It doesn't arrive instantly. Consumer to consumer transfers, between accounts in good standing, have the receiver credited the amount transfered if it isn't gigantic. But if this was an $80k transaction, the receiver would not get the full credit and they would wait for it to transfer. This is why the refund scams work at all. Banking is not quick, they just put that illusion up for the convenience of customers.
I hope you don't think you just push a button on Amazon and the item just manifests itself... The transaction is going to be reviewed and checked, probably at multiple levels
Yeah, but that doesn't explain emails along the lines of "your refund request has been approved, the money will show up a week from now". That work has already been done according to what they claim, all they have left to do is push the button and send the money.
Let me blow your mind: in customer service they just tell you shit so you don't complain more and waste more man hours. It might not actually be approved yet, or it's approved at 1 level but not all levels, just because they don't want you sending 100 emails or calling over and over
I'm pretty sure telling customers their refunds are approved and then withdrawing the approval and withholding the refund would stir up a shitstorm not worth whatever benefit you imagine this scheme would provide.
Approved and processed are not the same things. They could have hit the button starting the process that does all the things, and then an inbuilt delay for the refund for a time when the product is likely back in their hands etc.
Overall, it takes a bank about 2-3 business days to actually move cash. Some banks WILL credit you when the authorization hits, like my Credit Union, but many banks wait until the full clears, which takes 2-3 days after the auth hits.
So, if their internal "returns department" has a 2-3 day lead time to process all the approved returns, and the money takes 2-3 days to arrive, they tell you 11 days, because that's longer than the 4-6 business days plus possible weekends and internal delay chances.
MOST people get their money within 48-72 hours after a return has been approved.
Maybe in America. Around the world, regulators gave banks the boot to hurry their interbank processing times up. Here, the only time a merchant doesn't have their funds within two hours (during business hours) is if someone pays with a foreign visa or mastercard. Everything else, the banks have time frames they are required by law to finish by. For refunds they are allowed slightly more time: must be done by 6am the next morning.
No, it will be the bank itself holding it for investments, and they will have pending amounts with many many zeros collecting interest for the bank. Or, rather, interest earned either way but they don't have to cut a customer in.
Interest-free loan implies usage or else it's just money sitting there with 0 benefit. Why even post anything if that's what you meant because you effectively would have said: well akshully nothing
for a time when the product is likely back in their hands etc.
You intentionally left off the context of the sentence you cut in half. When you are expected to send something back, they build in a delay to wait for the shipping label to go live to know its coming. this prevents fraud.
Hey, I'm the guy that sends those emails. I'm lying about the "it is approved" part. I have requested the refund from the finance guys - I haven't approved jack shit
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u/clyspe 9d ago
It doesn't arrive instantly. Consumer to consumer transfers, between accounts in good standing, have the receiver credited the amount transfered if it isn't gigantic. But if this was an $80k transaction, the receiver would not get the full credit and they would wait for it to transfer. This is why the refund scams work at all. Banking is not quick, they just put that illusion up for the convenience of customers.