How long can a store wait until they put money back in your account?
5 business days have passed since then and the money is still not in the account. We have called the jeweler and he states that it must be my bank. However, I spoke with my bank and the bank stated that the merchant has discretionary authority on a situation like this.
How much longer should I wait? and if the money still does not post, what shouldmy next action be? Any help would be appreciated, Thanks!
Answers:
This is VERY scary, you just fell into a loop hole. Sorry
you shouldnt wait any longer. 5 business days is an adequate waiting period. Now you should go to the store in person and speak with a member of management to resolve the issue.
When I worked in retail, we were told that it could be up to 30 days before a refund would show up in a customer's account. However, I never saw one that took more than two or three business days.
I would follow up daily with the merchant and the bank until you see your money.
If it never shows up, take him to small claims court for the refund.
Did you pay with a debit card? If so, you need to go to your bank and talk to an officer of the bank about the dispute process with your debit card. Bring any and all documentation.
If it's (and I pray it is) a credit card, especially Visa, the dispute process is a LOT easier. Contact your issuer and tell them you want to dispute the charge. Send them a photocopy of your receipt showing that it should be returned.
Don't wait around for this! Usually banks only give you 30 days to dispute charges! This merchant must be hoping that you will wait, and wait, and wait the 30 days.
If all else fails, go to www.nolo.com and purchase the book on sueing in small claims.
For the record, if purchasing a high ticket item, use a credit card. The dispute and time frame for a credit card is much more leniant than a debit/bank card.
Actually it really depends on what processing center they use for their credit cards.What most people dont realize is that the money isnt instantanious on either end... They had to wait just as long when you paid too.And there is really no reason for it other then the credit cards hanging onto the $ for a few days to earn interest. Also, there is NOTHING the store can do to get it thru any faster.
It shouldnt take any more then 7 days tho so if it isnt on your account with in the next 2 - 3 days call your credit card and do a "chargeback" which means your credit card company will just take back your credit.It usually involved some paperwork so wait a few days before you do it.if they issued the credit it's just a waste of time. I know the guy above said you only have 30 days -- You have 120 days and sometimes even longer depending on the circumstances.
If youre really worried you can ask the store for a transaction number and you can verify it is in process thru your credit card company.But to be honest, unless the store has to deal with these things on a regular basis they may not be completely familiar with what information to give you or how to get it --- A lot of time they just know how to put a charge or credit thru and might not know what goes on behind the scenes.
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