Debit Card Transactions PDF Print E-mail

Because you appreciate the convenience of your debit card, we wanted to let you know about an important change that can make your life a lot easier!

Starting January 14, 2013, when you use your Credit Union of Colorado debit card the amount of the transaction will immediately be subtracted from your available account balance. And your pending debit transaction will be available to view in online banking right away.

That means three great things to you:

 

  1. You will always have a clear picture of your true account balance, since your debit card transactions will show up online as soon as you swipe your card.
  2. You may be able to detect any fraudulent activity earlier, get it addressed more quickly, and protect yourself from additional headaches.
  3. You can reduce or eliminate overdrafts or Courtesy Pay fees.  Now you can depend on the accuracy of your available balance to help you avoid incurring interest charges and fees.


Please note that the business names on pending transactions might look different than when the charge actually clears your account.  For example, Starbucks as a pending transaction might show up as “SBUX,” but when it posts, it will show up as “Starbucks.”

Also, some businesses pre-authorize your debit card for amounts that may be more than your actual cost, when the cost could be variable. Then they process—and charge you—the actual amount within three business days. You may see this happen at gas stations, restaurants, hotels and car rental companies.

Here’s an example if you “pay-at-the-pump” for gas: When you swipe your card, the system doesn’t know how much gas you’ll purchase. So you may be authorized for $50 or $100. Within three business days, the merchant will submit the true transaction amount of your purchase.

In rare cases, this could lead to your transaction being denied or triggering your overdraft protection, if the pre-authorized amount is larger than your account balance.

We’re happy to help you make your banking life easier. Now, with accurate online banking balances, you can manage your money even better. If you have any questions, please give us a call at 303-832-4816 or 800-444-4816.

 

 

 

Frequently Asked Questions:

Q: What accounts will be affected by the pending debit change?

Q: Why is my account negative? I opted out/don’t have Courtesy Pay.

Q: Why did the gas pump automatically shut off at $X.XX?

Q: Will the overdraft advance at an authorization or when the transaction posts?

 

 

 

Q: What accounts will be affected by the pending debit change?

A: Checking debit cards, HSA debit cards, and HELOC credit cards will be affected by the change. members with these cards will be able to see pending charges on their accounts via Online Banking. Credit cards are not affected by the change and will work the way they have in the past.

 

 

Q: Why is my account negative? I opted out/don’t have Courtesy Pay.

A: At the time we received the authorization from the merchant, you had the funds available to pay for the purchase. The authorization is the member’s promise to pay the merchant. When the authorization posted, other items posted previously which forced us to bring your account negative in order to honor the previous authorization. Automatic Payments (gym memberships, subscriptions, monthly automatic payments set up through your debit card) will also take the account negative without Courtesy Pay. The authorization amount will be held for the debit card transaction to post.  The available balance will be deducted by the amount of the authorization.  Other items such as checks will posted against the available balance and may be returned if an authorization hold does not leave enough available to clear a check. 

 

 

Q: Why did the gas pump automatically shut off at $X.XX?

A: The merchant checked the amount available to authorize – which was the amount available in your account.  If the merchant supports the partial authorization processing, we may decline an authorization amount and send the available amount that will be authorized.  If the merchant accepts the new authorized amount, the gas pump will shut off at the authorized amount.

 


Q: Will the overdraft advance at an authorization or when the transaction posts?

A:    The overdraft reserve will advance only at the time transactions are posted.

 

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