On 1/28/14, 10:55 AM, wrote:
On Tue, 28 Jan 2014 09:42:54 -0500, BAR wrote:

In article , says...

...if you pay for something by credit card, it is deducted almost
instantaneously from your available credit limit, and if someone
deposits a check you wrote to them, it usually clears right at midnight,
but if you have a refund coming to you electronically, it takes days,
sometimes many days, for the funds to be available to you:

To wit:


Hello,

We're writing to let you know we processed your refund of $63.96 for
your Order XXXXXXX

This refund is for the following item(s):

Item Refund: $63.96

We'll apply your refund to the following payment method(s):

Visa Credit Card: $63.96

We've processed a refund for the above order in the amount of $63.96.
The refund should appear on your account in *2-3 days* if issued to a
credit card.

Refunds issued to a bank account typically take *7-10 days* to reflect
on the account balance.

Have questions about our refund policy?
Visit our Help section for more information:

http://www.amazon.com/refunds

We look forward to seeing you again soon.


Must be a lot of money to be made off the float, eh?

It is all about the float. When paper checks were the normal method for getting money into
and out of accounts there was the floating of the check until it cleared or a certain time
period completed. Without the ability to float the checks they have taken to floating all
deposits and withdrawls. The bank will get its .02 cents regardless as to how much technology
advances.

I used to always question this float myself. I knew how much they
spent to be sure a check was processed and into the Fed that night so
they had their money right away but they still insisted it took days.
The answer was usually fraud and the fear of check kiting.
They wanted a few days to let the dust settle and make sure everything
was OK before they actually let you get to your money.


The answer these days with electronic transfers from big, reputable
firms is that the banks are just using your money to increase theirs. It
doesn't take three or four days to ensure the transfer is legit.

It's not a big deal...it's only $60 and change, but it's annoying
because it is yet another example of how we let ourselves get screwed.


--
There’s no point crying over spilled 4-Methylcyclohexanemethanol.