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This petition was submitted during the 2010 to 2015 Parliament

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Closed Force banks to refund transactions on the same day

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When purchasing goods or services from UK businesses funds are put on hold (authorisation pending) immediately and the funds are reserved for the business to withdraw. However, when a transaction is cancelled or refunded it can take up to 7 days for this money to be refunded

At today's level of technology we are able to transfer money between banks within minutes but still this restriction is still in place when using a debit card.
For families on a limited income this can be devastating.

e.g. A family buy their food online and the order is cancelled. This may be all of the funds they have available. This block can be the difference between feeding their family and not.

We are petitioning the government to legislate regarding transaction refunds and to have them force banks to refund transactions on the same day so that consumers around the UK are able to spend these held funds with another retailer.

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10,000

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  • Petition closed

  • Petition published

    This petition can now be signed.

    If this petition gets 10,000 signatures, government will respond to it.

    If this petition gets 100,000 signatures, it will be considered for debate in Parliament.

    This petition will stay open until 1 September 2013.