Revision of DC Authorization Hold Period (21 Days)
Dear all,
Please be informed that with effect from 5 April 2021, debit card authorization hold period for retail purchase transactions will be revised to twenty-one (21) calendar days. Whilst authorization hold period for automated fuel dispenser transactions remain as three (3) business days.
The revision will be updated under Clause 6.5 of the Debit Card/Debit Card-i Terms & Conditions as follows:
Clause 6.5
| The Bank shall have the discretion to place such amount on hold for up to twenty-one (21) calendar days or for such period as it deems fit. The Bank shall debit the amount on hold to the Retail Purchase Account when the corresponding Card Transactions are presented to the Bank for payment. The Bank shall release the amounts on hold if the corresponding Card Transactions are not presented to the Bank for payment within such periods as the Bank deems fit. The Cardholder further expressly agrees that the Bank shall have the right to place a hold back onto the Retail Purchase Account and to debit the Retail Purchase Account if the Card Transactions are likely to be or are presented for payment subsequently by the Authorized Merchants upon expiry of twenty-one (21) calendar days. The Cardholder agrees that all receipts forwarded by the Authorized Merchants for the Card Transactions via Transaction Receipts including confirmation receipts and acknowledgement shall be deemed final and conclusive evidence of usage by the Cardholder. |
