• Report: #1020544

Complaint Review: Radio Shack

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  • Submitted: Tue, February 26, 2013
  • Updated: Tue, February 26, 2013

  • Reported By: Brett Sammon — Covington Kentucky United States of America
Radio Shack
70 Carothers Rd Newport, Kentucky United States of America

Radio Shack Newport KY Refund Policy W/ Credit Card Unacceptable! Pay With Cash if Chance You Will Return It Newport, Kentucky

*UPDATE EX-employee responds: Credit Card / Debit Card Refunds

*Consumer Comment: How the system works.

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So I purchased some wireless headphones on Sat. 2-23-13 at around 12:00 PM. I used a debit card, and they withdrew the money out of my account on 2-23-13 at 12:01 PM. Was not satisfied with quality, with receipt, 2 days later, returned the item on 2-25-13 at 7:00 PM.

I assumed the money was immediately credited last night, considering the product was in their possession.As of 2:00 PM, 2-26-13, still no credit. Called store, they said to expect a 3-5 day wait time to get credit.  What??

I have never, in my lifetime, 40 years, heard of having to wait 3-5 days for a refund when the product that I bought was physically returned to "in person". They are floating my money, and probably millions of dollars, just like banks, for 3-5 days.

If I am the CEO of company on the verge of bankruptcy, I wait until I have a few million dollars "floated/stolen", then file bankruptcy.

This happened to me when a store called "Just For Feet" went into bankruptcy.

This report was posted on Ripoff Report on 02/26/2013 01:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/Radio-Shack/Newport-Kentucky-41071/Radio-Shack-Newport-KY-Refund-Policy-W-Credit-Card-Unacceptable-Pay-With-Cash-if-Chan-1020544. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

Credit Card / Debit Card Refunds

AUTHOR: SocialAmateur - ()

Do me / the world a favor?  Go return something at Wal-Mart (or Target or any store you can think of) and let them return it to your card and see how long it takes.

These are the kind of reports that ruin sites like this.  Your report is based purely on your own ignorance. 

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#2 Consumer Comment

How the system works.

AUTHOR: Flynrider - (USA)

    What you described is perfectly normal when using a major debit/credit card.

" So I purchased some wireless headphones on Sat. 2-23-13 at around 12:00 PM. I used a debit card, and they withdrew the money out of my account on 2-23-13 at 12:01 PM. "

   That is not correct.   What really happened is that when your card was authorized, the merchant placed a "hold" on your account for the amount of the transaction.  This should show up online as a "hold" or "pending" charge.   At that point, no funds have been withdrawn, but the bank is reserving the transaction amount until the actual debit posts to your account, which takes 3 to 5 days.

   You see, the store sends all of it's transactions at the end of the day in a batch to its card processor.  If it's a weekend, that may not take place until the following monday. That's day one.   The next day, the merchant's card processor sends the transaction to a clearinghouse which, in turn, passes it to your bank.  that's day two.   Lastly, your bank processes debit transactions overnight, so they actually appear as being posted the following day.   So, on average it's a 3 day process, but can be more if the transaction is done on a weekend.  

  Conversely, processing a credit from the merchant to your account is going to take the same amount of time. 

" What?? I have never, in my lifetime, 40 years, heard of having to wait 3-5 days for a refund when the product that I bought was physically returned to "in person".  "

  If that's the case, I doubt you've returned many purchases made with a debit or credit card.   They always take that long to post and have for decades.  It's how the debit/credit card systems operate.  Because of the process I described above, everything (except authorizations and holds) takes 3-5 days.


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