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Authorization Information for Intuit Purchases

 You may have had a hold on the funds within your financial institution for a purchase through Intuit, which can be seen as a double charge or billing.

An Authorization is an approval on a cardholder account for a sale or transaction amount. This hold is solely done by your financial institution, not Intuit.

Detailed Information

Authorization hold is the practice within the financial or banking industry of authorizing electronic transactions that are done with a debit card or credit card. This balance is held as unavailable either until the transaction is cleared by the merchant (also called settlement), or the hold "falls off."

In the case of debit cards, authorization holds typically 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 up to 30 days, depending on the issuing bank. Visa allows merchants to void an authorization hold immediately or adjust the amount of the hold in a process known as an authorization reversal. Other card associations require customers to wait until the customer's bank invalidates the hold.

IMPORTANT: Intuit will NOT fax a letter to the bank requesting removal of the hold. This hold is solely done by the financial institution, not Intuit.

KB ID# INF12723
12/5/2016 2:28:36 AM
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