Corporate refunds

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When a payment is made, to a utility company for example, they expect payment usually within 2 to 3 weeks of your bill with a late fee attached if you don’t meet that deadline. When money is OWED from said company, they say 4 to 6 weeks for a refund. Why is there such a discrepancy in an age that I can Venmo someone and they have their money instantly?

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2 Answers

Anonymous 0 Comments

They know that if they give you the wrong amount, they’re unlikely to ever get paid back. The 4-5 weeks of time is spent in their fraud reduction processes to make sure that the refund is not a mistake. Many people check things because there are people (not you of course) who try to commit fraud against the corporation. Then they just toss it into their routine bank process, which probably runs once a week on payables.

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