When will my $250 deposit be returned / pre-authorisation be released?

Short answer:

At the time you book, $250 is 'frozen' in your account. It will automatically be released 7 days after the date you booked. You won't see a refund on your statement. We'll only do this twice per borrower.

Note: for Commonwealth Bank customers the hold period is longer - see I'm with Commonwealth Bank and my $250 deposit hasn't been returned

When you book, we place a hold (pre-authorisation) on your credit card or debit card. At the same time that we send instructions to your bank to hold the funds, there is a simultaneous electronic instruction for your bank to release it from their system back into your account after 7 days.

We do not receive the funds from your bank, and we cannot return them to you before the end of the 7-day period - once the pre-authorisation is placed, it is an automated process controlled entirely by your bank.

  In summary

Your $250 pre-authorisation will be released 7 days after you book. You won't see a refund on your statement.

If it's already been 7 days and your pre-authorisation hasn't been released

In most cases, your credit card pre-authorisation will automatically expire 7 days after it was placed. When this happens, you will not see a new transaction showing a refund or deposit from Car Next Door of the pre-authorisation amount.

If you check your credit card statement once the pre-authorisation has expired, you won't be able to see the original transaction of the pre-authorisation being taken, either. 

For debit cards, the amount will show as being deducted from your account (though it is not paid to us) and then you will see your balance go back up when the pre-authorisation is released.

Some banks take longer than 7 days to make the funds available in your account: please contact your bank to ask about their policy.

  For Commonwealth Bank customers

If your card is issued by the Commonwealth Bank please see I'm with Commonwealth Bank and my $250 deposit hasn't been returned

More about the pre-authorisation: 
Will I need to pay a deposit or credit card pre-authorisation when I book?

 

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Comments

4 comments
  • Does the 10 days include weekends or only work days?

  • Hi Emma, it is 10 calendar days (not business days).

  • Hi, I wanted to make my first two bookings only a week apart (this sunday and next sunday) will there then be two pre-auth's placed on my credit card foe the overlapping days? I can only afford one at a time!

  • Oh its ok I just found where it states that you don't take another pre-auth on multiple bookings within the 10-day period. Sorry!

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