GIVE ME MY MONEY BACK!!!!!!!!

markus

This is the most absurd transaction I have every had with a retail store. You guys take my payment for a 3070 video card only to cancel it 2 hours later, then tell me that you will honor only then to see it canceled for sure. And now you have held my money hostage since last Thurs. My bank is telling me that you are hold ing till nov 9th???  For what damn reason!!!!!!! it doesnt take that long to release funds back to a card. I know that for a fact. THERE IS NO CHAT, THERE IS NO ONE ANSWERING CALL... WHAT IS GOING ON????

TSTonyV

Hello @markus! Sorry for the late response here. Hopefully this will offer some clarification.

Our RTX 3070s were not intended to be available for shipping orders in the first place, it was a mistake that they ended up on the website. All our video cards are supposed to be in-store pickup only.  Given some orders did get placed, we were attempting to fulfill them, but due to the very limited stock of 3070s we are able to acquire we are not able to fulfill all the orders that had been placed. For orders that are able to be filled, a confirmation email was sent out stating as such. If you did not receive that email, unfortunately that means your order was one of the ones that had to be cancelled due to the limited availability. I apologize for any confusion this may have caused.

While an authorization hold is placed on your card when you place an order online, once the order is cancelled it will fall off on its own and that ultimately depends on your bank. Different banks and cards will have authorizations fall off in differing amounts of time; I've seen some that fall off in a day, I've seen some that hold for 3-5 business days. It can vary. While some banks can remove holds if you contact them directly and ask them to, we don't actually have control over how long those holds stay on. At best we might be able to contact that bank on your behalf to have them try and remove it earlier, but there's no guarantee they would do so even if we called them directly. 

markus

This is absolutely false. The receiving bank is at the mercy of the holder of the authorization, which is you! My bank is waiting on funds from YOU! Once you release they release. And for some reason you feel you need to hold someones money for a week and half.  There is absolutely no reason for this.

TSTonyV

markus said:

This is absolutely false. The receiving bank is at the mercy of the holder of the authorization, which is you! My bank is waiting on funds from YOU! Once you release they release. And for some reason you feel you need to hold someones money for a week and half.  There is absolutely no reason for this.

This is just my understanding of the process, but like I said we are able to reach out to the bank in situations like this. I see that you gave us a call yesterday about this and it looks like we passed your information along so we can do just that. 

Greatmatrix

Hello markus, I know this is a old post but i feel compelled to correct this information as i work for BofA it's extremely common to misunderstand how the system works. Especially with most call centers that banks use will try to pass the blame along to the vendor. Whenever you place an order the merchant will make a request to the bank for a certain amount of money, The bank will place that money on hold until 2 things are fulfilled. First the merchant has to send over the sale confirmation that is generated when you pay and secondly the bank has to process the transaction. depending on when you placed the order it may be past the business day cutoff (When the bank will stop accepting orders for that day) usually being between 2-4pm depending on your location and bank. If it was before the cutoff then it will process that night and if it was after then your have to wait until the next business day for overnight processing not including weekends. Normally most people will only see the balance (Not "avilable balance") change tues-sat and stay the same on sun-mon. Now when a merchant cancels the auth the customers bank is the one that will continue to hold the money for a preset amount of time Generally between 3-5 days but upto 7 based on the TOC that was signed when the account was opened. we used to be able to remove the auth holds for the customer but most banks have changed the policy so that they can't be removed anymore and have to expire on their own.

I hope this helped clear up some confusion on why the money was being held for so long, And i hope you were able to get the auth hold removed