Bought a product or service which you saw that wasn’t as you expected, or probably bad. The transaction is still pending and you want to cancel the transaction and get your money. This goes down to the question of can a pending transaction be refunded.
Before going into the topic of the post, first, understand what is a pending transaction. It will give you more insight on if you can cancel a pending transaction on a debit or credit transaction.
What is a pending transaction?
A pending transaction is a transaction that is still being processed by the bank or a financial institution. This usually occurs in terms of electronic payments like using the debit card or the credit card to make payment online or even offline.
This is to tell you that in a pending transaction, the customer has already made the payment to the merchant’s account, but the merchant is yet to receive the payment in his or her account. The bank or financial institution is yet to complete the transaction or post the payment to the recipient account.
After the transaction is complete, the recipient of the merchant will receive the payment into his or her account.
So as the payment shows a pending transaction, some might think it is quite possible to cancel a pending transaction.
You will see questions like this can I cancel a pending transaction or how to cancel a pending transaction on debit card or credit card. I’m going to guide you on that.
Can a pending transaction be refunded?
The answer is no, the pending transaction cannot be refunded once the payment is already made. Even though the payment is still being processed, the customer or even the bank cannot cancel the payment and refund the money back to the customer.
In this type of situation, you will have to wait for the transaction to completed or posted to the merchant’s account, and afterward, ask for a refund. This is the best way to solve this type of situation, asking for a refund immediately after the merchant confirms the payment.
In some rare cases, the person should call them immediately and ask the merchant to void or cancel the transaction. As the merchant cancels the transaction, you should contact your bank and ask them to reverse the payment.
To get a merchant to cancel a transaction can be quite difficult, many wouldn’t agree to this at all. So the only alternative is to wait for the transaction to be complete and ask the seller that you want a refund.
Going back to the question, can a pending transaction be refunded?
The answer is no. It is not possible for a pending transaction to be refunded as it is still processing and haven’t been posted to the merchant’s account.
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Can I cancel a pending transaction?
You cannot cancel a pending transaction or even your bank except if the merchant cancels the payment and the bank will reverse the payment.
As I said earlier, if you no longer fancy the product or see that it is not worth your money, you will have to wait for the transaction to be complete and then ask for a refund.
If you ask your bank to cancel a pending transaction, you will be informed that you need to first ask your merchant to cancel the transaction and they will reverse the payment back to your account.
Can you cancel a pending transaction?
Sorry, you can’t cancel a pending transaction nor even your bank or financial institution, but rather you should ask the merchant or the seller to cancel the transaction and the bank will reverse the payment back to your account.
Alternatively, you should wait for the bank to post the payment and afterward ask for a refund.
How to cancel a pending transaction on debit card
I’m sorry you can’t cancel a pending transaction. There’s no way a customer or person can be able to cancel a pending transaction on debit card or credit card.
If you use your debit card or credit card to make a payment and is still pending, you cannot do any other thing about the transaction. Your bank doesn’t have the power to cancel the transaction except the merchant cancel the transaction.
If you’re no longer interested in the product or services, you can only request a refund from the merchant or seller.
How long does a pending transaction take to cancel
If a seller or merchant agrees to cancel a transaction, it will take up to three to five working days for your bank to reverse the payment.
If you wish to cancel a pending transaction, you need to first contact the merchant to cancel the transaction. If the merchant agrees to that, contact your bank to reverse the payment back to your account. Transaction reversal usually takes a maximum of five days though it depends on the bank or financial institution.
This is the same with can a pending transaction be refunded. It all depends on the merchant to receive your payment back to your account.
How long does a pending transaction take to refund
A pending transaction cannot be refunded except if you ask the seller or the merchant to void the transaction. Once the transaction is void or canceled, you can receive the payment back to your account.
This isn’t a refund but rather a reversal of the payment back to your account.
Reversal of the payment will take a maximum of five working days except for in the case of technical issues which can take up to two weeks to be reversed back to your bank account.
Will freezing card stop pending transactions
Absolutely no. The freezing card will not stop pending transactions on your bank account. Once you have initiated the payment, made the payment on the seller’s or merchant’s account, it is final.
There’s no way you can stop a pending transaction by freezing your card. The only new transaction will not go through after you have frozen your credit card or debit card. But for a pending transaction, it will still be posted because you have already made the payment.
Just like I have been saying, you will need to wait for the merchant or seller to receive the payment, after that you can ask for a refund.
For the last time, can a pending transaction be refunded?
A pending transaction cannot be refunded or canceled except for the merchant void or cancel the transaction. In most cases, the only option you have is to ask for a refund after the transaction is completed and confirmed by the merchant.
That’s all I have for you on this post of can a pending transaction be refunded and other questions. Don’t forget to share this post.