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Shouldn't any normal consumer/customer protection law ensure that the full amount should be refunded? Meaning if due to no fault of your own X amount was charge

by bkor 9y ago

Shouldn't any normal consumer/customer protection law ensure that the full amount should be refunded? Meaning if due to no fault of your own X amount was charged / taken from your bank account, then that exact amount should be refunded. No matter if the currency changed or not.. as it was never your fault.

jwr 9y ago
I've gotten used to this. If you live in a non-$ country and purchase things in $, if you get a refund, you always get less than what you paid, because of the spread, and because of extra charges that banks impose for "currency conversion". I think some people are unaware of this and think that just refunding the money to a customer means things are back to square one.
jonlucc 9y ago
This is certainly the case for credit cards, and in my experience, with checking accounts. The bank or processor will manage the investigation and go after whomever stole the money to recover their loss after reimbursing you. Interestingly, I had someone steal my debit card several years ago, and they went to CVS or Walgreens (can't quite remember). They purchased Visa gift cards, and had video of the transaction in which my card was used to purchase a Visa gift card, so they should be able to have Visa provide the information about the stolen card or at least void it, but they will not. For some reason, Visa et al have decided that it's better for them to just eat the several hundred dollar cost of the card.
- mahyarm 9y ago
  It's probably the same kind of calculation as fix vs. buy new. If it costs you $50 to just buy a new one or $150 to hire a repairman, you'll just buy a new one.
dx034 9y ago
He could probably get it refunded by the bank/credit card company. It was fraud so there's no problem getting a full refund incl FX fees.
deleted 9y ago
[deleted]
mikeash 9y ago
Definitely. The merchant isn't always cooperative, though, so sometimes you have to go to your card issuer instead. It sounds like the author hasn't done that for some reason.

by bkor 9y ago

jwr 9y ago

I've gotten used to this. If you live in a non-$ country and purchase things in $, if you get a refund, you always get less than what you paid, because of the spread, and because of extra charges that banks impose for "currency conversion". I think some people are unaware of this and think that just refunding the money to a customer means things are back to square one.

jonlucc 9y ago

This is certainly the case for credit cards, and in my experience, with checking accounts. The bank or processor will manage the investigation and go after whomever stole the money to recover their loss after reimbursing you. Interestingly, I had someone steal my debit card several years ago, and they went to CVS or Walgreens (can't quite remember). They purchased Visa gift cards, and had video of the transaction in which my card was used to purchase a Visa gift card, so they should be able to have Visa provide the information about the stolen card or at least void it, but they will not. For some reason, Visa et al have decided that it's better for them to just eat the several hundred dollar cost of the card.

mahyarm 9y ago
It's probably the same kind of calculation as fix vs. buy new. If it costs you $50 to just buy a new one or $150 to hire a repairman, you'll just buy a new one.

dx034 9y ago

He could probably get it refunded by the bank/credit card company. It was fraud so there's no problem getting a full refund incl FX fees.

deleted 9y ago

[deleted]

mikeash 9y ago

Definitely. The merchant isn't always cooperative, though, so sometimes you have to go to your card issuer instead. It sounds like the author hasn't done that for some reason.