Authorization Hold definition

Authorization Hold means a temporary hold placed against some or all of your Card Account funds and occurs when we authorize a Card transaction from a merchant. The funds on hold will be subtracted from your available balance. We can place an Authorization Hold on your Card Account for up to 3 business days (or for up to 30 business days for certain types of Card transactions, including but not limited to, car rental transactions, cash transactions, and international transactions), from the time of the authorization or until the transaction is paid from your Card Account. However, if the merchant does not submit the transaction for payment within the time allowed, we will release the Authorization Hold. This means your available balance will increase until the transaction is submitted for payment by the merchant and posted to your Card Account. If this happens, we must honor the prior authorization, and we will pay the transaction from your Card Account. In some situations, the amount of the hold may differ from the actual transaction amount since the merchant may not know the total amount you will spend. For example, (i) a restaurant submits the authorization request for your meal before you add a tip, and (ii) when you pay at the pump at a gas station, the authorization request may be up to $75 (this is the current maximum amount for such authorization request, but it may be increased in the future) even if the purchase is less than that amount (to avoid such holds and declined transactions resulting from such holds, pay for your gas inside the station).
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Authorization Hold means a temporary hold placed against funds in your Account and occurs when we authorize a Debit Card transaction from a merchant. The funds on hold will be subtracted from your Available Balance. We will place an Authorization Hold on your Account for up to 10 Calendar days from the time of the authorization or until the transaction is paid from your Account. However, if the merchant does not submit the transaction for payment within the time allowed, we will release the Authorization Hold. This means your Available Balance will increase until the transaction is submitted for payment by the merchant and posted to your Account. If this happens, we must honor the prior authorization, and we will pay the transaction from your Account. In some situations, the amount of the hold may differ from the actual transaction amount since the merchant may not know the total amount you will spend. For example, a restaurant submits the authorization request for your meal before you add a tip, or settlement of payment may come in in several charges instead of one. Note: You might end up overdrawing the Account even though there was sufficient funds at the time authorization hold was placed. For example, if a merchant does not submit a debit card transaction for payment within the 10 calendar days of the authorization, we must release the ‘Authorization Hold’ on the transaction, however if the bank receives transaction confirmation after that day, the bank is required to pay the merchant even if there is no sufficient funds on the account. In this case your account becomes overdrawn and you will be charged overdrawn fees. The bank strongly recommends you record and track all of your transactions closely to confirm that your Available Balance accurately reflects your use of funds from your Account.
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Authorization Hold means a temporary hold placed against some or all of your funds in your account and occurs when we authorize a debit card transaction from a merchant. The funds on hold will be subtracted from your available balance.
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Examples of Authorization Hold in a sentence

  • The Amount of an Authorization Hold May Differ From the Amount of the Actual Transaction.

  • During the period of any Authorization Hold, the Card funds that are subject to the Authorization Hold will generally not be available for other Card transactions.

  • Once the final amount of the transaction is determined and has been processed and settled, your Card will be debited for such amount and the Authorization Hold will be removed.

  • You are responsible for knowing when you have initiated a Card transaction that might result in an Authorization Hold and for managing other Card transactions accordingly during the period of an Authorization Hold.

  • We will have no liability to you in the event we decline any Card transaction because an Authorization Hold is in place.

  • Length of an Authorization Hold: We are permitted to place an authorization hold on your account for up to three (3) business days (or for up to thirty (30) business days for certain types of debit card transactions) from the time of the authorization or until the transaction is paid from your account.

  • We will have no liability to you in the event any merchant delays or fails to complete the final processing of any Card transaction that corresponds to an Authorization Hold, and/or in the event any merchant requests an Authorization Hold in error.

  • A Temporary Debit Authorization Hold Affects Your Account Balance - On debit card purchases, merchants may request a temporary hold on your account for a specified sum of money, which may be more than the actual amount of your purchase.

  • The Amount of an Authorization Hold May Differ from the Amount of the Actual Transaction: The amount of an authorization hold may differ from the actual transaction amount because the actual transaction amount may not yet be known to the merchant when the authorization request is submitted.

  • To avoid an Authorization Hold that exceeds the amount of the actual purchase, the Card User should not swipe a Card at the fuel pump.

Related to Authorization Hold

  • Service Authorization means that Open Ecosystem Partner needs to meet specific qualification requirements for the products included in a “Service” Product Family that Open Ecosystem Partner wants to promote and offer Services for as set out in detail in the Open Ecosystem Program Guide.

  • Authorization Letter means a letter agreement executed by Borrower in the form of EXHIBIT A.

  • Sell Authorization means that Partner needs to meet specific training and qualification requirements for the products included in an “On Premise” Product Family that Partner wants to resell as set out in detail in the PartnerEdge Program Guide and the applicable RSPI.

  • Company Authorizations shall have the meaning assigned to it in Section 2.17.

  • Consents, Clearances and Permits means all authorizations, licenses, approvals, registrations, permits, waivers, privileges, acknowledgements, agreements, or concessions required to be obtained from or provided by any concerned authority for the purpose of setting up of the generation facilities and/ or supply of power;