banking Regulation E

My advice is to file a complaint with your bank as soon as possible. Your bank will be required to provide you provisional credit no later than the tenth business day after your claim is filed if they have not completed their investigation. They have 45 calendar days to get the whole thing wrapped up and if they don't it goes in your favor.

Any bank worth it's salt will have this cleared up for you in less than a week's time. And those overdraft fees? They are required to refund each and every one if it turns out you deserve the money.

(On edit -- if it was a pin based transaction it is Regulation E. If it was not pin based, then there are Visa operating rules which I am not intimately familiar with).

[WindRavenX]

8. thanks for the information

I will certainly look into it.

[Floogeldy]

9. I guess they fooled you.

Note to WindRavenX: "Math"

:)

[pitohui]

10. i totally don't even get it

i can't even figure out how this could cause anyone to go into the red, i mean, you knew you bought the ticket for $289, now if they had posted it for $1,289 i'd get it -- this actually happened to me once, and i was so mad i took my account out of that bank in a huff, yeah, they fixed it but they were laughing as they fixed it, sorry, i don't find screwing up my money all that funny for some reason :-)

obviously if they charged her something they shouldn't have charged her, it's wrong and should be fixed, but i'm not getting where they did anything other than be a little slow to post the debit