What is a NAB Purchase Authorization?

1 ANSWERS

1. Guest819
   

   When your credit card is swiped or your credit card details are manually entered, the system sends an approval and a hold is placed on the amount of funds required to complete the transaction. This is known as a purchase authorization and it will reduce the amount of credit available on your account by the amount of the initial transaction. A purchase authorization will appear in your Internet/Telephone Banking after every purchase you make with your credit card.
   A purchase authorization will keep a hold on funds for up to 5 business days. If the merchant does not process their banking within this timeframe, the hold will be released and the funds will become available again. Once the merchant has completely processed the transaction, the purchase authorization will be removed and the correct description, merchant name and final transaction amount will appear on all electronic banking systems and on any future credit card statements. Note: merchants do have up to 6 months to finalize and bank a transaction.

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