How you can make an online purchase and the funds get withdrawn immediately (same day) from you bank account...but, when you have an order that is cancelled (because of the seller being out of stock) it takes 3-5 business days for them to refund the money to your account. :no:

So, the retailer likely refunds right away. Banks have varying policies in their ends in reversing on their end.

So, the retailer likely refunds right away. Banks have varying policies in their ends in reversing on their end.

 

I'll be honest, I hadn't thought about it being the bank's fault. I guess my point is that in today's electronic world, 5 business days seems like an awful long time.

I'll be honest, I hadn't thought about it being the bank's fault. I guess my point is that in today's electronic world, 5 business days seems like an awful long time.

 

I work in an industry that has to do a fair bit of refunding and releasing of held funds. When we process it, it is immediately reversed. The issuing banks of cars have varying policies though, to protect themselves against fraud. Basically, once they are sure no one is using the approval issued to the charge they reverse the transaction on their end.

 

Also, the norm used to be 7-12, so it has improved a lot.

I find it quite strange that I can make a cash deposit at the bank, straight up green backs and that money is not available in some cases for 5/7 days.

 

We are a cash household. When we do something, we pay cash (or in our minds we cant afford it). I cannot tell you how many contractors have said, well we used to do cash discounts because checks took so long to clear, now...it doesnt really matter. What gives here?

I find it quite strange that I can make a cash deposit at the bank, straight up green backs and that money is not available in some cases for 5/7 days.

 

We are a cash household. When we do something, we pay cash (or in our minds we cant afford it). I cannot tell you how many contractors have said, well we used to do cash discounts because checks took so long to clear, now...it doesnt really matter. What gives here?

 

If that is the case, you need a new bank...

If that is the case, you need a new bank...

 

This. I've never had it not be readily available immediately, unless it was made after hours.

When working with independent business people always ask for a cash discount.

If that is the case, you need a new bank...

 

Its not just my bank...these contractors are not a part of the same bank we utilize. Some of them are large regional banks, others are hometown locals. I have heard it from all angles.

When working with independent business people always ask for a cash discount.

 

ABSOLUTELY! I cannot tell you the last time someone didnt knock off at least a little off for cash...

A cash deposit not available for 5-7 days? Who on earth are you banking with? One of my banks makes mobile check deposits available within an hour. And even after hour cash deposits into the ATM are immediately available at another bank I use. The longest wait we have for any deposit is 48 hours for the large checks ($2-$3k) from one of my wife’s clients that’s based out of state, that are deposited in her business account. To make you wait 5-7 days to access a cash deposit is criminal.

Edited April 12, 20188 yr by rjs4470

A cash deposit not available for 5-7 days? Who on earth are you banking with? One of my banks makes mobile check deposits available within an hour. And even after hour cash deposits into the ATM are immediately available at another bank I use. The longest wait we have for any deposit is 48 hours for the large checks ($2-$3k) from one of her clients that’s based out of state, that are deposited in her business account. To make you wait 5-7 days to access a cash deposit is criminal.

 

This. 24 hours is the longest I've ever had to wait and that was with a check in the $7K range.

Its not just my bank...these contractors are not a part of the same bank we utilize. Some of them are large regional banks, others are hometown locals. I have heard it from all angles.

 

Nobody should bank anywhere cash deposits aren't made immediately available. I've never heard of such a thing.

Biggest thing that gets me anymore is the cost to deposit cash just keeps going up. With all our events we do (most of them being cash based events), we deposit large amounts of cash, and it cost more and more every year to do so. We easily spend 2-3K in cash deposit fees every year.

Nobody should bank anywhere cash deposits aren't made immediately available. I've never heard of such a thing.

 

Our bigger cash deposits always take 48 hours ish to clear in full. We get the first 10K right away and the rest clears later.