When did Matalan change their refund policy ?

[TheBatKeeper]

Took some stuff back last week, was told I would receive an acknowledgement email, which I duly did.

The email said that I would receive a refund in about seven days.

Now I am not waiting on the £66 refund, so can wait, it seems a bit off for people who are really watching their cashflow.

They used to refund once they were in possession of the goods.

Does it not just mean that's how long it takes for the credit to come through

Hasn't it always took so many business days for the refund to be processed?

Refunds usually take 5-7 days? They have never been instant. Some banks clear them quicker but it’s down to the banks why they take so long.

Maybe I am confusing them with somewhere else, I always thought it went straight back on.

Maybe I am confusing them with somewhere else, I always thought it went straight back on.

It's not company policy - it's the time it takes for the infrastructure to repay you the money.

Matalan will pass transaction details to their bank. Their bank will pass details to Visa. Visa will pass details to your bank who will effect the refund. There can be overnight delays as well as transfer delays etc. It isn't an instantaneous process.

@ClaudiaWankleman

Maybe I am confusing them with somewhere else, I always thought it went straight back on.

It's not company policy - it's the time it takes for the infrastructure to repay you the money.

Matalan will pass transaction details to their bank. Their bank will pass details to Visa. Visa will pass details to your bank who will effect the refund. There can be overnight delays as well as transfer delays etc. It isn't an instantaneous process.

It's funny how a completely automated process can have so many "delays" built into it, especially when it's about paying people back...

It depends on the retailer's contract with their merchant card processor. Some are only a couple of days, but others can take up to a week, and that is both ways. If you pay them, it takes up to a week to arrive in their bank account. If they refund you, it takes a week to come back.

It isn't Matalan who have the money it will be the banks, once Matalan process the refund it is then up to the banks to 'put it back' in to your account. Usually 3-5 working days

It's funny how a completely automated process can have so many "delays" built into it, especially when it's about paying people back...

You're missing the point. When you make a payment to Matalan it leaves your account fairly soon (although Bank Holiday Sunday shopping might just be 'held' against your account until Tuesday morning) but Matalan won't actually receive it for a number of days.

When we do individual to individual/ business transfers without involving a card carrier, the money is pretty instantaneous because the clearing system is different. Most high street banks take part in an almost real time settlement system which is a lot quicker than card carriers.

Did you return stuff you'd bought online to a shop? I think it's always been the way that returns from online purchases follow the same timelines as if you send them back via the post as its administered differently. I always thought refunds done in store for stuff bought in store went straight back on your card though, pretty sure they have for me?