Why does it take so long for credits to show up on an account?
Jul.29, 2008 in
Personal Finance
Natalie S asked:
while charges are instant? A merchant mis-keyed a fairly large amount to my account. They realized the error and reversed the differnce. This has caused my account to go negative with mutiple overdraft fees. My bank says there’s nothing they can do until the credit shows up on my account and that it could take 4-5 business days. The credit was processed 2 days ago though and now that I am negative I can’t access my funds or use my card until all this gets reversed which could be another 2 days! What is the reason for credits taking so much longer? I need MY money TODAY!!
I do have the credit receipt so it defintiely has been processed. I also could get a letter explaining the error from the merchant but the bank said that wouldn’t help and all they can do is wait until it shows up on my account in 4-5 business days. The good news is that they will credit my fees but not until the credit shows up. Also, my funds are frozen until all this is reversed too. I just don’t understand the reasoning on how charges are instant and credits aren’t? I’m stressing out with not having access to my money and feel like my hands are tied although it was completely not my fault!
while charges are instant? A merchant mis-keyed a fairly large amount to my account. They realized the error and reversed the differnce. This has caused my account to go negative with mutiple overdraft fees. My bank says there’s nothing they can do until the credit shows up on my account and that it could take 4-5 business days. The credit was processed 2 days ago though and now that I am negative I can’t access my funds or use my card until all this gets reversed which could be another 2 days! What is the reason for credits taking so much longer? I need MY money TODAY!!
I do have the credit receipt so it defintiely has been processed. I also could get a letter explaining the error from the merchant but the bank said that wouldn’t help and all they can do is wait until it shows up on my account in 4-5 business days. The good news is that they will credit my fees but not until the credit shows up. Also, my funds are frozen until all this is reversed too. I just don’t understand the reasoning on how charges are instant and credits aren’t? I’m stressing out with not having access to my money and feel like my hands are tied although it was completely not my fault!
August 1st, 2008 at 12:07 am
Have you called the merchant?
Since it was their error, I would certainly expect them to cover the overdraft fees. I would call them and tell them they need to put that credit through NOW before any more fees are incurred. I’d also make them well aware that you expect them to cover any cost to you since it was their error.
You’re bank can’t really do anything until the credit goes through. However, a credit should be as instant as a debit is. Are you sure they put it through? I had a merchant put through a credit for me recently and it showed up the next day.