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Why does it take retailers days to credit you back when you return an item?
Posted on 12/2/14 at 12:08 pm
Posted on 12/2/14 at 12:08 pm
Whenever you return something to a retailer it can take 3-4 business days to get the credit on your account yet they take out the money when you buy something almost instantly. Never understood this.
Posted on 12/2/14 at 12:11 pm to BamaHater
quote:
Whenever you return something to a retailer it can take 3-4 business days to get the credit on your account yet they take out the money when you buy something almost instantly. Never understood this.
Both them and visa like to hang onto the money.
Posted on 12/2/14 at 12:16 pm to BamaHater
The retailer credits it back immediately. Its your bank that takes a few days to put it back.
Posted on 12/2/14 at 12:17 pm to Hawkeye95
quote:
Both them and visa like to hang onto the money.
Are you talking about bring something back to Walmart, or shipping back a return?
Posted on 12/2/14 at 12:18 pm to Brosef Stalin
quote:
The retailer credits it back immediately. Its your bank that takes a few days to put it back.
This.
Posted on 12/2/14 at 12:18 pm to BamaHater
I had the same thought with deposits at the bank versus checks/debits at a store. If a store can run your check and debit card and immediately debit your account, why the frick does it take so long for a bank to get a check you deposit to credit your account EVEN when the check is drawn on the same bank?
Posted on 12/2/14 at 12:19 pm to BamaHater
They always tell me it will take up to 3 days, but my refunds have nearly always been back within 24 hrs if it's not the weekend.
Posted on 12/2/14 at 12:23 pm to Boudreaux35
quote:
why the frick does it take so long for a bank to get a check you deposit to credit your account EVEN when the check is drawn on the same bank?
since deregulation, banks are as sleazy as some of the traditional longstanding sleazy businesses, they do hang on to your money because they can make money with it even in as little as a 24 hr. period, but the new sleazy excuse is to blame it on the Patriot act and hold relatively small checks for up to ten days after deposited into your account, my bank tells me anything over $1100, regardless of the type of check is subject to this
Posted on 12/2/14 at 12:28 pm to arcalades
Even when using your debit card the money isn't technically gone that second. If you log into your bank account the money is showed as debit pending, or some variance. It doesn't post to your account until the bank rolls its day, for Chase 3am CST M-F. This is how irresponsible people get suckered into overdrafting their account.
Case in point, go to a resturant, they charge your card $75, you leave a $25 tip. You check your account when you get home, you see the $75 charge, but don't see it show as $100 until your bank posts.
As already state refunds are help up by the bank, not the store refunding the money.
Case in point, go to a resturant, they charge your card $75, you leave a $25 tip. You check your account when you get home, you see the $75 charge, but don't see it show as $100 until your bank posts.
As already state refunds are help up by the bank, not the store refunding the money.
This post was edited on 12/2/14 at 12:30 pm
Posted on 12/2/14 at 12:31 pm to Paedin
quote:
Case in point, go to a resturant, they charge your card $75, you leave a $25 tip. You check your account when you get home, you see the $75 charge, but don't see it show as $100 until your bank posts.
that's not the case all across the board, probably depends on the business' banking procedures, some are like you describe, others I can go to my account before I leave the business and the account has been debited
Posted on 12/2/14 at 12:35 pm to BamaHater
It's a credit company issue. They're more apt to take your money than give it back.
Posted on 12/2/14 at 12:41 pm to BamaHater
It is actually the ach system that the credit return must pass thru. The merchants equip.ent handles it immediately, just like a charge....but then it must pass thru a complicated ach (clearing house) between the card issuers and the banking system. There are several entities involved besides the merchant. And after all is complete, then the card issuer can relay the credit an d post it back to your card.
If it were originally a PIN debit trxn, thats different and the store then drives you cash on your return. There is no "un-doing a PIN debit. That would be Kirk trying to stuff money back into an atm.
If it were originally a PIN debit trxn, thats different and the store then drives you cash on your return. There is no "un-doing a PIN debit. That would be Kirk trying to stuff money back into an atm.
Posted on 12/2/14 at 1:02 pm to BamaHater
Returning things is for poors and trash. If you don't like something just throw it away.
Posted on 12/2/14 at 1:04 pm to BamaHater
quote:
hey take out the money when you buy something almost instantly.
Charges are usually in pending status for at least a day after you purchase something. So it's the same thing. The bank and/or CC company takes time to process transactions.
Posted on 12/2/14 at 1:05 pm to 777Tiger
So now that all of the paranoid idiots have taken to their pulpits...
It takes a couple of days for the retailer to get their money as well. They mark it on your account immediately as a pending transaction and then it goes through a few days later.
Bank haters are the worst informed group of people I've ever seen. They probably have house parties with Michael brown supporters.
It takes a couple of days for the retailer to get their money as well. They mark it on your account immediately as a pending transaction and then it goes through a few days later.
Bank haters are the worst informed group of people I've ever seen. They probably have house parties with Michael brown supporters.
Posted on 12/2/14 at 1:06 pm to BamaHater
The longer they keep the money in their account, the more interest they can collect. Its the same with banks taking a day or two to make funds available in your account from a check or deposit. Seems trivial, but when you add up the sum total of all that kind of thing its significant money.
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