In my transaction history I see the following after finishing the verification process:
|Nov 26, 2016||Credit||Deposit Refund||($10.00)|
|Nov 26, 2016||Payment||Refundable Deposit||$10.00|
Does this mean that Upwork has refunded the money? (I'm asking because I haven't received anything yet.)
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Just wanted to make sure...
The subtraction of the money happened instanlty though. It seems that it takes more time to get money back, but no problem!
Thanks for the reply!
Costas, that's the same for *any* refund. The way a credit card works is that the money is authorised immediately, which is why you see it removed from your account immediately, but it takes a few days for the payment to actually settle between the banks in the background - as far as you're concerned, the payment is instant, but as far as your bank is concerned, it's not. With a refund, you don't get the money back until the refund settles. This is not a case of Upwork holding on to your money for a few days, if that's what you're thinking.
To be honest, I didn't give much thought about who is causing the delay (if it is the banks or Upwork). I just made an observation...
You're probably right because you can't send money to a card, like sending a remittance to an account. Probably the procedure is called a refund, because it is the result of the cancellation of a previous payment and not a new indepedent action.
Anyway, I haven't any other recent cancellations in mind right now, so I can't say if this is the standard time for the refund process or not!
Thanks for the clarification, by the way!
Can someone shine some light on the refundable deposit in general? Our accounting department sent a portion of the final estimated cost of the job and it pulls up as several charges, one being the refundable deposit. We paid with a credit card.
The two small verification charges were placed on your credit card when you added it as a payment method. The sum of those charges equal $10 and should appear in your credit card statement shortly. Then you can enter those amounts in the verification form in your Settings> Billing Methods and complete the verification. $10 will be refunded back to your credit card.
We've checked this for you, and we can confirm that your refund was successful on our end. You can check this under your Transactions. After the refund is initiated, it typically takes 2 to 5 business days for the money to be refunded back to your credit card. If it still hasn't reflected on your account please reach back to us so that we can issue a trace for you.