Royal Mint took money from me???

[Ukbullionfan]

So I attempted to purchase an item from them a while ago, the money was pending in my bank for over a week then it just bounced back to my account so I though fine ok I will use that money for something else (it’s not my main account anyway). Anyway my account is in the minus into the thousands. How are they able to do this ? Surely the bank would of stopped it as there’s no money in there as it’s not a direct debit or anything it’s just a payment ? How in earth have they been able to do this. Plus I don’t even have the said item .

[James32]

27 minutes ago, Ukbullionfan said:

So I attempted to purchase an item from them a while ago, the money was pending in my bank for over a week then it just bounced back to my account so I though fine ok I will use that money for something else (it’s not my main account anyway). Anyway my account is in the minus into the thousands. How are they able to do this ? Surely the bank would of stopped it as there’s no money in there as it’s not a direct debit or anything it’s just a payment ? How in earth have they been able to do this. Plus I don’t even have the said item .

I told you they would come back.

What I didn't know was the bank would honour such a high amount if no funds available. The only thing I can think of is that when we make a purchase from the mint,we are entering some kind of contract. They will likely post the item now soon considering payment has been taken again ( just return and they will refund) 

[Ukbullionfan]

Just now, James32 said:

I told you they would come back.

What I didn't know was the bank would honour such a high amount if no funds available. The only thing I can think of is that when we make a purchase from the mint,we are entering some kind of contract. They will likely post the item now soon considering payment has been taken again ( just return and they will refund) 

Thanks for the reply James always can count on you with your infinite wisdom. My pal reckons it’s because it’s the royal mint and not even the backs can mess around with them as they are affiliated with the Royal Family. So I been advised just to stay quiet unless I want to get erased from existence lol. So annoyed though and I do hope I get the item.

[James32]

9 minutes ago, Ukbullionfan said:

My pal reckons it’s because it’s the royal mint and not even the backs can mess around with them

I'm inclined to agree with this.

Every time I've ordered, they would take money and a few days later return it. Then the day before dispatch, the money would come out again. They work in that many mysterious ways that we have learned to expect the unexpected when dealing with the mint.

On the bright side though, if its for a now "sought after coin" then that's a positive at least.

[TeaTime]

Same happened to me last year - a coin i had ordered was subsequently not available and the order cancelled.... a couple of months later (maybe longer) the RM took the money from my account and sent out the coin. In my case the issue price had increased but they took only the original cost. So i was annoyed and happy at the same time !

 

[Orpster]

The RM put a hold on that money as soon as you order, if they do not ship the item(s) the hold will drop.  Then they confirm the charge when they ship.  I bet if you check the charge it will be dated on the date of purchase and not today.  Whatever you tried to order though should arrive as the confirmation of charge is done on despatch.  Banks will not stop a confirmation of charge that was previously a hold, if you tried today they would likely stop the hold though, just the way it works unfortunately.  It works the same way with RM on my Barclaycard 

[flyingveepixie]

Morning chaps.  I have to say I've never had a problem with RM or it's payment system and all payments I have ever made for purchases have gone through without a hitch or any kind of shenanigans, but I was thinking about what @Ukbullionfan fan said in the opening post and wondered if the bank might have let the payment go through so they could slap some penalty fees onto the account for being so overdrawn.   I certainly wouldn't put it past them..

Edited September 13, 2022 by flyingveepixie

[Petra]

I bought some bits on Saturday, money did not go out and the coins were marked as delivery within next three months. Seen late last night the money has just gone out of my account. Is that good with regards delivery? Can always hope!🤔

[Orpster]

6 minutes ago, Petra said:

I bought some bits on Saturday, money did not go out and the coins were marked as delivery within next three months. Seen late last night the money has just gone out of my account. Is that good with regards delivery? Can always hope!🤔

It will likely be a hold not a charge and it will drop in 7 days

[Orpster]

Probably worth mentioning RM also seem to work differently depending on if your ordering bullion or proof.

Bullion the money seems to be taken immediately regardless of when the item is to be shipped, proof (or celebration items such as BUNC coins etc) they put a hold on which drops after 7 days if they have not shipped then the hold gets confirmed upon despatch

So in your case @Petra it may depend on what you ordered

Edited September 13, 2022 by Orpster

[paulmerton]

9 hours ago, Ukbullionfan said:

So I attempted to purchase an item from them a while ago, the money was pending in my bank for over a week then it just bounced back to my account so I though fine ok I will use that money for something else (it’s not my main account anyway). Anyway my account is in the minus into the thousands. How are they able to do this ? Surely the bank would of stopped it as there’s no money in there as it’s not a direct debit or anything it’s just a payment ? How in earth have they been able to do this. Plus I don’t even have the said item .

We explained this would happen, and I did say it sounded like you still had to cancel the order!

[paulmerton]

1 hour ago, flyingveepixie said:

Morning chaps.  I have to say I've never had a problem with RM or it's payment system and all payments I have ever made for purchases have gone through without a hitch or any kind of shenanigans, but I was thinking about what @Ukbullionfan fan said in the opening post and wondered if the bank might have let the payment go through so they could slap some penalty fees onto the account for being so overdrawn.   I certainly wouldn't put it past them..

Tinfoil hats are available in the vestibule  

[dragafem]

I dont think its a really good system by the mint.How would you know if your order is really cancelled?How long is the so called " contract" is in place? You have to keep money in that account all the time just to cover the "purchase" when the mint decides they are ready for you order. I would not order from them a thing.This is just not right. I think the perth mint has lost members here for smaller issues...just saying..

[LawrenceChard]

15 hours ago, Ukbullionfan said:

So I attempted to purchase an item from them a while ago, the money was pending in my bank for over a week then it just bounced back to my account so I though fine ok I will use that money for something else (it’s not my main account anyway). Anyway my account is in the minus into the thousands. How are they able to do this ? Surely the bank would of stopped it as there’s no money in there as it’s not a direct debit or anything it’s just a payment ? How in earth have they been able to do this. Plus I don’t even have the said item .

It seems to show that our credit rating at your bank is good, but it might be better if they could check with you and advise you instantly, especialy if that left you with a negative balance.

It would also be better if the RM gave you some advance notice it was about to happen.

If anyone cares to nominate for a non-executive directorship at the RM, i will include this in my long list of suggestions.

😎

[Stuntman]

RM duplicated my order by mistake, charged me for two coins and shipped two coins.  I returned one of them ASAP to them after informing them of their error but the refund to my credit card did not happen until after my credit card provider sent me a statement including the two coins on it.

So I am now having to pay the credit card provider an additional four figure sum beginning with a two, and will then have a credit balance with them for a few months...

Thanks RM ☹️

[Ukbullionfan]

Update.

Currently on hold to my bank. They explained to me that a company has 6 months to grab a payment when it’s be authorised which makes no sense if there is no money in the bank account. Also because I was in the minus I will now be getting charged a fee and a days interest in the amount that was minus. I asked them how comes this can happen ? No one even let me know. I even asked if I changed my card as in day I lost it during that period what would of happened and they said visa would if told them the new details anyway. I then asked what about if I shut my bank account down during it ? And she said she doesn’t know. I’m hoping I can get the charges stopped as it’s not my fault. I got no idea how a bank can let any company take money from a bank that’s not there  and make it go into the minus that’s awful. I won’t be using royal mint again and if I do I’m going to try and finesse them because I’m so angry right now.