March 31, 2012

Credit Card Refunds

I was at my bank today talking to the mgr and the assistant manager about credit card refunds for Direct Air Tickets.  Commerce is accepting requests but are not processing refunds right away , but will respond within the 60 days.   Bottom line if they don't get money back on their end , they are not going to give a refund.

As far as the other banks that have processed refunds, I was told many banks do that but they are "provisional credit"..  In other words, they assume that they will get monies on their end.   If they do not get money back, they will then reverse the prior credit given.

Steve, I know you are going to site some Federal Law as to why this is not the way this is suppose to happe, but this is what is happening.  At the same tiime I agree.  Why should Commerce Bank or any other bank be on the hook for an airline (Direct Air) that misappropirated money or a credit card processor (JetPay)  that goes out of business

4 comments:

Steve Foley said...

Bill, If you find anyone who filed a dispute within 60 days of receiving their statement and is refused a refund, please let them know that I will purchase their claim against the credit card company for 50% of the value of the claim.

Bill Randell said...

Steve

I do know anymore but I just dont see credit card companies or credit processors picking up a 20 million tab.

Bill

Steve Foley said...

Bill, we can go around and around on this forever. I can quote Federal Law (Fair Credit Billing Act), State Law (MGL 93A - Consumer Protection), point you to Credit Card Terms and Agreements, yet you refuse to listen.

You simply assert that the credit card companies won't absorb the loss, yet can point to no reference.

I give up.

Bill Randell said...

Steve


If it is that simple why aren't people getting their monies back?




Bill