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Laser card refund

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  • 29-12-2007 5:57pm
    #1
    lenovoguy
    Registered Users Posts: 113 ✭✭


    Hi all

    Today I returned an mp3 player that I bought yesterday (as they gave me an ex display model!!) and it was refunded on my laser card. However, the money has yet to appear in my account. Anyone know why this might be?

    Thanks


Comments

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    #2
    odie2020
    Registered Users Posts: 64 ✭✭odie2020


    Howdy,

    Yeah it can take 3 to 4 business days for laser transactions to
    come through on your account...


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    #3
    lenovoguy
    Registered Users Posts: 113 ✭✭lenovoguy


    You're joking me?! The guy in the shop told me it would be instant....


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    #4
    odie2020
    Registered Users Posts: 64 ✭✭odie2020


    Well thats my experience anyway..


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    #5
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    lenovoguy wrote: »
    You're joking me?! The guy in the shop told me it would be instant....

    It'll be taken out of the shops account instantly, but the bank will spend a few days processing it.


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    #6
    lenovoguy
    Registered Users Posts: 113 ✭✭lenovoguy


    That's ridiculous if it's true. They debited my account instantly so I dont see why it takes longer to credit. Nice to know where their priorities lie anyway!


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    #7
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    lenovoguy wrote: »
    That's ridiculous if it's true. They debited my account instantly so I dont see why it takes longer to credit. Nice to know where their priorities lie anyway!

    They may have debited your account instantly when you made the transaction, but they wouldn't have credited the retailers account instantly.

    It works both ways, similar to making a bank transfer. You transfer the money and it disappears from your account immediatly but the recipient generally must wait a couple of days for it.


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    #8
    Bottle_of_Smoke
    Registered Users Posts: 9,770 ✭✭✭Bottle_of_Smoke


    lenovoguy wrote: »
    That's ridiculous if it's true. They debited my account instantly so I dont see why it takes longer to credit. Nice to know where their priorities lie anyway!

    I very much doubt they debited it instantly, check your statement compared to the receipt


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    #9
    lenovoguy
    Registered Users Posts: 113 ✭✭lenovoguy


    Well I have AIB internet banking, there is 250 less than there was yesterday according to it. I wish I had just taken the cash refund.


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    #10
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    You may have 250 less available to you. It doesn't nessecarily mean it's been paid to the retailer yet. When transactions are authorised, a hold is often placed on the amount until the transaction is fully processed.


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    #11
    MIN2511
    Registered Users Posts: 5,398 ✭✭✭MIN2511


    Hey, it depends on what retailer, what day of the week the transaction was put through.
    For instance if it was a weekend, you would have to wait until tuesday. Refunds are offline transactions as well. Dunno if this helps


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    #12
    lenovoguy
    Registered Users Posts: 113 ✭✭lenovoguy


    Cool. Well it was DID electrical, don't know how long they take though!


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    #13
    m83
    Registered Users Posts: 2,021 ✭✭✭m83


    give it a day or two, chill!


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    #14
    newbusiness
    Closed Accounts Posts: 102 ✭✭newbusiness


    m83 wrote: »
    give it a day or two, chill!


    It's a dirty little scam by the banks, some are worse than others.

    Basically the way it works is that the money goes into limbo for a few days.
    A bank controlled limbo where the bank earns a few days interest on the money.
    Multiply this by all transfers everyday, all year and you have a nice little earner.


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    #15
    Sangre
    Registered Users Posts: 12,168 ✭✭✭✭Sangre


    Wait until the Finanical Regulator hears about this one. To the batcave!


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    #16
    newbusiness
    Closed Accounts Posts: 102 ✭✭newbusiness


    Sangre wrote: »
    Wait until the Finanical Regulator hears about this one. To the batcave!

    They know perfectly well, but the banks can cover it by saying the delay is the result of sercurity checks, verification, processing etc.
    It's a multi million euro scam all the same.


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    #17
    Sangre
    Registered Users Posts: 12,168 ✭✭✭✭Sangre


    Totally.

    That must be why the financial regulator told banks to introduce a five day clearing process for drafts despite protests from the bank. its all reverse pyschology.


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    #18
    Slunk
    Registered Users Posts: 2,556 ✭✭✭Slunk


    Just wondering how long it takes for the money from a refunded item to go back into your account. I got something refunded on my laser card on Sunday and it is still not in my account yet?


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    #19
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    I really don't know but it could take 3-5 working days depending on the supplier who refunded you and then your bank.

    BTW - moved to Banking & Insurance & Pensions


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    #20
    Spud83
    Closed Accounts Posts: 9,608 ✭✭✭Spud83


    Slunk wrote: »
    Just wondering how long it takes for the money from a refunded item to go back into your account. I got something refunded on my laser card on Sunday and it is still not in my account yet?

    Can take three to four working days as far as I know.


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    #21
    Slunk
    Registered Users Posts: 2,556 ✭✭✭Slunk


    Thanks lads.


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    #22
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Merged with similar thread from a few days ago


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    #23
    m176244
    Closed Accounts Posts: 8 ✭m176244


    Just a quick reply I am a retailer and it takes 3 working days for money to be sent into the retailers accounts likewise vice versa although refunds can go upto 5 days :) just wanted to clear that up,and also the waiting period is for security check and confirmation of the transaction and of course where the money is being transfered too.


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