Sunday, December 18, 2011

Statute of limitations on Debit/Credit card authorizations?

I purchased an item recently with my Debit/Credit card through my bank. The item exceeded my daily limit so I had the bank raise my limit and also had a manager with the bank help me with my transaction over a 3 way call. The company I purchased from sent me the goods with a receipt, and the item was authorized by my bank, but it has never been charged. The company has yet to take the money from my account. It's been over six months and the money is still in my account. It's a fairly sizable amount of $3,400. Does anyone have any idea of my rights? I called the company several times explaining that they had never taken the money they were owed. The representative said she would contact the accounting department, but nothing has ever happened. My bank said there's "no statute of limitations" and that they can collect the money owed at any time. I feel like if you sleep on your rights you loose them, as it were.... Any thoughts would be greatly appreciated.

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