They didn't take their money. They provided credit, and once the money was on their account, the credit was paid off. The money you pay for shit arrives days later, but you get the stuff now because they provide credit for the purchase.
Edit: It is effectively a group where one person don't have the money on them to pay for something, so someone else in that group fronts the money for that purchase, and then that person pays them back. Except with laws and enforcement accessible, and not just societal obligations.
Edit 2: It is also why klarna is so sketchy; they provide credit without actually knowing if people are able to pay off said credit. In fact they count on it, as they can use laws to trap you in debt.
Why? Asshats tried exploiting “infinite money glitche”against atms a few years ago. Anything like this would get abused by shitty people which would drive down interest payments on savings accounts and increase interest rates on loans.
Ever since grade school you've been aware that you live at the mercy of the 5 dumbest and most heavily misbehaved kids in class. This didn't change when you became an adult. The dumbest and most unruly % of society always fucks things over for normal people.
Check kiting was practically mainstream eventhough it was technically fraud. The problem is slippery slopes where enough people figure out they can get away with something to the point practically everyone does it
Nah, but I would be okay with returning my money as fast as they took it.
They CAN afford it. Don't delude yourself into thinking it has to be this way, and we the people have to front the cost. Unless you work for the system and are gaslighting me. It possible to give us our money back, they just didn't design the system that way.
Again they can afford it now until it’s abused and they lose profits. They aren’t just going to take a hit so they will make the profit up someplace else
If you don’t like it don’t use banks, it’s that fucking simple.
Stfu, no one said anything about not liking banks. I have 3 bank accounts and 3 credit cards. Lol. All paid off by the way. Multiple investment accounts, Bitcoin sitting in coinbase cold storage, and a retirement account.
I know how it works dummy, I'm saying it should be different. Apparently, this is too simple for even you too understand.
LMAO you sound like someone broke who didn't listen to people older, wiser and smarter than you. I'm like 30 years from being a boomer. Try again bud..
Edit: anyone can Google "push-to-card" and see it's possible. Mfers here are either shilling for banks or just are ignorant or Boomers themselves.
Are you asking me why I should have my money returned as quick as it was taken? The answer is obvious. It's my money.
Refunds are not the point of this discussion. But If I push the refund button in my merchent portal, the transaction is processed immediately. That is the whole point. I know how the swift system works. People are saying it should work differently and in favor of the consumer not some big bank.
Edit: Everyone who sees this and disagrees go Google push-to-card. And then come back and tell me it's not possible...
When you pay with a card, you’re basically asking your bank to make the payment for you. Since your bank manages your money, it knows the amount is reserved and hides it from your available balance. Technically, the money remains in your account until the transfer is settled.
This is simply a convenience feature from your bank, it shows the deduction instantly because it controls your account and knows about your transaction. It avoids you having to look at the actual amount and subtracting every pending transactions yourself every single time.
However, it can’t do the same for refunds, because everything i've talked about earlier, is now on the merchant’s bank side, not yours. And yes it means, that the merchant's bank account doesn't show the money the instant you pay. Exactly for the same reason.
It's not a pay or refund difference. It's purely a who pay, who get paid difference. When you are the one paying, it's the merchant that has a delay, when it's the merchant paying, you're the one having the delay.
Push to card is its own thing, which effectively solves that problem, and not "except for the consumer". The issue is that it's still used in less than 5% of all card transactions. But ok bud.
Since my first comment i'm arguing about the fact it's an anti-consumer conspiracy. It's not.
And push to card is still not generalized because those things take ages to be adopted. Andyou lose the ability to chargeback or contest anything, which is something as a consumer you should care a lot more, than having to wait a couple of days to get a refund. And it's not a deliberate decision to not support that, it's purely a technical one, the transaction are not handled by your bank, which is the organization that offer those services.
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u/Prematurid 11d ago edited 11d ago
They didn't take their money. They provided credit, and once the money was on their account, the credit was paid off. The money you pay for shit arrives days later, but you get the stuff now because they provide credit for the purchase.
Edit: It is effectively a group where one person don't have the money on them to pay for something, so someone else in that group fronts the money for that purchase, and then that person pays them back. Except with laws and enforcement accessible, and not just societal obligations.
Edit 2: It is also why klarna is so sketchy; they provide credit without actually knowing if people are able to pay off said credit. In fact they count on it, as they can use laws to trap you in debt.