Personal Finance

Payment Reversal timeframe

  • Last Updated:
  • Dec 26th, 2018 6:49 am
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[OP]
Member
Feb 13, 2009
421 posts
67 upvotes

Payment Reversal timeframe

After, mistakingly, making a payment to the wrong credit card from my bank account, I was informed that the process of reversal can take up to 6 weeks to complete.

Would anyone happen to know why it takes so long?

To note, the card that the payment was made to is no longer active; so the funds are pretty much in limbo (I would think). The payment was made on Oct. 30th and the CC company confirmed/issued the reversal on Nov.8th. Yet my Bank claims that it could still be a few more weeks before I see anything.

I could understand if the CC account was still open, but if it's closed (for some time now) wouldn't the reversal be a much simpler/speedier situation to deal with?

Thanks for any info.
7 replies
Jr. Member
Apr 20, 2018
119 posts
48 upvotes
I made the same mistake but to an active card, and had it reversed in 5 business days. I would imagine payment
made to a closed account would bounce back quickly to you as there is nothing to pay.
Deal Addict
User avatar
Dec 13, 2016
2577 posts
1999 upvotes
It's not a closed account. Cards can still be charged and paid even if account is inactive.

6 weeks is probably just to cover their behind. It should be much sooner.
[OP]
Member
Feb 13, 2009
421 posts
67 upvotes
Thanks.
So at this point, it seems as though my bank is the reason for the hold-up, rather than the CC company.
Jr. Member
Apr 20, 2018
119 posts
48 upvotes
He said it was "inactive" then he said it was "closed".
Penalty Box
Dec 16, 2017
1851 posts
725 upvotes
Raincouver
depending on what company as well. Some company (Shaw for example) is just hella slow at refunding with a cheque (not even properly written in your name)
It's their internal account payable and admin that make thing super lengthy --- inefficient business process I guess? LOL
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[OP]
Member
Feb 13, 2009
421 posts
67 upvotes
It took a couple weeks but I did finally get it.

Thanks, everyone.

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