on 02-11-2019 04:07 PM
HI, I had $255.64 stolen from my account this morning. The transaction said: "Authorisation only: Eftpos purchase at Paypal Ebay J. Bradwelsydney.au.
I then quickly checked my Paypal account and no such transaction or activity showed up on the account. I also checked my Ebay account and no activity or transaction showed up on this account.
I contacted the bank within 1 hour of it being stolen. It still shows up in my account as because it is the weekend the dates need to catch up.?????
I rang the bank a second time today and got some info that there is a "reverse action" in place. Does this mean that I will definately get these funds restored???? I really don't know how this happened. I never use Eftpos on this account and always keep this account to a minimum as I only do my Ebay purchases with this account.
Can you advise please. Will I get my money back???
on 03-11-2019 10:31 AM
Hi @rebX21 , thanks for your enquiry.
For context, "Authorisation Only" transactions will occur on credit card accounts, paypass purchases and using the 'credit' option of a Mastercard Debit Card. This takes place at the EFTPOS terminal, through the internet, etc. and is done electronically.
A merchant requests the amount of the transaction being put through, and the bank will either approve or decline the transaction depending if there is sufficient funds in the credit card to cover the transaction.
It's quite common for many merchants to hold funds this way - the most common examples being hotels or airline carriers - for up to 10 business days. After this time, the "Authorisation" will drop off and the transaction will show as cleared into your account. In the case of a transaction being held in error, once the merchant removes the hold, the whole transaction will be removed - as if it never happened!
If for any reason the transaction doesn't clear, you can certainly dispute this. In your case, it may be a good idea to have the card cancelled and a new one issued - as you've mentioned the transaction showing was not authorised or initiated by you.
While we can't access your account(s) over the Forum, if you can log in to Online Banking and select "Ask Us" via the Mobile App menu or "Message us Now" from a PC, our Online Team would be happy to take another look at this, and discuss the process with you further. Alternatively, you can again give us a call on 13 17 19 and request more details - both services are available 24/7 for your convenience.
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