ROCHESTER, N.Y. — Have you ever wondered why it often takes days to see refunds in your bank account? With the holiday return season still underway, viewers asked about it and News10NBC’s Emily Putnam got answers from a major credit card company.
Tanya wrote to News10NBC saying: “When you purchase a product using a card, it removes the money immediately. But when you return that product, it takes 3 to 7 days to go back on your card. The bank says it is the store and the store says it’s the bank.”
A representative from Mastercard explained that the delay in refunds depends on when the store’s bank submits it and when your bank receives it. Once your bank receives the refund, Mastercard requires the money to be posted to your account within one day. Other credit cards may have longer deadlines, with some taking up to 5 days.
If a few days have passed and you still haven’t seen a refund, it’s likely because the store hasn’t submitted the refund to the bank. In New York state, stores aren’t legally required to offer refunds, but they are required to publicly post their refund policy.
Mastercard advises that if it’s been more than a week without seeing the refund, you should contact the store to confirm the refund was issued to the original card. Ask for a reference number, and check with your bank to see if it showed up.
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Good Question: Why does it take days to see refunds in your bank account? WHEC.com.
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