Parking app reserves huge sums for 7 days

[Kitkat189]

Hi,
Ringo the parking app routinely reserves a fixed sum, which takes them up to 7 days to return. You start a session and they reserve a certain amount - today it was £25 in one location and £14 in the second place I parked - and even if you stop the parking at let’s say £3.50, they have seven days to return the balance to you.

So today Ringo has taken close to £40 from
me, with the £30 balance returned to me at some point next week.

This quickly adds up over time, with Ringo having around £50 of my money on their accounts at any given time.

Am I being unreasonable for finding this really inconvenient? Sometimes money is tight and while I have budgeted for the actual parking charge, the excess reserved amounts are really putting a strain on things.

Strange, I use Ringo at least once a week and I have never had this happen to me.
Is it because you are not using a fixed amount of time?

I e never had this either.

Ringo doesn't get the reserved amount. The bank puts a hold on the money but only the actual amount charged goes to Ringo. Must be the way the app is set up between the app and the bank.

Think there can be the same issue with pay at pump petrol stations where about £200 is reserved and sometimes takes a few days to clear and the correct amount to be taken

That sounds pretty dodgy to me. They could be earning interest on your money in this time. They certainly shouldn't be taking a second deposit when it's clear you haven't used up the first one because you're parking somewhere else now. I'm curious to know what the legalities of this are.

I've not had this with Ringo before, are you using a credit or debit card?

Could understand it for a debit card but those amounts seems excessive anyway.

What do their T&C say about this?

When I use ringo, I pay for the time I use and nothing more. It doesn't even give me an option to "start parking" without specifying how long I want to park for.

From their T&Cs. Ringo doesn't get the money and it's your bank that puts a hold on the funds

What is Pre-Auth for Start-Stop?

A pre-authorisation fee means we can check that you will have sufficient funds to pay for the parking sessions once stopped.

As you start a start-stop parking session, we will request your bank reserve the maximum parking cost at that location. This ensures payment can be taken quickly and easily when you stop your session. If you choose not to proceed with the reserved amount, your parking session cannot be started.

If you have mobile banking, you may see this reserved amount pop up, or shown as pending in your banking app.

When you have stopped your session, we will tell your bank or card issuer the actual cost of your parking session and they will deduct only that amount. This process can take a few minutes to a few days depending on who you bank with.
We have no control over the speed at which your bank or card issuer releases the surplus pre-authorised amount.

Remember, we will only ever charge the amount you have used.

Ringo don’t see the money so they don’t be earning interest on it. It’s reserved by the bank.
Having said that if this is happening I agree that it’s wrong. Many people can’t afford to have large amounts reserved and unable to spend. It has never happened to me when using the Ringo app, however.

They're not taking money from you. If you find it inconvenient, don't use it.

You often don't have a choice whether or not to use it, well you do, but then you have to find somewhere else to park.

The answer to this is a credit card. Then you don't notice that the money has been reserved. And before the whataboutery starts, just about everyone who runs a car and pays for parking can get a credit card.

"What is Pre-Auth for Start-Stop?
A pre-authorisation fee means we can check that you will have sufficient funds to pay for the parking sessions once stopped.
As you start a start-stop parking session, we will request your bank reserve the maximum parking cost at that location. This ensures payment can be taken quickly and easily when you stop your session. If you choose not to proceed with the reserved amount, your parking session cannot be started.
If you have mobile banking, you may see this reserved amount pop up, or shown as pending in your banking app.
When you have stopped your session, we will tell your bank or card issuer the actual cost of your parking session and they will deduct only that amount. This process can take a few minutes to a few days depending on who you bank with.
We have no control over the speed at which your bank or card issuer releases the surplus pre-authorised amount."

Most zones are like this where I am

The app tells you what the amount is that they are going to reserve. This can differ, at our local park it’s £25+

This is true, I used it for the first time yesterday. I was in the car park for about an hour £1.10 worth of parking according to the app but £6.01 is still reserved by my bank and has yet to be released.

I don't have an option but to use Ring go parking as all of the local car parks by my work place have switched to it now. As op has said I'm using a debit card and I budget each month for my parking but I cannot afford to have the maximum amount payable reserved 5 days a week. A credit card is an option but I'm trying to avoid using mine so I can repay what's currently on it quicker. @Bjorkdidit I also don't want to be charged interest on my parking if its still showing a higher amount at the end of the month?

Really odd
Especially the bit about the pre authorisation popping up on the banking app.
When I use Ringo the amount I have paid comes out immediately on my banking app, as I said earlier it might be when then length of parking isnt specified when this happens

I use the Ringo app every day as I park for work, never had this, I do specify the length of time though

just about everyone who runs a car and pays for parking can get a credit card
This is not actually true, a great many people can't get credit.

That's not very helpful advice if the parking you need to work uses this system!

I use Ringo multiple times a week and have never had this

Is there an option to do a fixed length of time?

Just use cash.

For everyone saying they have never had this with ringo- yes mostly you pay up front but in some parking zones it's pay as you go and they reserve the max amount 1st on your card. It's nothing sinister (Big Carma).

Loads of places no longer have this option

Can you park in a car park with a fixed fee, rather than on street parking?

It’s the same as getting petrol, company automatically takes £99 pre authorisation just to make sure you’ve actually got the money in your account. I register a credit card for anyone that uses pre authorisation, that way, there’s never a problem.