Laser card refund

lenovoguy · 29-12-2007 4:57pm #1

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

odie2020 · 29-12-2007 4:59pm

Howdy,

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

lenovoguy · 29-12-2007 5:02pm

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

odie2020 · 29-12-2007 5:07pm

Well thats my experience anyway..

Thomas_S_Hunterson · 29-12-2007 5:10pm

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.

lenovoguy · 29-12-2007 5:22pm

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!

Thomas_S_Hunterson · 29-12-2007 5:38pm

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.

Bottle_of_Smoke · 29-12-2007 5:44pm

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

lenovoguy · 29-12-2007 6:16pm

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.

BuffyBot · 29-12-2007 11:16pm

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.

MIN2511 · 31-12-2007 6:38pm

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

lenovoguy · 31-12-2007 8:22pm

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

m83 · 01-01-2008 8:11pm

give it a day or two, chill!

newbusiness · 02-01-2008 11:34am

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.

Sangre · 02-01-2008 2:11pm

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

newbusiness · 02-01-2008 2:42pm

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.

Sangre · 02-01-2008 10:55pm

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.

Slunk · 08-01-2008 3:38pm

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?

dudara · 08-01-2008 3:41pm

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

Spud83 · 08-01-2008 3:41pm

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.

Slunk · 08-01-2008 3:44pm

Thanks lads.

BuffyBot · 08-01-2008 5:38pm

Merged with similar thread from a few days ago

m176244 · 11-01-2008 6:32pm

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.

Laser card refund

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