How long does it take to process a refund?

[MilesL]

I bought some goods for a game over the internet a few days ago but failed to recieve the item due to it being out of stock. I spoke to the company via livechat and asked for a refund. He said he'd send me a refund within 24 hours. I got a conformation E-mail today to say that I had recieved a full refund of �24.26 GBP. However, When I went to check my bank balance, the refund money wasn't in there. Is this because I have to wait a certain number of days after he sent me the refund for it to cash into my bank?

Help GREATLY apprecuated,

Miles.

[MilesL]

By the way I used paypal when buying and so I'm not sure that when I get the refund if it will go into my paypal account or my bank account. thanks.

[Ethel]

Usually a refund isgiven in the same way as the payment - so it will probably be refunded to your PayPal account.

In any event, it will take a few days to arrive.

Where it goes to in the meantime is a complete mystery and a source of annoyance to me. Someone is profiting from these delays and it isn't the customer.

[trevHCS]

Transfers from his bank to Paypal will probably take 3 - 4 working days. it's almost as bad as depositing a cheque and who has the money in the meantime I'd love to know too.

[Ethel]

Of course the banks profit from these delays:

http://www.telegraph.co.uk/money/main.jhtml?xm l=/money/2002/05/01/cmbank01.xml

Thankfully the changes in the law come in to effect later this year - so transfers will be a LOT quicker.

[MilesL]

thanks very much guys you have put my mind at rest!!! :)!