Wayne
Grand Forks,#2Consumer Comment
Fri, January 20, 2006
One thing that needs to be made sure of is if AA has already processed the refund. I'm sure you're thinking, dumb question I haven't seen the refund. One of the things you have to remember with a CC is that all though the company can issue a refund today, it can take up to two months for the credit to show up. This is because of the various banks involved in processing the refund. It works like this, 1)Company issues refund 2)The transactions are queued and sent to the companies banks once a day, along with all other transactions (charges). 3)The bank then processes the transactions and queues them to be sent to the various banks. 4)The bank recieves the transactions, and processes them. The big problem with refunds is number 4. Banks do not always process their refund transactions as quickly as charges. The other problem is that there can be a considerable number of days between each step before even getting to your bank. Interest will be refunded on the transaction based on the day of the transaction not posting date. (This is why you see both dates on a CC statement) This means you'll get back what you've paid in interest on that amount that was refunded. (As of the day of the refund, any interest paid before of course is still yours to pay since the company did loan money to you)
Ronald
Herndon,#3Consumer Suggestion
Sat, November 12, 2005
It's real simple when you've used a credit card, call your credit card company about the missing refund. At the minimum, you won't be expected to pay/get charged interest on the payment until the issue is resolved one way or the other.