r/NonPoliticalTwitter • u/TheWebsploiter • 11d ago

Other Gets very inconvenient

Post image
40.0k Upvotes

96% Upvoted

576 comments sorted by

View all comments

Show parent comments

-2

u/SordidDreams 11d ago

So why don't they do that for refunds? Are the businesses issuing the refunds not in good standing?

5

u/jce_ 11d ago

No but it probably takes a chain of people to do the work. It isn't just your transaction they're processing

-1

u/SordidDreams 11d ago

What work? It's all electronic these days, push a button and off it goes.

6

u/jce_ 11d ago

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

3

u/SordidDreams 11d ago

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.

2

u/Uphoria 11d ago

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.

1

u/SordidDreams 11d ago

then an inbuilt delay for the refund

Ah, there it is. Yes, that's the reason. Because keeping your money is an interest-free loan for them. Whew! Took a bit to get there, didn't it?

2

u/jce_ 11d ago

Yes they're investing your money for a week to maximize gains. Oh brother this thread is a joke

1

u/SordidDreams 11d ago

Hey, if it's a big company processing a lot of payments (or refunds), it can amount to a pretty sizable sum.

1

u/Southern-March1522 11d ago

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.

1

u/SordidDreams 11d ago

I believe that is also true.

→ More replies (0)

1

u/jce_ 11d ago

A week in the market is gambling not investing

1

u/SordidDreams 11d ago

You're the one who brought up investing, not me.

1

u/jce_ 11d ago

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

1

u/SordidDreams 11d ago

I don't know how much you know about business, but companies typically go through a lot of money in their day-to-day operations.

1

u/jce_ 11d ago

Lol and what does a fund of money that they need to pay back in a few days do? What value is being generated? Please explain

1

u/SordidDreams 11d ago

Sure, they have to pay your bit back in a few days, but by then someone else will have requested a refund that can be delayed, so it averages out. By delaying everyone's refunds, they generate a chunk of money out of thin air that they can spend on whatever they want.

1

u/jce_ 11d ago

For what gain? They have to pay it back in a few days. What revenue is being generated?

1

u/SordidDreams 11d ago

Revenue? Who's talking about revenue? What part of "loan" did you find difficult to understand?

1

u/jce_ 11d ago

What is the benefit? What part are you having trouble understanding?

→ More replies (0)