TD Bank Debit Card question

rocketshipready

I recently opened up a checking account with TD Bank, and got a Visa debit card with it. My first purchase with this card was a game on PSN, and it went through fine. I got around to enrolling in online banking today, and the pending transactions have me a little worried. The $7 for the game is there, but there's also a charge from PSN for an extra $1. After some googling, it seems that some banks charge a $1 pre-authorization fee that comes up in pending transactions, but doesn't actually get charged. No other bank I had did this, though, so I'm just wondering if anyone has any experience with TD Bank in this regard. Thanks

Zeon

Credit cards do this. Its normal, until the payment gets processed. Your visa backed "debit" card works like a credit card when youre making online purchases.

As a side note i had no idea these were already available through TD. Awesome. I have to go get one, then cut up my credit card.

*edit*, wait, are you in canada, or the US? Either way, its still normal, but it kills my sideline comment if youre not in canada.

Aioua

Well, as far as holds like that go, it's not really the bank's fault, it's part of the stupidity of Visa's system. But you should have seen this all the time before, if they were actually showing you the holds. Most banks don't actually show holds other than listing an available balance next to the total balace. So if your old bank didn't show it, that'd be why it's new to you now.

Rikushix

I didn't know that TD issues Visa Debit Cards...Visa's website still implies that those are exclusive to CIBC.

edit: My TD Visa doesn't do what you've described, but then again it's a credit card, not a debit card.

Honestly, I find myself a little confused as to the difference.

rocketshipready

Thanks guys. My old bank must not've shown it, since I was pretty good about checking my account. I'm in the US, Zeon, so not quite sure how it works up in Canada.

Problem solved!

Gilbert0

That's normal. Though the pre-authorzied amount is actually done by the retailer not Visa. If you have a Quick Pass card for a certain gas station, it'll actually "pre-authorize" for $100. If it moves to an actual charge, let them know but it should be gone in a couple business days.

juju

This is not exclusive to TD Bank online banking. This is something that the merchant's Point-of-Sale system does to every transaction with the system. What is in your pending will not necessarily show up in your posted transactions, also, something due to the merchant. (This is why people can overdraft their accounts even with overdraft off -- a merchant will authorize a $14 restaurant transaction on a $15 balance, you leave a $5 tip, it doesn't reflect until the merchant's bank's system/your bank's system coordinate and post it as $19, you're in the negative.)

Zeon wrote: »

As a side note i had no idea these were already available through TD. Awesome. I have to go get one, then cut up my credit card.

Instant issue debit cards have been available through TD since TD was Commerce Bank. I got mine back in 2003. They used to print embossed in the Mid-Atlantic and flat panel in New England but now they're flat panel throughout the whole bank.

Policy states that your account should have a positive balance to have one issued/minimum $25 cash deposit to have a card issued upon opening a new account (although this varies branch to branch - I work at a busy downtown branch and we have set our limit to a $100 cash deposit to prevent fraud).

Rikushix wrote: »

I didn't know that TD issues Visa Debit Cards...Visa's website still implies that those are exclusive to CIBC.

edit: My TD Visa doesn't do what you've described, but then again it's a credit card, not a debit card.

Honestly, I find myself a little confused as to the difference.

Rikushix, I believe due to Canadian banking laws/policies, TD Canada Trust ABM cards don't work as Visas. In the US, TD Bank ATM cards double as Visas like pretty much every other bank offers (although they do offer regular ATM cards if one prefers not to have a Visa). While you can't use your Canada Trust account in the States at a bank branch there are some perks to it - you can use TD Bank ATMs to get US dollars for no fee (just the conversion rate).

Rikushix

Interesting. Thanks.