Payment Reversal timeframe

Nov 20th, 2018 4:22 pm

#1

Pottertons [OP]: Member; Feb 13, 2009; 421 posts; 67 upvotes

Nov 20th, 2018 4:22 pm

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To note, the card that the payment was made to is no longer active; so the funds are pretty much in limbo (I would think).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.

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Nov 21st, 2018 10:08 am

#2

MikeM21308: Jr. Member; Apr 20, 2018; 119 posts; 48 upvotes

Nov 21st, 2018 10:08 am

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.

Nov 21st, 2018 4:55 pm

#3

Pottertons [OP]: Member; Feb 13, 2009; 421 posts; 67 upvotes

Nov 21st, 2018 4:55 pm

That's exactly what I was thinking.

Nov 21st, 2018 5:00 pm

#4

BiegeToyota: Deal Addict; Dec 13, 2016; 2577 posts; 1999 upvotes

Nov 21st, 2018 5:00 pm

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.

Nov 21st, 2018 5:04 pm

#5

Pottertons [OP]: Member; Feb 13, 2009; 421 posts; 67 upvotes

Nov 21st, 2018 5:04 pm

Thanks.
So at this point, it seems as though my bank is the reason for the hold-up, rather than the CC company.

Nov 22nd, 2018 12:59 pm

#6

MikeM21308: Jr. Member; Apr 20, 2018; 119 posts; 48 upvotes

Nov 22nd, 2018 12:59 pm

He said it was "inactive" then he said it was "closed".

Nov 22nd, 2018 1:08 pm

#7

dekvitaly: Penalty Box; Dec 16, 2017; 1851 posts; 725 upvotes; Raincouver

Nov 22nd, 2018 1:08 pm

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

CAN/USA Cross Border Banking

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Dec 26th, 2018 6:49 am

#8

Pottertons [OP]: Member; Feb 13, 2009; 421 posts; 67 upvotes

Dec 26th, 2018 6:49 am

It took a couple weeks but I did finally get it.

Thanks, everyone.