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Why can funds incorrectly sent to your credit card not be cancelled immediately?

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  • 11-05-2016 3:50pm
    #1
    RonD987
    Registered Users Posts: 1 ✭


    Hello, I sent monies from my bank account to my credit card account as I needed a temporary limit increase to pay for something.  To effect the increase, I was advised by Bank of Ireland Credit card services to transfer the required funds from my bank account to my credit card.  I then found out minutes later that the vendor could not accept credit card payment due to the high fees.  I rang 365 and credit card services within minutes but after approx 2 hours of being on hold and talking to 3 different people the synopsis was, A) sorry we can't cancel the transaction and B), you have to wait 24 hours until credit card services can view the payment and they will send the monies back within 5 to 10 working days!  This is absolutely farcical.  AIB cancel transactions immediately if you ring up.  Why can this not be returned to me within 24 hours?


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    #2
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    RonD987 wrote: »
    Hello, I sent monies from my bank account to my credit card account as I needed a temporary limit increase to pay for something.  To effect the increase, I was advised by Bank of Ireland Credit card services to transfer the required funds from my bank account to my credit card.  I then found out minutes later that the vendor could not accept credit card payment due to the high fees.  I rang 365 and credit card services within minutes but after approx 2 hours of being on hold and talking to 3 different people the synopsis was, A) sorry we can't cancel the transaction and B), you have to wait 24 hours until credit card services can view the payment and they will send the monies back within 5 to 10 working days!  This is absolutely farcical.  AIB cancel transactions immediately if you ring up.  Why can this not be returned to me within 24 hours?
    Hi RonD987

    Thanks for getting in touch with us here on Boards.

    Once the customer confirms the payment online to a BOI Credit Card by entering 3 digits of their 365 PIN, if required, it can take 5-10 working days to transfer the funds back to the account it has debited.

    We're sorry to hear you are unhappy with the refund process relating to your credit card payment and will ensure to pass this onto our Card Services Team. 

    If you have any further questions, please do get in contact with us again.

    Many Thanks
    Alison


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