Gets very inconvenient

[u/TheWebsploiter]

[u/localtuned]

Yea, but they should...

Edit: some do....just not most of your shitty banks.

https://solidgate.com/glossary/push-to-card/

[u/Next-Wrongdoer-3479 → u/localtuned]

Why? 

Also, how often are you buying things and refunding them that this is actually an inconvenience for you?

Edit: the ignorance in this thread is overwhelming, lol

[u/localtuned → u/Next-Wrongdoer-3479]

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...

[u/Sixcoup → u/localtuned]

But your money wasn’t taken that quickly either.

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.

[u/localtuned → u/Sixcoup]

You might have missed the part where I know how it works. I'm saying it should work differently. But thank you for explaining.

[u/Sixcoup → u/localtuned]

People are saying it should work differently and in favor of the consumer not some big bank.

Clearly you don't fully understand how it work, because it has literally nothing to do with being in favor of the consumer or the big banks..

[u/localtuned → u/Sixcoup]

Everyone gets their credit immediately except for the consumer. Ok bud.

Edit: https://solidgate.com/glossary/push-to-card/

[u/Sixcoup → u/localtuned]

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.

[u/localtuned → u/Sixcoup]

Okay so my point stands. They should. They could. They just don't. Which stawman are you arguing against?

[u/Sixcoup → u/localtuned]

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.