(Amazon.co.uk will be hereafter referred to as Amazon and does in no way refer to Amazon.com, which I have had no experience of)
Most people do not look very carefully at the credit card statements; they look at them and just pay them.
But, being a forensic Chartered Accountant, I look at them very closely as well as new transactions coming onto my account.
This is what I have found
- Amazon process charges the same day and they hit your account, whether pending or otherwise, the same day
- Amazon stall refunds. If the charges can hit your account the same day, so can the refunds. The refunds normally hit your account up to 7 days later.
IT IS CALLED MANAGED CASH FLOW in the business
SCAMMING YOUR CUSTOMERS
LET ME GIVE EXAMPLES
This is the order that Amazon tried to cancel without my knowledge and agreement, even though it has already been despatched. Look at the date of the order
and look when it hit my credit card account
THE SAME DAY.
IN FACT, ALL OF THE PENDING TRANSACTIONS RELATE TO ORDERS PLACED ON THOSE SPECIFIC DAYS.
And I am still waiting on a refund from 4 days ago for pyjamas that didn’t fit
Amazon are pushing through payments for orders but heavily delaying refunds.
PEOPLE WHO RUN CLOSE TO THEIR LIMIT NEED THE REFUNDS PROCESSED AS QUICKLY AS THE MERCHANT CHARGES THEM IN THE FIRST PLACE
THIS IS ALL THE PROOF THAT YOU NEED
Just think that over the whole network, that leads to hundreds of millions of cash that they can sit on for days