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Maximum amount of time for a debit card payment to clear?

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My husband and I went on vacation to Orlando, FL 4/28/12 to 5/5/12. Because we were on a strict budget while we there I used an App and logged in every transaction we used our debit card for, so we can see a running total of where we were on our spending each day and to be sure we stayed under budget. Worked well and we came home with more money then we expected. Yay!



Only problem is that now there are two transactions that never hit. Small amounts, $31.74 and $43.51 ($75.25 total). We did them at two different souvenir stores at two different times in Hollywood Studios (MGM). One was definitly done at the Christmas Store back behind the Muppets 3D during the day time. The other was done at a store in front of the park at night as we were leaving the park. My husband does not remember if it was processed as a credit or debit card. He doesn not recall if he used his pin number or he signed for it.


My question is, what is the maximum amount of time a merchant has to process this transaction? I hate leaving this hanging open on my register! Both my husband and I each seperatly asked someone at our branch and we each received two differnt answers. I was told 90 days. My husband was told 6 months. So I decide to call TD Bank and speak to a rep, I was told 6 months. When I asked if he was sure he said no and put me on hold and came back with 1 year.


So confused!!!! Help!




There is no definite answer to this question.

Once you've given your authorization for the transaction, the merchant technically can hold it for processing indefinitely. Banks may have internal policies or contractual agreements with various merchants, but there is no federal regulation regarding this type of transaction.

I don't see what the big deal is, honestly. Subtract it from your check register so, when it comes through, the money's there.

Sub: #1 posted on Thu, 07/26/2012 - 08:00

OhioGal1 OhioGal1
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