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hs0zfe

WT-? Broker's refund to cc was processed bu bank denies it

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They say it was done yesterday, Friday. Crediting the refund back to my credit card. Surely, the bank should know of such an incident, just like it will know when there was a charge... 

The broker claims that I would have to wait a few days before the refund would hit my account.

What is your take? Am deeply suspicious :rolleyes:

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39 minutes ago, hs0zfe said:

They say it was done yesterday, Friday. Crediting the refund back to my credit card. Surely, the bank should know of such an incident, just like it will know when there was a charge... 

The broker claims that I would have to wait a few days before the refund would hit my account.

What is your take? Am deeply suspicious :rolleyes:

Depends on what they mean by "done".  They might have just passed it to their finance department for payment.  In my experience, companies are usually rather slower at processing refunds than they are when charging you! 

I'd give it five working days and, if it hasn't appeared by then, chase it up. Unless you're up against your credit limit or the delay straddles a credit card statement date, it makes no odds.

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standard 'it will take up to 5 days' surely?

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Are we talking about across borders too?  If so, this can take a few days and receiving banks will know nothing about it even though the funds have left the trading country.

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16 hours ago, Araf said:

Are we talking about across borders too?  If so, this can take a few days and receiving banks will know nothing about it even though the funds have left the trading country.

No, it's a UK broker and a UK bank. An upper limit for cash transfers make me sweat this otherwise negligible issue.

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I've just read that this is to credit card, and yes, this can take a while.

 

You need to remember that most merchant accounts with credit card machines are set up so that money comes in easily but refunds need to be scrutinised to stop employees siphoning off funds from the merchant.

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On 2017-5-21 at 11:03 AM, Araf said:

I've just read that this is to credit card, and yes, this can take a while.

 

You need to remember that most merchant accounts with credit card machines are set up so that money comes in easily but refunds need to be scrutinised to stop employees siphoning off funds from the merchant.

Araf is correct, I run an ecommerce business and we cannot refund a transaction straight away as the merchant bank won't let us, don't panic just yet I sometimes get calls from customers saying they can't see the refund even when I have managed to process it, they always get them in the end.

 

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On 20.5.2017 at 7:36 PM, Araf said:

Are we talking about across borders too?  If so, this can take a few days and receiving banks will know nothing about it even though the funds have left the trading country.

No, it's a UK broker and a UK bank. An upper limit for cash transfers make me sweat this otherwise negligible issue.

Update

of the approximately 3,700 pounds I had paid for my policies (days, a week and less than a month), only 2,8xx pounds were refunded.

* never even got paperwork or an "accounting" detailing the charges.

* When I asked the broker's office manager to please provide that, the request was declined and I was referred to the sales person. (Whom i don't want to bother - it'S not his job AFAIK as he is there to sell and make money, not engage in long-winded back office type of tasks)

Q: Is there a framework for car insurance providers? Say, when policies are cancelled "within say 2 weeks", the charge will be what, 24% of the annual premium?!? (I paid the annual amounts as monthly installments would have cost "10% more". In other words, get 2 weeks, pay for a whole quarter?!??? Is this true and correct for all other insurance providers??? 

 

Pardon my ignorance. I never received the "email confirmations" promised nor do I know which company did the underwriting. The broker just buys insurance somewhere else... 

At the time, I was thrilled how  q u i c k l y  it could be done. Now I wonder if there is something fishy to worry about.

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Did you pay by credit card? If so I would contact them if the broker isn't giving you the Information you want they will refund the money instantly and fight the company on your behalf.

normally an insurance company will have terms if you cancel within certain time periods and what % of money is refunded minus admin fees.

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On 25.5.2017 at 9:52 AM, Boxster981S said:

Did you pay by credit card? If so I would contact them if the broker isn't giving you the Information you want they will refund the money instantly and fight the company on your behalf.

normally an insurance company will have terms if you cancel within certain time periods and what % of money is refunded minus admin fees.

Yep. After a few days, a refund came. But insuring 3 cars for a few days each cost a whopping 900 quid. Never got a proof of insurance or an accounting. Emailed the office manager of the insurance broker. No joy. What is going on?!? The 2.7 liter was 1,3xx GBP, the "S" was 1,4xx GBP and the 944 S2 3.0 was about 988 GBP.

Fleet insurance anyone? I've now 5 Porsches (feeling dazed, I dunno how that happened. Hope I won't get certified over it) :blink:

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I would be ringing your credit company straight away and asking them to do a chargeback.

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On 2017-6-5 at 4:21 PM, hs0zfe said:

Yep. After a few days, a refund came. But insuring 3 cars for a few days each cost a whopping 900 quid. Never got a proof of insurance or an accounting. Emailed the office manager of the insurance broker. No joy. What is going on?!? The 2.7 liter was 1,3xx GBP, the "S" was 1,4xx GBP and the 944 S2 3.0 was about 988 GBP.

Fleet insurance anyone? I've now 5 Porsches (feeling dazed, I dunno how that happened. Hope I won't get certified over it) :blink:

You'll have to read the cancellation terms and conditions fully to see if you've got grounds for complaint.  As I understand it, insurance companies often clobber policy holders with a big administration fee for cancelling a policy, precisely to stop them taking out annual policies for short-term cover and then cancelling them after a short time.  From their point of view, it's the same amount and cost of administration work, irrespective of whether the policy is in place for a week or a year.

When I sold my 987 there was two months left to run on the policy and my annual premium had been just £170.  As you are not allowed to have an insurance policy on a car you don't own, I thought I'd better call the company to cancel.  The thanked me for letting them know, then tried to charge me for the excess of the cancellation fee over the value of the remaining insurance premium!  You can imagine my reply, so we agreed to call it quits.

The reason I hadn't simply transferred the existing insurance policy to my new car for the remaining two months was that their quote for doing so was astronomical, more than the full-year premium I paid elsewhere, as a new customer of course.

 

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