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R. Klein, EA
R. Klein, EA , Accountant
Category: Finance
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Experience:  TurboTax Expert. QuickBooks Certified Pro Advisor
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HI there, I purchased an item about 6 months ago. The item

Resolved Question:

HI there,

I purchased an item about 6 months ago. The item was defective and the party offered to commit to a reversal and would refund me the total amount of 8500$. They told me on august 12th it was reversed, but I still haven't seen any funds in my bank account. The company was international and I was told by my bank and them it could take 10-20 days to show up. The question I have is; is there any way for the bank to verify they sent for a reversal because if not I need to act fast.

Thanks
Submitted: 3 years ago.
Category: Finance
Expert:  R. Klein, EA replied 3 years ago.

R. Klein, EA :

If a company offered a refund for an item you paid with a credit card, it would show up typically the next day. It does not take longer for a credit card transaction internationally as domestically. The merchant does not put the charge or refund on a boat and ship it across the ocean!

R. Klein, EA :

Any delay beyond 48 hours may be caused by the company's internal accounting department to process the transaction, assuming the company is honest.

R. Klein, EA :

Of course, if it was a sham transaction and the idea was to send you shoddy merchandise at a high price, they may not want to refund you at all, and thereby just bought themselves 3 weeks of you not calling them to complain!

Customer:

Hi Klein, It was purchased using a debit card. When I contacted my bank they said it could take up to 20 days to process and show up. Can my bank actually see if a transaction is coming in before its posted to my account?

Customer:

And Yes! I considered that too. They might be taking me for a ride

R. Klein, EA :

The Visa and Mastercard systems can "see" a transaction almost instantly. I've charge items online and called to cancel the transaction 30 minutes later and the credit card company had a record of the transaction already.

Customer:

Hmm, Why did the company and my bank tell me it could take up to 20 days?

R. Klein, EA :

A transaction on MC or Visa will not post or clear your actual account for 24 to 48 hours, but the transaction itself will be in the system.

Customer:

Correct, But 20 days? why are both parties telling me that

R. Klein, EA :

The bank may take extra time to process and post to your account. This is NOT the same as the transaction being in the V/MC network immediately.

Customer:

O ok

Customer:

Is 20 days reasonable

R. Klein, EA :

That's a processing issue outside of MC/V systems

Customer:

O ok

R. Klein, EA :

Seems quite long. It takes a check overnight to clear.

R. Klein, EA :

Even across the country

R. Klein, EA :

Remember that the transactions all must go through the Visa or MasterCard network.

R. Klein, EA :

THEN it goes to the bank

R. Klein, EA :

If the bank is small, it might clear through a larger bank before being posted to the local bank

R. Klein, EA :

The debit card is not directly linked to the source bank. Transactions go through several levels (where each party takes a cut of the purchases!)

R. Klein, EA :

I think 3-5 days is reasonable. Anything beyond that is the banks making money off the float.

Customer:

Hmm. Well I emailed my bank asking them if they could see the transaction

R. Klein, EA :

Nonetheless, check with the card company to see if the other other initiated the transaction. That will show up the same day.

R. Klein, EA :

Good luck!

Customer:

Can I call visa and ask?>

Customer:

Or should i go through my local bank

R. Klein, EA :

Call the number on the back of your card.

Customer:

Ok

Customer:

thanks

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