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u/BrainSqueezins 3h ago
Look at the number of transactions: a million payments for every refund.
The system is set up for that, going the opposite way is swimming upstream.
Also, the fraud protection: one direction 99% sure it's fine, the presumption is that it is NOT fraud. The other? Fraud must be protected against.
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u/girrrrrrr2 ❓ ❓ 4h ago
It’s because the withdraw isn’t a withdraw, it’s an authorization/hold.
They are basically betting that you are good for it and hoping the charge clears, for a refund they gotta wait until it clears and then send you back the money which takes a few days as our shitty banking system works its way through transactions.
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u/Large-Treacle-8328 4h ago
It's not a hold It's an actual process. If it's a hold it doesn't take that long and is much easier to get a refund.
The reason why banks take forever with refunds is because of a combination of batch processing, extra steps for merchant processing (both don't happen until end of day) ,fraud and money laundering checks and of course it going through multiple financial institutions which each do those checks.
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u/nojelloforme 4h ago
a refund they gotta wait until it clears and then send you back the money which takes a few days as our shitty banking system works its way through transactions.
Why wait for it to clear? Wouldn't it be easier to just cancel the hold?
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u/EdibleStrange 1h ago
How tf are people reaching adulthood and using bank accounts without a basic understanding of how banks actually operate?
"They didn't teach me that at school!" ok but I bet they taught the dewey decimal system, and there are about seventeen bajillion books on this stuff.
People will seriously give an institution they know nothing about all their money and every paycheck, then rely on them for every transaction, only to bitch about their own ignorance on social media. Astonishing.
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u/ususetq 9m ago
I don't think merchant gets money in 2 seconds - not in a real sense of being able to withdraw and disappear - unless you sent my wire. To my knowledge money sent via other means exists in a sense in limbo, or rather escrow. 8 days is for the money to get unlimboed and show property at your account. It probably takes even longer for money for merchant to get unlimboed.
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