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To note, the card that the payment was made to is no longer active; so the funds are pretty much in limbo (I would think).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To note, the card that the payment was made to is no longer active; so the funds are pretty much in limbo (I would think).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