The first step will be to follow the instructions of the merchant or ATM to authorise a transaction. A card transaction is authorised when you:
enter your PIN or provide any other security code;
sign a sales voucher;
provide your card details and/or any other details as requested; or
wave or swipe the card over a card reader.
An account transaction is authorised by you when you access your online account using your personal security details and submit a transaction request or where you have set up a Direct Debit instruction. You must ensure that you input the correct bank account details for any payment you request from your account.
You may, in addition, be required to enter a one time passcode or other security information including biometric information to authorise a transaction or make account amendments. One time passcodes will be sent to the mobile phone number registered to your account.
As soon as a transaction is authorised we will deduct the value of your transaction from the available balance on your account. Fees may be deducted at the time of authorisation or when the transaction has been confirmed through the Visa system. A full breakdown of each transaction, including charges, will be available to view on your online account portal.
Once we have received authorisation for a transaction we will transfer funds to the retailer within 3 days, or to a bank or financial institution on the day we receive the authorisation or the day you requested the payment to be made for future dated transactions. A transaction will be received as follows:
for Visa prepaid card transactions, at the time we receive the transaction instruction from the retailer or ATM operator;
for faster payment transactions or transfers to other UKEX account holders at the time you ask us to complete the transaction. Same day faster payments will ordinarily be available at the receiving account within two hours of being submitted; and
if after 2.30pm for same day bank transfers via CHAPS or international transfers, the instruction will be deemed to have been received by us on the following business day.