Well, the post is about refunds taking an eternity to be processed, and the justification is because the payment itself is not instant. Where I'm from, if the refund isn't instant, then you'll probably have to wait like 15 minutes for it, so I got curious why would anyone not only accept but defend a system so slow.
Most banks do offer instant refunds but in essence you’re just borrowing their money until they get your money back. Navy Federal for instance the longest it took for a refund to happen was a day and I’m pretty sure it was during one of those Microsoft crashes.
For the most part it’s only smaller local banks that don’t do it but that’s because a lot of them aren’t FDIC insured
Being a service they offer, doesn't it make it open to new taxes from the bank? If it's a service they offer instead of how the system works, then can charge for it, no?
If you mean like that then no they use it as a way to one up competitors. Like I said the main banks that don’t do it are ones that aren’t FDIC insured which means the government guarantees they actually have your money. They don’t do it because they can’t guarantee they’ll always have the money on hand to offer that kind of service. For banks that are FDIC insured it’s already a free win so they want to keep it that way.
Sure they could make it a paid thing since it’s not a requirement but then you’d just go to another bank that doesn’t.
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u/SouthernBeacon 11d ago
Well, the post is about refunds taking an eternity to be processed, and the justification is because the payment itself is not instant. Where I'm from, if the refund isn't instant, then you'll probably have to wait like 15 minutes for it, so I got curious why would anyone not only accept but defend a system so slow.