Help & Support

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

Last Updated: Apr 12, 2017 01:58PM 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 minutes and 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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