Retailer online refund clearance time LLOYDS

SoConfusedStressed

An online company took an amount from my account, my error:(:(_pale__pale_. I immediately contacted them to cancel the transaction. They confirmed cancellation however;
Lloyds had pended the transaction and made the funds unavailable. I urgently need the money back, the company have said they processed the refund "urgently" when will Lloyds process the refund and return the money??:question::question::eek::eek:

eskbanker

Is the money actually showing in your Lloyds balance but not your available balance, or are you taking the retailer's word for it that they've made the refund? If the former, chase Lloyds for an answer....

18cc

if the transaction is showing as pending and your available balance reduced then in a few days it will be removed

SoConfusedStressed

eskbanker wrote: »

Is the money actually showing in your Lloyds balance but not your available balance, or are you taking the retailer's word for it that they've made the refund? If the former, chase Lloyds for an answer....

The message on Lloyds says ""this money has not yet been taken from your account but has been deducted from your available balance"

SoConfusedStressed

18cc wrote: »

if the transaction is showing as pending and your available balance reduced then in a few days it will be removed

The money will be removed, or the pending will be removed? Is there no way to get it done faster than a couple of days?

PRAISETHESUN

If the transaction has been authorised, but the retailer has not yet taken the money, then there is actually nothing to refund. Your bank will earmark the funds so you can't spend them, but if the retailer releases the authorisation then the funds will never actually leave your account - this is much quicker than if the money has actually been taken and they have to process a refund.

A lot of these processes are automated so I'm not sure there is much wiggle room to speed things up. The retailer will have done their bit as quick as possible, so now it will be up to your bank to do their bit and release your money back to you.

SoConfusedStressed

Yeah thats what I thought - but surely it shouldn't be days? I cannot - anywhere - find where Lloyds possibly explains these clearance times. The retailer says between 3 and 7 days, and it depends on what days your bank defines as days.

Shakin_Steve

With Barclays it usually happens within five working days, i.e. a week.