A refund usually means getting your money back when you return something you had bought. If referring only to returning the money we use the term ‘cash refund. ‘

1 : to give or put back. 2 : to return (money) in restitution, repayment, or balancing of accounts. refund.

A refund is when you have charged a payer, and need to cancel the payment and return the funds to the payer. The funds will be returned to whatever payment method (credit card, bank account) that the payer initially used to make the payment.

Tips for writing a sample letter for requesting a refund

1. Refer to the goods or services you are requesting a refund.
2. Give a sincere reason why you are requesting a refund.
3. Be precise about the amount you wish to be refunded.
4. Mention details of the transaction such as dates and place of delivery.

Call or send an email that outlines your resolution. If you won’t refund their money, explain why in clear, non-judgemental language. Keep your emotions out of it. If you will refund their money, apologize briefly for their unhappiness and tell them when and how they’ll receive the refund.

You can ask for a replacement or refund if the problem with the product is major. Replaced products must be of an identical type to the product originally supplied. Refunds should be the same amount you have already paid, provided in the same form as your original payment.

You can usually still get a full refund due to what’s called your ‘short-term right to reject’. After that only expect exchange, repair or part-refund. Within six months. The shop must prove goods weren’t faulty when they sold ’em – after that, you must prove they were.

Under consumer law, if a product or service breaks, is not fit for purpose or does not do what the seller or advertisement said it would do, you can ask for a repair, replacement or refund. For products bought in a shop, you do not have a legal right to a refund because you change your mind.

If you simply change your mind, the retailer has no legal obligation to give you your money back, should you return an item without a receipt. If your goods are faulty and you don’t have the receipt, you still have the right to a repair, refund or replacement as under the Consumer Rights Act.

When a refund policy is part of a sales contract, it should be considered generally binding under contract law. That is, if you sign a contract that states that you can receive a refund in a certain situation, you may have the right to sue the company for breach of contract if it later denies that refund.

If you don’t get something you paid for by credit, debit or charge card and the firm is refusing to refund you, you can ask your bank to “reverse the transaction” and get your money back via chargeback.

By any chance, if you have wrongly transferred the payment to the beneficiary whom you don’t know, immediately request your bank to look into the matter for transaction reversal. While the bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank.

If not then, you will have to approach your bank and apprise the manager about the wrong transaction. The bank will check the details of the beneficiary and if the person holds an account with the same branch, the bank can request him to return the money. Sometimes banks can take up to 2 months to settle such cases.

If the supplier will not refund your money and you paid using a credit or debit card, your card provider – usually your bank – may agree to reverse the transaction. This is called a chargeback. In order to start a chargeback, you should contact your bank or credit card provider immediately.

When you tell your bank or building society you’ve made a mistake and sent money to the wrong account, they should take action within two working days under the ‘misdirected payments’ code of best practice. In most instances your bank should be able to recover the money for you, and this will be the end of the issue.