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#283 - 12/20/00 08:33 PM Debit cards
PABanker Offline
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Joined: Dec 2000
Posts: 491
Blue Ball, PA 17506
POS holds >>> Does anyone place a hold on the customer's account for 1-2 days for POS purchases until the actual VISA or MC transaction hits the customer's account? If you do where do you disclose this hold limit? I been told it is on the REG E Disclosure.

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#284 - 12/20/00 09:31 PM Re: Debit cards
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,503
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The hold is the predessor to the actual debit which will occur when the "item" is presented. As I recall, the initial query comes in for $X and is serial numbered. That authorization is the hold. Then the transaction itself comes in and clears as it matches the serial number.

There is no hold to disclose, per se, as the debit is on its way and those funds are committed. It isn't a Reg. E or CC issue.

the process may be explained in your Reg. E disclosures, but there is no individual notice by transaction.

Andy Zavoina
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My opinions are not necessarily my employers.
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