Stephen Benton, eftpos Managing Director, agrees. "eftpos research shows payment choice is hugely important to customers and we’re excited ANZ debit cardholders will for the first time have the option to select eftpos to make a transaction from their CHQ or SAV account with Apple Pay".
“We are now developing ways to help customers keep control of their money whilst having access to state-of-the-art functionality, like using their eftpos card on mobile,” said Benton.
According to data from the Reserve Bank of Australia, the value of debit transactions has been climbing for more than five years at almost the same rate the value of charge and credit transactions has been falling.
According to Mike Ebstein, principle of MWE Consulting, “in 2003, debit cards accounted for a 48 per cent share of purchase transactions made with a card in Australia”.
“That has now increased to over 69 per cent and (as can be seen in the following graph), the switch from debit to credit accelerated somewhat over the last 18 months.”
If you find a transaction in your account that you don't recognise, it could be unauthorised or mistaken.
If you think something is wrong, contact your bank as soon as possible.
Signs of unauthorised and mistaken transactions
An unauthorised transaction is when someone transfers money from your account without your permission.
A mistaken transaction is when when you pay the wrong person or company by using the wrong bank details.
When you check your accounts, look for payments or withdrawals you don't recognise, such as:
- a payment to a person or company you don't know
- a cash withdrawal from a place you've never been
- a transaction on a date when you didn't use your account
- a payment made twice
When you check transactions, keep in mind:
- Transactions can take days to show up in your account. If you buy something on a weekend, the transaction might appear the next week.
- The name of the shop or restaurant might not match the name on your bank statement. Check the business and trading names online.
How to get your money back
If you find something wrong, contact your bank as soon as possible.
The sooner you contact your bank, the more likely you are to get your money back — and if the transaction is unauthorised, the sooner the bank can stop any further transactions.
When you report a mistaken or unauthorised transaction, make sure the bank gives you a reference number. This will help if you to need to contact them again.
If an unauthorised or mistaken transaction occurs on your personal account, and your bank has signed up to ASIC's ePayments code, they have to take steps to help you.
Mistaken transactions
You are likely to get your money back if it is still in the recipient's account and if you report it to your bank:
- within 10 business days
- after 10 business days — but it will take longer to get your money back
- after seven months — if the recipient agrees to the refund
Unauthorised transactions
You are more likely to get your money back if:
- a forged, expired, blocked or cancelled card was used
- a bank employee or a seller made the transaction fraudulently
- the transaction took place before you received your card, PIN or password
- a seller incorrectly debited your account more than once
- the transaction took place after you told your bank that your card was lost or stolen
- the transaction took place after you told your bank that someone else may know your PIN or password
- it's clear that you haven't contributed to the loss
You are less likely to get your money back if you:
- acted fraudulently
- didn't keep your PIN or password secret
- unreasonably delayed telling your bank that your card was lost or stolen
- unreasonably delayed telling your bank that someone else may know your PIN or password
- accidentally left your card in an ATM
Protect yourself
Check your bank statements regularly, and get familiar with the different types of transactions in your account. This can make it easier to spot a mistake.
Some things don’t work the way we think they do. For instance, credit and debit card transactions aren’t processed instantaneously, like we think they are. When you make a purchase, a hold is placed on the funds linked with the transaction till the necessary “behind the scenes” activities are completed. After all the checks are done, and the merchants get paid, the pending tag will drop off. However, in the event that the pending transaction vanished, should you panic?
If a credit card pending transaction disappears, you don’t need to panic. The likely reasons for the disappearance could be a mistake by the merchant or the approval of the transaction. If you need more clarification, you may call the merchant.
The pending or awaiting tag on a credit card transaction signifies that the merchant is carrying out the necessary checks to approve the transaction. One of those checks is to determine if you have sufficient funds to complete the transaction. This check usually takes around 2- 7 days, depending on your bank and the merchant. After the necessary checks have been conducted and the merchant gets paid, the outstanding will vanish. In this article, we’ll make you understand why such an occurrence shouldn’t make you panic.
Should You Be Worried if a Credit Card Pending Transaction Disappeared?
The introduction of credit cards has made it possible to make purchases on credit. It has made it easy for us to make those important purchases even with empty account balances. When you use a credit card to make a transaction, you expect everything to be processed and approved in real-time. However, that is not really the case. Making a transaction with a debit or credit card is different from when you make a payment in cash.
Credit card transactions are processed differently than we imagined. The whole process doesn’t occur instantly. About four parties are involved in processing a credit card transaction, thus, making the process much complicated than it appears. When you purchase a toaster, for instance, using your credit card, you expect the transaction to go through in real-time, and the money is deducted instantly. However, what happens is that the money for the transaction is usually held.
When the money is being held, you’ll notice a “pending” tag on your mobile banking app or website. You will also see a reduction in your available balance, but not your account balance. The reason for this is because the funds have been kept aside, ready for the merchant to take, but hasn’t really been taken from your account. It usually takes the merchant and the players involved (the acquirer, card issuer, payment processor, card associations) around two to seven days to conduct the necessary checks and approval to post the transaction.
When a credit card awaiting transaction vanishes, some people often get worried. This could also create fear in some people who may see this development as an issue with the transaction, their credit card company, or the merchant. You see, when an outstanding transaction vanishes, you don’t need to bother. The outstanding tag on your online banking app will vanish for these reasons:
- If the transaction has been processed and approved
- If the merchant made a mistake
- If the merchant failed to claim the money
Whatever the case may be, you have absolutely no reason to be worried. If the pending tag vanished because the transaction was processed and approved, it’s a good thing as it’s a norm. However, if the awaiting label disappeared due to the merchant’s error, the mistake will be corrected, and you will get a refund. In the event that it’s taken too long for the refund to arrive, don’t hesitate to call the merchant. If the merchant is not cooperative, contact your bank or credit card issuer.
Contacting the Merchant:
It is almost impossible to dispute an outstanding transaction while it is yet to be processed and approved. You will have to wait till the transaction is posted to your account before disputing. Thus, banks advise all customers to contact merchants directly when an outstanding charge vanishes. The merchant should disclose to you if there was a mistake and whether a refund will be issued or an amendment will be made.
What Could Be the Main Reasons for Pending Transaction to Disappear?
When you buy a product using your debit or credit card, you’ll notice the “pending” tag when viewing your account online or via your banking app. This is done to give the merchant enough time to conduct all necessary online checks. The awaiting tag will stay on your account till the transaction is posted. However, sometimes the awaiting transaction may vanish, making us want to know the main reason for this occurrence.
Pending transactions may vanish due to three main reasons: if the transaction has been processed, approved, and posted, if there was a mistake made when making the transaction, and if the merchant failed to claim the funds.
Outstanding transactions can appear and vanish; it happens. One common reason why you notice the pending tag disappear is because the merchant has carried out the necessary online check on your account, sent the necessary files to your bank, and received the funds for the transaction. After all that has been done, the transaction will be approved, and the outstanding tag will disappear. While this ends up stunning some people, be rest assured that it’s a norm.
If, for some reasons, you feel like the disappearance of the outstanding transaction seems weird, or if you need extra clarification, you can call the merchant or your bank. They will provide you with reasons why the tag suddenly vanished from your account.
Conclusion:
As a cardholder, be it a credit card or a debit card, there are many things that should trouble your mind and make you anxious. However, you won’t be doing yourself any good by adding the disappearance of a pending transaction to the list. Such occurrence happens, not for wrong reasons, but the good ones – in most cases. So rather than panic, call the merchant or your bank. However, most times, doing so isn’t necessary.