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Why do refunds take so long?
ambyuk
Posts: 246 Forumite
Seems like a bit of a rip off to me? 
If I use my debit card the money is taken from the available balance instantly (as it should be) and I do not earn interest on it from that point on. Usually within 2 business days the money is out of my account. However I've just organised a refund for something and been told by my bank that it can take up to 7 days for a refund to process.
Why is that, in this day and age? Surely they should be able to instantly credit accounts, or at least within 2 days the same as debit? I certainly won't earn any interest until it clears my account in a week. :mad:
If I use my debit card the money is taken from the available balance instantly (as it should be) and I do not earn interest on it from that point on. Usually within 2 business days the money is out of my account. However I've just organised a refund for something and been told by my bank that it can take up to 7 days for a refund to process.Why is that, in this day and age? Surely they should be able to instantly credit accounts, or at least within 2 days the same as debit? I certainly won't earn any interest until it clears my account in a week. :mad:
:money:
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Comments
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They can do it on machines straight away but its a matter of making sure the receipts are upto date and such. If you didn't do this, when comparing the days totals compared to the receipts, they wouldn't match.
Admin is the key thing.0 -
If I use my debit card the money is taken from the available balance instantly (as it should be) and I do not earn interest on it from that point on.
As far as I was aware you earned interest on your account balance, not your available balance. Just like you earn interest on a cheque after the second working day, even though the funds are not available till the fourth.
Perhaps someone can clarify? I could be wrong.Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.0 -
Yeh that's correct - its the account balance that is interest-earning0
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OK thanks, my bank does pay interest immediately on cheques though. And it still doesn't explain why it takes 7 days to get a refund into your bank account!:money:0
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A debit card refund normally takes three working days; banks always cover themselves to be on the safe side.0
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OK thanks, my bank does pay interest immediately on cheques though. And it still doesn't explain why it takes 7 days to get a refund into your bank account!
I take you're a Lloyds TSB customer? Also, bare in mind it is not your bank that are handling the refund, it is the merchant and their bank, so obviously your bank can't tell you why it is taking so long.Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.0
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