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It's the computer age, how can stuff take so long?

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It's the computer age, how can stuff take so long?

Old 12-17-2013, 02:54 PM
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Default It's the computer age, how can stuff take so long?

My wife accidently double paid our electric bill a few months ago and when she called Toledo Edison they said it would take 4-6 weeks to get our money back. She suggested they just keep the money and give us a credit, they wouldn't do it. How can it take 4-6 weeks to do something so simple? It took 4 weeks and a day to get our refund for the over payment.

I made a mistake and paid the wrong credit card online yesterday and guess what....3-4 weeks to remove from one card and apply to the other. We have a zero balance on the credit card I accidently paid, how/why can it take so long to fix simple stuff like this?

Russ
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Old 12-17-2013, 03:15 PM
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Because in this country mediocrity is praised and excellence is punished

All in the case to save a buck
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Old 12-17-2013, 06:27 PM
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^^^^. Plus the fact that they already have your money. Why do banks freeze funds? Instant electronic transfers yet your money's locked up for 5 to 10 working days. All part of the scam.
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Old 12-17-2013, 06:30 PM
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Its called, "float".

from Wikipedia:

In check clearing, banks refer to bank float and customer float. Bank float is the time it takes to clear the item from the time it was deposited to the time the funds were credited to the depositing bank. Customer float is defined as the span from the time of the deposit to the time the funds are released for use by the depositor. The difference between the bank float and the customer float is called negative float.
Negative float is used by the bank as overnight investable funds.
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Old 12-17-2013, 06:33 PM
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Yeah but when they want your money you better pay or else. It's just outragous it takes so long to get my money back. What if you are on a fixed income and a few hundred bucks was a large portion of your monthly income? Waiting 4-6 weeks is totally unacceptable.
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Old 12-17-2013, 07:43 PM
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Originally Posted by RussH View Post
Yeah but when they want your money you better pay or else. It's just outragous it takes so long to get my money back. What if you are on a fixed income and a few hundred bucks was a large portion of your monthly income? Waiting 4-6 weeks is totally unacceptable.
Then you probably wouldn't be double paying bills.
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Old 12-17-2013, 08:03 PM
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Originally Posted by Boat Bum View Post
Then you probably wouldn't be double paying bills.
You would think, I have seen many double charges. Web site/browser errors making people think they didn't pay so they pay again. We refund A LOT quicker than 30 days, 3-5 or 5-7 for check. Also see cases of husband pays bill over phone and leaves bill on counter. Wife comes home see's bill and makes payment online through personal bank...
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Old 12-17-2013, 08:03 PM
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A couple of months ago I was using my online banking. I sent my mortgage payment to my car insurance company and my insurance payment to the bank. It took 5 weeks to get a refund from the insurance company. The payment to the mortgage company was booked as extra payment to principle so I just let them keep it. I can only imagine if I had tried to get that back...
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Old 12-17-2013, 08:36 PM
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Originally Posted by RussH View Post
My wife accidently double paid our electric bill a few months ago and when she called Toledo Edison they said it would take 4-6 weeks to get our money back. She suggested they just keep the money and give us a credit, they wouldn't do it. How can it take 4-6 weeks to do something so simple? It took 4 weeks and a day to get our refund for the over payment.

I made a mistake and paid the wrong credit card online yesterday and guess what....3-4 weeks to remove from one card and apply to the other. We have a zero balance on the credit card I accidently paid, how/why can it take so long to fix simple stuff like this?

Russ
Technology cannot make up for a broken process.
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Old 12-17-2013, 11:23 PM
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Short term investment funds?

Last edited by Garett; 12-24-2013 at 11:32 AM.
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Old 12-18-2013, 03:31 AM
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I don't like some bank policies on how they credit deposits and impose fees. Maybe twice over the years I've had a check and a deposit clear on the same day yet I would get a bounced check fee. I talked to a rep both times and called them out on their unscrupulous business practices and got the fees reversed or credited back. They purposely deduct payouts BEFORE they credit deposits. I would point out that it's all electronic and the deposit hits the account a microsecond after the checks are paid. It would be just as easy for their program to look at deposits first.

Also why does it take credit card deposits 3 days to show up in my account? (extra hand in the till? everybody gets a piece?) It's all electronic. Once I transmit the days business it's obviously being stored somewhere. Then on the 3rd day it finally gets credited to my account. I guess hard drives cost less than the interest they make on my money for those couple days.
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Old 12-18-2013, 04:25 AM
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Russ:

Respectfully, it's worth considering that both mistakes were committed by your own family. You express irritation that someone else isn't correcting those mistakes quickly enough to suit you.

The incorrect payments kick off "exception" work processes that are not part of the creditors' normal work process. Those exception work processes may not be as automated, certainly aren't as high in priority as processing payments against bills and may be subject to extra human scrutiny because, after all, you are asking the creditor to send money to you. I'll promise you- the creditors apply extra controls to sending out checks, because that's a prime candidate for fraud and abuse by their own employees.

You're not going to lose the money in either case. Let the system work, review/modify the financial controls within your own family.
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