| Overstock.com |
| Overstock.com o.co BEWARE! These People Like to Keep Your Money. Salt Lake City, Utah |
| 21st of Sep, 2011 by User199910 |
| I purchased a rug from overstock.com that I IMMEDIATELY cancelled (we're talking within a span of 5 minutes). I was told by a representative that since the order never processed, I shouldn't worry about funds being removed from my account for the total. Well, they lied. Not only did they take the money, they refused to return it to my banking account. I called every single day for 8 days straight inquiring about the status of my refund. Each time I received the same promise that the money would be returned within 24-48 hours. Of course, this never happened! On the 8th day, I contacted the company AGAIN and was told they they have "escalated it to [their] special claims department." This sounds like a bunch of lies to me. Why wait so long to escalate the claim? This probably should've been done 48 hours after the funds were not returned to my account as promised. Plus, I don't know what that even means -obviously nothing since I still don't have my money. I have now escalated the claim to the BBB. These guys are scam artists and I will NEVER shop with them again. Also, I've gone on every website I can to warn others to avoid these guys at all cost!!! |
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I think you should google authorization hold or read http://en.wikipedia.org/wiki/Authorization_hold on wikipedia before going ballistic and blaming companies like Overstock
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Authorization hold (also card authorisation, preauthorization, or preauth) is the practice within the banking industry of authorizing electronic transactions done with a debit card or credit card and holding this balance as unavailable either until the merchant clears the transaction (also called settlement), or the hold "falls off." In the case of debit cards, authorization holds can fall off the account (thus rendering the balance available again) anywhere from 1–5 days after the transaction date depending on the bank's policy; in the case of credit cards, holds may last as long as 30 days, depending on the issuing bank.
Signature-based (non-PIN-based) credit and debit card transactions are a two-step process, consisting of an authorization and a settlement.
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From Wellfargo:
https://www.wellsfargo.com/biz/merchant/service/manage/authorization
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An authorization is an approval on a cardholder account for a sale amount. An authorization hold is a reduction of the cardholder's credit line for the amount of the sale. This hold can remain on the cardholder's account for up to 30 days, depending upon the issuing bank policy.
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