How come they only take money OUT on a weekend?

  Sapins 08:44 08 Aug 10
Locked

On Friday I was given a refund for a transaction, I had asked for a replacement, but there you are, and I had to re-order the item concerned. The money for the new order was taken immediately but the refund has still not been credited to my account.

So, why does it take longer to receive a refund than to take money out of my account?

  Forum Editor 08:58 08 Aug 10

Refunds can be made at any point during a 30 day period following a request.

  Kevscar1 10:44 08 Aug 10

Also with a lot of banks transactions are taken form a lot of accounts instantly but do not appear in the recievers account if it's with another bank for 3 days. I have often wondered where it goes for that period of time and asked the bank once to be told I dont know.

  gengiscant 10:57 08 Aug 10

BACS,click here has a lot to answer for as to why it takes so long in this day and age to move money quickly.

  Sapins 17:08 08 Aug 10

I was told the refund had been made, so I expected it to be in my account, some hope that!

  morddwyd 17:26 08 Aug 10

"I have often wondered where it goes for that period of time "

It goes into the bank's account and is available for massive overnight/ very short term loans, at very high rates of interest.

  oresome 17:49 08 Aug 10

My daughter ran into a similar problem a few weeks ago.

She ordered goods from Argos and was emailed back almost immediately to say sorry, out of stock and money would be refunded.

Within half an hour, she was emailed again to say new stock had arrived, but hurry as limited stocks!

Trying to reorder, her credit card was then refused because she'd exceeded her credit limit. This was due to the original transaction being debtited but not refunded at this time.

I finished up paying on my card, but apparently she lost out on a good deal with cash back on her own M&S card.

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