It's so annoying!!! You buy something with a debit card and the money comes out of your checking account immediately, like before you even leave the store. But! When you return that item, it takes days and days to get the money back! It's SO unfair!!! Does anyone know why this happens or are you as annoyed as I am??
2006-07-10 03:15:02 · 7 answers · asked by spclo23 2 in Business & Finance ➔ Credit
For the same reason when you deposit your check you have to wait for the money to go in and at the same time when their taking it out it takes no time at all! It has to do with paperwork from what I understand. Different channels to get stuff cleared. Same principle many people choose to ignore and leads to overdrafts. Personally I think that once I put my money somewhere I ought to be able to get it out just as quick. Wishful thinking!
2006-07-10 03:21:29 · answer #1 · answered by mistress_lilas 3 · 1⤊ 0⤋
Debit cards do not have the same regulations as credit cards and banks are not required to give you provisional credit while waiting for a return to come through. Debit cards are best to use in situations where you KNOW you will not be returning the item.
2006-07-10 04:43:58 · answer #2 · answered by Rich B 3 · 0⤊ 0⤋
Not a big credit card person, but to avoid a situation like yours on big purchases I will use my card. Most credit cards have some kind of issuance where you can dispute a sale. I would think by using your debit card the company has already been paid and not so easily in returning the money back to you.
2006-07-10 04:07:58 · answer #3 · answered by Grandpa Shark 7 · 0⤊ 0⤋
The credit card company can charge interest on your balance so are probably reluctant to speed up refunds! I own a shop and when people pay with a credit card I have to pay the credit card company a percentage of the sale or a fixed fee, depending on the card type. However, if the customer returns the item I do not get these charges refunded to me and on top of that I have to pay an £0.80 fee for them to process the refund! How unfair is that!
2006-07-10 03:25:37 · answer #4 · answered by mishka_aurora 1 · 0⤊ 0⤋
It usually is a situation wherein businesses take their time to credit your account. They claim that no one can count Saturdays and Sundays, but use business days. This would be any day from Monday - Friday. If you returned an item on a Friday, you can easily look for Monday to be counted as your first business day. There is often a lot of delay. When you buy something, these same stores will charge you immediately on whatever day you buy the item. Just keep a record of what folk do and always darken your copies of transactions, for future reference. I understand your pain. I definitely keep my receipts for years and in a binder with plastic sleeves. I wish you much success. Peace!
2016-03-26 23:37:59 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I've used my debit card to purchase items, and needed to return. But, I have not have that problem. If I used my pin it's the same as cash, I received cash back for my return. If I used my debit card, but used the "credit" function then yes it does take at least 3 days to credit my card back....
2006-07-10 11:55:13 · answer #6 · answered by pn1500 2 · 0⤊ 0⤋
Processing credits to an account takes approx 2-3 days. It has to go through the Federal Reserve system
2006-07-10 14:06:01 · answer #7 · answered by John H 4 · 0⤊ 0⤋