Where does money go for 7-10 days?

29Apr07

A bit off-topic but I’m annoyed.

I’m a big fan of Apple. In years past, I’ve subscribed to .Mac though of late haven’t really seen much benefit. I noticed the annual charge came through on my bank account last week. No notice was given in advance, but I called Apple’s customer support team and they quite nicely reversed the charges, noting it’d take 24-48 hours for the refund to be issued.

A few days later I’d not seen the reversal on my account so I sent another email to Apple, and they said the refund had been processed, as noted, but timing would depend on my bank. So I called my bank (Citibank) this afternoon, and they indicated it would take 7-10 days for the credit to hit my account.

I don’t understand this. When I buy something at the corner shop, it might take an extra day or 2 before the charges show up. So why should it take one of the largest global banks at least a week to process a credit. Who’s sitting on that cash for that week? I’m a bit skeptical.

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