The introduction of credit and debit cards has enhanced the shopping experience. With the use of these cards, we can buy products from the comfort of our homes. There is no need to go out with wads of cash as your cards can serve as an ideal replacement. Sometimes, debit card transactions don’t go as planned. When such a scenario occurs, we are usually forced to return the purchased product and request our money back. However, before considering this move, it is crucial you know how long it takes for a refund to return to your account.
A debit card refund doesn’t happen in real-time. In fact, it takes between 7-10 days for it to reflect in your account. However, in the best-case scenario, it could take up to 3 days depending on the merchant and, of course, your bank.
Refunds, chargebacks, and reversals are being made each day. Not all transactions go smoothly. Some customers change their minds after buying a product for one reason or another. At the same time, some discover a few defects after buying a product. All these usually lead to the customer requesting their money back. There are other reasons why customers request their money back after purchasing an item. We will be considering these reasons in the article. Also, I’ll reveal to you how long it takes for reimbursement to return to your account.
How Does Direct Deposit Work if You Get Paid on Monday?
How Long Does It Takes for a Refund to Go Back to Your Debit Card?
On one Saturday morning, Mr. Albert visits the mall to purchase a Freezer as the old one was faulty. He goes for the freezer of his choice, makes a payment using his debit card, and hauls it to his home. At his home, he decides to move things from his faulty freezer to the new one. However, while doing that, he discovers a major dent at the side of the freezer. This was something he didn’t notice in the mall. He put on the freezer and noticed a set of wire protruding from a little hole in the dent.
At that point, what do you think Mr. Albert should do? Return the product and request his money back? Or use the freezer that way? Well, he does the former. He takes the product back to the mall and requests reimbursement. His request was granted. Now, what next? He has to wait right? For how long? Well, you’ll find out soon enough. Before then, let us take a quick look at what a refund is.
What Is a Debit Card Refund?
A debit card refund occurs the money used to make a purchase is returned to you by the merchant. After purchasing with your card and you request your money back for one reason or the other, the merchant will issue a debit card refund. It is called that because your debit card was used to make the purchase.
How Long Does It Take for a Payment to Be Reversed?
How Does a Debit Card Refund Works?
You see, understanding how a debit card refund is processed will help you understand why it takes longer to appear in your account. It will also give you a good perception into the backroom process that takes place when it is issued.
When you buy a product with your debit card, the money is sent from your bank account to the merchant. The bank can’t issue an immediate reimbursement to your card because it cannot recall the money back when it leaves your account. So if you need your money back, you’ll have to contact the merchant and request your money back. If the reason behind your request is good, the merchant will go ahead and send the funds to the card used to make the transaction.
Mind you; a refund is different from a reversal or a chargeback. It is also important you note that a reversal is the fastest way to get your money back if you dispute a transaction.
Now, back to the crux of this article. “How long does it take for a reimbursement to return to your account?”
It takes 7 to 10 business days for a reimbursement to be sent to your bank account. However, worthy to note is that this timeframe is subject to change depending on the circumstances surrounding your dispute. In fact, if you are lucky, your money could be returned to you within 3 days after making the transaction. At times, it could take weeks or even months before your money is returned. The timeframe isn’t fixed. It depends on some factors, including the merchant.
My advice for you is that you scrutinize the merchant’s return or cancellation policy before transacting with them. Some merchants have stringent return policies, while some don’t. If you are considering requesting your money back after a purchase, ensure you have a good reason.
Common reasons why people request their money back after purchase are:
- After buying a wrong item
- Defective or faulty product
- The product isn’t needed.
- Wrong description
- A gift purchase was wrong.
- The product didn’t match the description.
How Long Does a Pending Transaction Take to Refund?
Why Do Debit Card Refunds Take So Long?
Like Mr. Albert, you purchased a product (a supposed gift for your little kid) and paid using your debit card. However, when you returned home, your kid surprisingly didn’t like what you got leaving you with no choice but to return the gift and request your money back. However, after doing the needful, you are informed that you’ll have to wait for around 7 to 10 days to recover your money, leaving you with the question, “Why do credit card reimbursement take so long?”
Credit card refund takes long because of the processes its needs to undergo. Your money needs to travel back to you the same way it went; this means that it’ll need to pass through all the parties and processes. However, this time, everything will be done in reverse.
If you dispute a transaction, always note that your money wouldn’t be return in time. If you intend to use the money for urgent expenses, you have no choice but to find alternative funds. If the merchant approved your request, the money would arrive regardless of how long it takes.
