All Tigit Motorbike deposits are pre-authorization holds. Apart from rare occasions of pre-paid credit cards and cross border traveling where we charge and refund money.
What is a pre-authorization hold?
A pre-authorization hold is a temporary hold on a credit / debit card. Typically a hold lasts for 7 days and is automatically released.
Pre-authorization holds are the same method luxury hotels or overseas car rentals use to take deposits. It provides a basic credit background check on the client without capturing or charging any money.
Why use a hold and not charge?
Reason 1: When charging and refunding cards there can be variations and fluctuations in currency conversions. This can cause the client to lose money over an extended period of time.
A pre-authorization hold never physically takes money from your account. As a result, there are no currency conversion issues.
Reason 2: Charging and refunding money means the storage of client deposits. Some companies may enjoy the interest on stored money, or even invest the money into other projects.
Most reputable establishments however, do not like to store money that is not theirs. We are no different, and so opt to hold instead of charge.
When will Tigit refund the money?
The money never leaves your account. Some banks / card companies may temporarily show a charge, but this will likely disappear after a week.
Because the money never leaves your account, there is no notification of a refund.
Check your statements at a later date and it will be seen Tigit never charged or refunded a deposit.
Mobile apps are often incorrect!
Mobile apps often display holds as charges and this may never correctly update. When checking bank statements, use desktop PC or PDF statements. These are more accurate than mobile banking apps.
When to contact Tigit?
If you have checked your online banking with a desktop PC, and you continue to see a charge/deposit from Tigit. Then please feel free to contact us and provide a screenshot of the transaction.