I was about to make a payment the other day to an new loan account and was going to authorize a direct bank account transfer. There was a notice that the company would perform the charge twice on the account and only complete one of the charges.
So we have the common practice of pre-charges to credit cards, which I have experienced many times when getting gas. This, however, was on a checking account and I don't remember ever running into this with a direct bank account transfer. By that logic, I would need to keep 2x the bill $$ in a checking account to avoid any overdraft charges. Are there any rules to this "over charge" just to verify funds before taking the exact amount requested only? Is 2x the requested amount the norm or excessive?
The reason I ask is because I was going to make a large payment, which if they do twice would cause issues.