ICICI Bank Hold Help

A

abhi1984

Disciple
I was buying a X1 Carbon from Lenovo website using my ICICI debit card. Turns out Lenovo's site can't process these transactions. It gave me an error that transaction couldn't be authorised. Though the money was debited from my ICICI account.
As per Lenovo, the money is on temporary hold and should be credited back in 48hrs. Though its been over 48hrs I am yet to receive the money back. Any ideas guys? TIA
 
Give it 2-3 days , it will come back . Most of the times i have received it within 2-3 days .

Give it at least 2 Complete business days (mon-fri)
 
^ Well not exactly. I bought my laptop using the Indian Citibank card. The trick was to use Amazon payments instead of Lenovo's own payment processor.

Btw OP, its better this way. If you have Citibank card try using that. The exchange rates charged by ICICI are obscene anyways.
 
abhi1984 said:
Been 2 days - Friday and Monday. No luck yet from the bank. Is there anywhere I can raise a complain regarding this?
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Try to get a transaction number from the bank (but I doubt they have it). And give it to Lenovo, to decline. The money should come back. I faced this same BS with Makemytrip and Citibank. Quite a pain.
 
asingh said:
Try to get a transaction number from the bank (but I doubt they have it). And give it to Lenovo, to decline. The money should come back. I faced this same BS with Makemytrip and Citibank. Quite a pain.
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I checked with Lenovo. They say the cards are charged only after the product is shipped. Until then they issue a full hold to the bank. I asked a friend to buy the same product using his AMEX card. The laptop got shipped yesterday and he was debited ie holds were moved to actual debit yesterday.

Compared to that there has been no change in the ICICI amount. Whats more insane is they haven't put it on hold rather debited, which moron bank does that.
 
I think you dont know about the how cards process works for visa and mastercard card .

Once you make payment on any website if the transaction is charged or debited from your account and it gone to the merchant account on hold and its the merchant wish to decline or accept the trasanction . He gets approx 10-15 days for the same . icici bank cannot do anything or provide you any refund transanction number
 
premiumseller said:
I think you dont know about the how cards process works for visa and mastercard card .

Once you make payment on any website if the transaction is charged or debited from your account and it gone to the merchant account on hold and its the merchant wish to decline or accept the trasanction . He gets approx 10-15 days for the same . icici bank cannot do anything or provide you any refund transanction number
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I am a bit intrigued by what you said. The process you described opens a whole lot of opportunities for scams and closes the door on chargebacks. I have done software development for card products in the South-East Asia region and my experience/understanding is this:
Once you make a payment, the money goes to a hold within the bank. Thats why the difference in ledger and account balance or rather money you have and what you can spend. The difference amount is held with the bank itself. Once the merchant claims the amount with the matching transaction code then it is released to them. This is what gives rises to the 14days-1mth chargeback period, after which no one can help you with the claim.
The point to note is even the POS machine transactions are supposed to work like that. Once you swipe it, the money goes to hold. Once the merchant produces a proof aka the signed slip, bank verifies them and then releases the money. Not doing so means they are flouting the banking regulations.
I have also purchased a laptop from Lenovo last week using my Citibank card. The amount shows as the difference betwen Total limit and Remaining Limit. The money is yet to be debited and claimed by Lenovo. Maybe the processing for Indian cards is much slower for them.
 
sharktale1212 said:
I am a bit intrigued by what you said. The process you described opens a whole lot of opportunities for scams and closes the door on chargebacks. I have done software development for card products in the South-East Asia region and my experience/understanding is this:
Once you make a payment, the money goes to a hold within the bank. Thats why the difference in ledger and account balance or rather money you have and what you can spend. The difference amount is held with the bank itself. Once the merchant claims the amount with the matching transaction code then it is released to them. This is what gives rises to the 14days-1mth chargeback period, after which no one can help you with the claim.
The point to note is even the POS machine transactions are supposed to work like that. Once you swipe it, the money goes to hold. Once the merchant produces a proof aka the signed slip, bank verifies them and then releases the money. Not doing so means they are flouting the banking regulations.
I have also purchased a laptop from Lenovo last week using my Citibank card. The amount shows as the difference betwen Total limit and Remaining Limit. The money is yet to be debited and claimed by Lenovo. Maybe the processing for Indian cards is much slower for them.
Click to expand...
This is for credit cards.

But for debit, the amount gets debited direct and it reflects as a debit transaction.
 
prateekS said:
This is for credit cards.

But for debit, the amount gets debited direct and it reflects as a debit transaction.
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Nope. even for debit cards. thats why you have two fields account balance and ledger balance. They work in same way as available and total limit.
Edit: Correction. Thats how they work in most South-East Asian countries. I might be incorrect about Indian banks. But this does open a host of scammers and everyone should use credit cards for their online/POS transactions if true.
 
prateekS said:
This is for credit cards.

But for debit, the amount gets debited direct and it reflects as a debit transaction.
Click to expand...

hi ,
I know this bcoz we already are using Direcpay and ebs gateway and have used international gateways for both debit and credit card works in the same way .Lenovo should have cancelled the transaction and wait for 7-14 days as per banking as international payment refund payment takes time . Even if you shop on cc eCommerce site in india it takes a week mostly to credit you the amount
 
sharktale1212 said:
I am a bit intrigued by what you said. The process you described opens a whole lot of opportunities for scams and closes the door on chargebacks. I have done software development for card products in the South-East Asia region and my experience/understanding is this:
Once you make a payment, the money goes to a hold within the bank. Thats why the difference in ledger and account balance or rather money you have and what you can spend. The difference amount is held with the bank itself. Once the merchant claims the amount with the matching transaction code then it is released to them. This is what gives rises to the 14days-1mth chargeback period, after which no one can help you with the claim.
The point to note is even the POS machine transactions are supposed to work like that. Once you swipe it, the money goes to hold. Once the merchant produces a proof aka the signed slip, bank verifies them and then releases the money. Not doing so means they are flouting the banking regulations.
I have also purchased a laptop from Lenovo last week using my Citibank card. The amount shows as the difference betwen Total limit and Remaining Limit. The money is yet to be debited and claimed by Lenovo. Maybe the processing for Indian cards is much slower for them.
Click to expand...

In US, the card only gets charged once they ship out the product. Till then they only put a hold on your card.
 
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