Does Amazon refund wrong transaction.

[ImranKhan1992]

Hi guys,
I was ordering a Lenovo G50-30 Laptop on Amazon.in. At the end of the Ordering Amazon website said Payment failed. But when I checked my bank account, cost of the laptop was already debited from my account in name AMAZON SELLER SERVICES BANGALORE IND. When I called Customer care Executive they told that "the payment hasn't been made at all. If the amount was debited from my account it will be credited within 4days".
My question is does amazon refund the amount for these kind of situations. Anyone had same experience. I don't have reference to the debited amount than my bank statement with name entry AMAZON SELLER SERVICES BANGALORE IND 18599 debit.

 

[Dark Lord of Tech]

Amazon is a very reputable company , it really should be fine.

If it's not credited back call them and say you said it would be refunded.

 

[Solandri]

What usually happens in transactions like this is that the funds are put on hold. This is to prevent a situation where you begin purchasing an item from a bank or credit card account with just enough funds, then before that transaction completes you purchase a different item. The second purchase drops your account balance below what's necessary to complete the first transaction, but because the first transaction is in progress it goes through. The vendor ships the laptop, then they get the digital equivalent of a bounced check.

To prevent this, the vendor first puts a hold on the funds needed to complete the first transaction. The hold prevents any other transactions from decreasing your bank account balance below the amount needed to complete the first transaction. They money isn't actually transferred until you complete that first transaction.

If you cancel the transaction, it takes a while for the hold to clear up. Usually a few hours to a few days. (Dell was a PITA to deal with about this because their hold could last for more than a week - I'd have to dispute the charge with my credit card company in order to get access to my full credit limit back.) Unless you need access to those funds NOW, just give it a few days to clear up on its own.

Incidentally, this is one of the reasons it's better to buy stuff with a credit card instead of a debit card. The hold on a credit card just temporarily reduces your credit limit. The hold on a debit card temporarily reduces the total amount of money you can withdraw from the bank.