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Home >> Lending >> Credit Cards
Transfer Mistake Gives Me Huge Problem
I did some balance transfers from one bank to another, and apparently made too many and overpaid my balance. Now the account in question has a credit balance. I'm not sure of the terminology, it may be a debit balance. In any case, the bank has more money than the balance of the account. I have paid cash advance fees for the balance transfers. When I called the bank to ask for a refund of the excess payments, they refused to send me the money. The representative said that all they could do was return the money to the bank that I used for the transfer, but that I probably would not get the cash advance fee back.
The other choices were that I spend the money and in essence use it up. This is not feasible because I have to pay the other bank a rather large monthly payment because of the excess transfers I made. The transfers were a great deal 0% interest for 18 months.
The representative said that if I wanted to get the money I would have to do a transfer with them and pay another cash advance fee. It seems to me that since I paid the cash advance fee to the bank I used for the transfers, the funds should technically be mine.
I don't feel that the bank I overpaid should charge me to get that money nor return it to the other bank. Can you tell me if there are any regulations concerning this type of a transaction. It is quite a large sum of money involved.
Incidentally, I called the bank that I made the transfers with and they were willing to reverse the transfers and refund the cash advance fee. This was when it first happened. After discussing it with the person helping me, I decided with his approval, to keep the transfers and request a refund from the other bank. I don't know now, over a month later if they would still offer to refund the cash advance fee.
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 Under U.S. law, if you have overpaid a credit card account so that the account now has a credit balance, and the card issuer owes you money, you should be able to request a check for the overpayment. If you send a written request, the card issuer is obliged to send you a refund within seven days of receipt of your letter.
Contact that card issuer again, if you are dealing with a U.S. bank, and cite Regulation Z, section 226.11 (Treatment of Credit Balances). Then ask for the mailing address to send your written request.
Published on BankingQuestions.com 12/16/08
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