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I am so confused. Here is what the charge looks like and it was for $492.00: Pre auth PROGRESSIVE *INSURANCE LOC: 800-776-4737 Vermont Ok, so when calling that number they say they ARE Progressive and that the charge was NOT from them. So somebody has this banking information AND they have ways of trying to use it under cover. How does this happen?
First, notify your bank so they won't follow through on any payment. It's a "pre-authorization." Somebody has (or guessed) your bank account number or a credit or debit card number and is trying to see if they can get some cash. Banks are aware of this, but it can delay your own use of the funds until it's all cleared up. ---------- Authorization hold (also card authorization, preauthorization, or preauth) is the practice within the banking industry of authorizing electronic transactions done with a debit card or credit card and holding this balance as unavailable either until the merchant clears the transaction (also called settlement), or the hold "falls off." In the case of debit cards, authorization holds can fall off the account (thus rendering the balance available again) anywhere from 1–5 days after the transaction date depending on the bank's policy; in the case of credit cards, holds may last as long as 30 days, depending on the issuing bank.
Gamble-ged has a great answer. Have you done business with progressive. It's very likely that progressive put a hold on these funds, and then realized the mistake and released them. But then it would take a few days for it to clear. The person you called doesn't know anything, except what his computer says. It's possible that his computer doesn't show it, even though the bank still shows a hold. Contact your bank. It is possible that this is a fraudulent account. The sooner you call your bank the less of a hassle it will be to clear this up.
Your bank should have stopped any further charges after this incident, and reimbursed your account. It is possible that someone has opened an account with the 'Progressive' name, then charging your account.