Help & Support

Why is there an extra charge for £1.01 on my bank statement?

Last Updated: May 03, 2018 09:29AM IST

This is not a charge and it will be removed from your bank statement. Depending on the financial institution, this will take anywhere between a few minutes to a few weeks.

This amount corresponds to a pre-authorisation. These are reserved funds that are put on hold by your card issuer, and they are performed to attempt to confirm the card information entered is valid and the bank will allow your transaction. The usual amount is £1.01, but it may vary depending on the business requirements.

Sometimes when you are registering your card in an app or website, you will see the same pre-authorisation. In this case, this is referred to as card verification.

If you have further questions about how your bank handles pre-authorisaions. we advise you to contact them directly.

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