Reservation refund - how hard is it?

[Madeleine]

And so the saga continues...
I am actually getting my $1000 back in the form of a check by the credit card THAT WAS CLOSED, in 14 days from today, hopefully.
They issued a credit back to the CLOSED credit card. There is no email or snail mail notice telling me this. I call and find the $1000 credit sitting there, on this closed account. The credit will be refunded via a check in 60-90 days.
MY MONEY! I paid it all already, now another 60-90 days! I did all of this on Jan 24, it is not Feb 11. They said, well if you have any charges then it will go against the credit. THE ACCOUNT IS CLOSED!
Anyway, my money, my reservation is almost back to me...not that we need it or anything in the flippin' off season!!.

So if you hadn't checked you wouldn't have gotten the money for anotheanotheranother 3 Months?
Pardon the typing...my tablet does not like the forum.

 

[Madeleine]

PS Capital One rep said this is how long it takes to issue a refund. I said I own a business and can issue one RIGHT NOW. One minute after I tell the person I am doing it!.

When I issue a refund via a cc I tell the guest it may take 6 weeks.

 

[JBloggs]

PS Capital One rep said this is how long it takes to issue a refund. I said I own a business and can issue one RIGHT NOW. One minute after I tell the person I am doing it!.

When I issue a refund via a cc I tell the guest it may take 6 weeks.
.

When I issue a refund via a cc I tell the guest it may take 6 weeks.

and yet, when we go to Lowe's which we do, often, the refund is there within 48 hours. Amazing, aye. I guess GETTING THE MONEY is the issue.

 

[Madeleine]

PS Capital One rep said this is how long it takes to issue a refund. I said I own a business and can issue one RIGHT NOW. One minute after I tell the person I am doing it!.

When I issue a refund via a cc I tell the guest it may take 6 weeks.
.

When I issue a refund via a cc I tell the guest it may take 6 weeks.

and yet, when we go to Lowe's which we do, often, the refund is there within 48 hours. Amazing, aye. I guess GETTING THE MONEY is the issue.
.

When I issue a refund via a cc I tell the guest it may take 6 weeks.

and yet, when we go to Lowe's which we do, often, the refund is there within 48 hours. Amazing, aye. I guess GETTING THE MONEY is the issue.

When we decided to start taking deposits I called the processor to find out the best (read cheapest) way to do that. We went over the deposits and the refunds and that's when they told me it might take 6 weeks for the bank to refund the deposit. I really don't know if it has ever taken that long. Maybe because we're not big time like Lowe's, etc?

 

[Copperhead]

JB, glad to know it is 'on it's way'. You may have received notice during the next billing cycle of the card, even though it was a closed account. But the issuer of the refund should have sent you notice of how it was handled - poor customer service, IMHO. CC companies are the worst for customer service and will use that money to make more interest prior to sending it to you. We were told up to 6 weeks for refunds through our processor as well, can make for unhappy cardholders but little can be done on our end - money leaves our account within 24 hrs of issuing the refund.

 

[Madeleine]

JB, glad to know it is 'on it's way'. You may have received notice during the next billing cycle of the card, even though it was a closed account. But the issuer of the refund should have sent you notice of how it was handled - poor customer service, IMHO. CC companies are the worst for customer service and will use that money to make more interest prior to sending it to you. We were told up to 6 weeks for refunds through our processor as well, can make for unhappy cardholders but little can be done on our end - money leaves our account within 24 hrs of issuing the refund..

JB, glad to know it is 'on it's way'. You may have received notice during the next billing cycle of the card, even though it was a closed account. But the issuer of the refund should have sent you notice of how it was handled - poor customer service, IMHO. CC companies are the worst for customer service and will use that money to make more interest prior to sending it to you. We were told up to 6 weeks for refunds through our processor as well, can make for unhappy cardholders but little can be done on our end - money leaves our account within 24 hrs of issuing the refund.

I try to let the guest know it is NOT us holding up the transfer. I come right out and tell them that I have refunded them and the money has been taken out of my account. That the cc companies are happy to take money away but not so happy giving it back.

 

[Madeleine]

PS Capital One rep said this is how long it takes to issue a refund. I said I own a business and can issue one RIGHT NOW. One minute after I tell the person I am doing it!.

When I issue a refund via a cc I tell the guest it may take 6 weeks.

 

[Generic]

PS Capital One rep said this is how long it takes to issue a refund. I said I own a business and can issue one RIGHT NOW. One minute after I tell the person I am doing it!.

Actually, it's a game that the CC companies play. You see, until the refund comes, they can charge interest. Visa/MC rules say that they only have to process the credit at the end of the month, not immediately, even if they have the whole thing electronically. So they do, because it gives them a better chance of making money.
Same as the nonsense with the cheques. they process all the withdrawls first and see if you are in overdraught. Then after they process all the deposits. So they have a chance to charge you for NSF, even if you have money to cover it.

 

[Madeleine]

PS Capital One rep said this is how long it takes to issue a refund. I said I own a business and can issue one RIGHT NOW. One minute after I tell the person I am doing it!.

Actually, it's a game that the CC companies play. You see, until the refund comes, they can charge interest. Visa/MC rules say that they only have to process the credit at the end of the month, not immediately, even if they have the whole thing electronically. So they do, because it gives them a better chance of making money.
Same as the nonsense with the cheques. they process all the withdrawls first and see if you are in overdraught. Then after they process all the deposits. So they have a chance to charge you for NSF, even if you have money to cover it.
.

Same as the nonsense with the cheques. they process all the withdrawls first and see if you are in overdraught. Then after they process all the deposits. So they have a chance to charge you for NSF, even if you have money to cover it.

I will say this for my bank...they process deposits first and then withdrawals. Lucky for me! But, I do know the big name banks want you to 'fail' so they collect all the fees. This is a small town bank so maybe they operate differently. (Still no interest on my savings, tho. Basically it's just there instead of here in case of fire or theft, otherwise it would be doing just as well under the mattress.)

 

[Generic]

PS Capital One rep said this is how long it takes to issue a refund. I said I own a business and can issue one RIGHT NOW. One minute after I tell the person I am doing it!.

Actually, it's a game that the CC companies play. You see, until the refund comes, they can charge interest. Visa/MC rules say that they only have to process the credit at the end of the month, not immediately, even if they have the whole thing electronically. So they do, because it gives them a better chance of making money.
Same as the nonsense with the cheques. they process all the withdrawls first and see if you are in overdraught. Then after they process all the deposits. So they have a chance to charge you for NSF, even if you have money to cover it.
.

Same as the nonsense with the cheques. they process all the withdrawls first and see if you are in overdraught. Then after they process all the deposits. So they have a chance to charge you for NSF, even if you have money to cover it.

I will say this for my bank...they process deposits first and then withdrawals. Lucky for me! But, I do know the big name banks want you to 'fail' so they collect all the fees. This is a small town bank so maybe they operate differently. (Still no interest on my savings, tho. Basically it's just there instead of here in case of fire or theft, otherwise it would be doing just as well under the mattress.)
.

I remember a time when interest rates were so high and the banks were prevented from paying anything over 5% that they were promising you toasters and other stuff if you opened up term deposits. My parents once got a coffee maker in Florida.