Why Is My Refund Taking So Long? (Card Refunds, Part 1)
The shop says they've refunded you, so why isn't the money back yet? Approval is only the first step: the payment companies and banks involved still need to process the refund, which can take several days to a few weeks.
Transcript
Why is my refund taking so long?
You return a pair of shoes, the shop says that they've refunded you, but the money isn't back in your account.
Why?
Well, the shop approving your refund is only the first step.
The payment companies and the banks involved still need to process it, which can take several days to a few weeks.
You should keep the refund confirmation and ask the shop how long it should take.
If that time passes, ask for refund confirmation and be willing to speak to your bank.
Stay tuned for part two.
We'll follow the whole process from the refund from the shoe shop all the way back to your account.
Demivolt is the proud creator of Fintech Explained, making complex Fintech topics simple and accessible for all of us. Follow for more Fintech Explained by Demivolt.
About this episode
You return a pair of shoes and the shop confirms your refund, yet nothing has landed in your account. It feels like something has gone wrong, but in most cases it hasn't. The shop approving your refund is only the first step.
After that, the payment companies and banks involved still need to process it, and each of them has its own timing. That's why a refund can take anywhere from several days to a few weeks to reach you.
In the meantime, keep the refund confirmation and ask the shop how long it should take. If that time passes and the money still hasn't arrived, ask the shop for confirmation again and speak to your bank. This is part one of a short series — part two follows a refund all the way from the shop back to your account.
Key takeaways
- A shop approving your refund is only the first step — the money isn't back yet.
- The payment companies and banks involved still need to process it, which can take several days to a few weeks.
- Keep the refund confirmation and ask the shop how long it should take.
- If that time passes, ask for confirmation again and speak to your bank.
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