How long does it take for a refund to go back on your debit card? Here’s what you need to know about using your debit card, and what to expect when you’re getting a refund.
Debit cards are a necessity for most of us. We use them to shop online and in person. While we try to be careful with our shopping and private info, occasionally we need a refund for various reasons.
If you’re due a refund and are wondering how long a refund will take to go back on your debit card, here’s what you need to know.
The Refund Process
Debit cards are a convenient way to pay with money from your checking account when making a purchase. Depending on the type of retailer, this might happen instantly. Other times, it may take a few days for the transaction to be completed.
If you need a refund on a transaction that you used your debit card for the process may take up to 10 – 14 working days. This is the average processing time during which time the bank and the retailer in question will process your refund.
2 Reasons Why Your Refund Is on Hold
Here are some of the reasons your debit card refund may be delayed.
1. Retailer delays
When you are receiving a refund, it’s not always as simple as the money going back to your account. The refund goes through the retailer to their bank to your bank. This process can take several days. It can take as much as a week depending on where weekends and holidays fall into the time frame.
You may see the funds pending in your account immediately, but the actual transaction can take longer. The funds will not be available for use until the refund is complete.
While it may feel like deposits and debits should happen instantly, the truth is they usually take a few days. If you see “pending” on a transaction on your account, that lets you know it is still in process. The retailer may not be able to initiate a refund until the funds are settled in your account.
Most transactions take about two or three days before they actually occur. The money will appear in your account once the transaction is processed.
How to Process a Debit Card Refund
If the retailer you see dealing with owes you a refund, start by requesting a refund. If the retailer offers refunds or returns, they will proceed with your request. It’s important to note that not all stores offer refunds. Be sure to check the store return and refund policies before making a major purchase.
Typically a retailer who processes a refund will offer to put the funds back on the original card. They may also offer cash or store credit as another refund option.
If for some reason a transaction or refund seems irregular, the refund may be delayed. Typically this allows the bank time to investigate. Funds will appear in your account once everything is cleared.
How Long Does It Take for a Refund to Go Back on Your Debit Card?
So how long does it take for a refund to go back on your debit card? That will depend on the bank and the merchant you are dealing with. Refunds will typically be processed within 10-14 business days.
In the case of fraud or unauthorized charges, an investigation may be necessary. This may result in a longer time period. Check with the customer service representatives at your local bank branch for more details and their policies regarding refunds.
Kim Ritter is a frugal living expert, blogger and mom of two from small-town Iowa. What began as an effort to help her family save a few dollars a month has now transformed into a full-time passion to help other parents money. Visit her online at twokidsandacoupon.com and follow her on Twitter at @2kidsandacoupon for more ways your family can have fun on a budget.