Will a bank accept a third party check made payable to the bank with the credit card number on its face for payment, even if it is more than the credit card balance?
Credit card companies are often overpaid, so they will accept more than is owed. They are restricted on how long they may keep a credit balance and eventually have to send a refund check, but a more difficult question is to whom is this check payable. If it is payable to the credit card number, they may not accept it as it should be payable to the lender, referencing the account to be credited in the memo line.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Credit card companies are often overpaid, so they will accept more than is owed. They are restricted on how long they may keep a credit balance and eventually have to send a refund check, but a more difficult question is to whom is this check payable. If it is payable to the credit card number, they may not accept it as it should be payable to the lender, referencing the account to be credited in the memo line.
