Duplicate Balance Transfer on Credit Card?
Author: JoyJoy
Posted: Mon Aug 07, 2006 10:42 pm
Post subject: Duplicated balance transfer
I accessed my Amex account tonight to check to see whether my payment had been posted. My payment had been posted but then I noticed that my available credit was 0! I should have had a balance of $2,200 after they made a balance transfer for me. I called Amex and the CR said I was overdrawn!!! I asked him how and he said "Hold on a minute." He was gone for about 10 minutes and then came back and apologized and said they made a mistake and duplicated my balance transfer TWICE but that it was being reversed. I asked him how long would this take for my account to be brought up to date and he said atleast 1 billing cycle. I said my credit could be affected and my other credit accounts could be in default. He said Amex would make it right and not to worry about it. Now if all 3 credit bureaus get this negative information I will have to go to each one of them or just notify Amex and let them handle it. Any negative decisions on my credit report would have to be reversed. Anyone have this happen to them or am I just that one out of one million chances that this could happen???
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Mon Aug 07, 2006 11:30 pm
Post subject: Re: Duplicated balance transfer
Quote:
"JoyJoy"
I accessed my Amex account tonight to check to see whether my payment had been posted. My payment had been posted but then I noticed that my available credit was 0! I should have had a balance of $2,200 after they made a balance transfer for me. I called Amex and the CR said I was overdrawn!!! I asked him how and he said "Hold on a minute." He was gone for about 10 minutes and then came back and apologized and said they made a mistake and duplicated my balance transfer TWICE but that it was being reversed. I asked him how long would this take for my account to be brought up to date and he said atleast 1 billing cycle. I said my credit could be affected and my other credit accounts could be in default. He said Amex would make it right and not to worry about it. Now if all 3 credit bureaus get this negative information I will have to go to each one of them or just notify Amex and let them handle it. Any negative decisions on my credit report would have to be reversed. Anyone have this happen to them or am I just that one out of one million chances that this could happen???
DEMAND AMEX INCREASE YOUR CREDIT LIMIT BY LIKE $2,500 AND LET THE 2 BT's STAY AS IS
LESS ISSUES
THEN WHEN YOU OVER PAY THE OTHER CARD BT IT BACK TO AMEX or REQUEST A CHECK BE SENT FOR THE CREDIT BALANCE AND DEPOSIT IT IN YOUR CHECKING ACCOUNT THEN PAY AMEX
Author: rapjunkie
Posted: Tue Aug 08, 2006 12:04 am
Post subject: Duplicate Balance Transfer on Credit Card?
Wow - this is interesting...
I recently had an AMEX BT processed twice too! They said they would correct it by contacting the other creditor, but I later got a letter saying there was nothing they could do since the payment had cleared already. I ended up getting a check from the other creditor for my negative balance. I can't believe it happened to someone else also.
Author: hdporter
Posted: Tue Aug 08, 2006 4:09 am
Post subject: Duplicate Balance Transfer on Credit Card?
I didn't have a problem with a BT processed twice, but I've had a screw up with Chase where ultimately I wanted to reverse a BT transfer made to a new Chase card (I'll share a saga on that when the dust clears).
It took a couple of calls for Chase to get their head screwed on right, but ultimately the word was because the funds had been transferred, I'd have to get the recipient (BA) to return the funds. Chase credited the $75 BT fee immediately.
It took almost 3 weeks, but BA reversed the payment and Chase credited the receipt to return my account to a "0" balance. Then they applied a credit of $75 to me account, to again reverse the fee. I have a $75 credit balance.
My guess is that if Amex made the second transfer (which sounds like is clearly the case), you'll have to contact the recipient to reverse the payment.
I wouldn't sweat any score consequences. But I would ask Amex to immediately, as suggested, increase you limit to cover at least the current balance. Make clear that you'll be incensed if you find that they report an outstanding balance in excess of your reported limit.
If they increase your limit, any problem with your reported high balance is largely resolved automatically. If they don't, then you need them to address the issue of a reported "high balance" that exceeds your reported limit, since that status will be permanent. Follow up by reviewing your reports (all 3) carefully.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Aug 07, 2006 10:42 pm
Post subject: Duplicated balance transfer
I accessed my Amex account tonight to check to see whether my payment had been posted. My payment had been posted but then I noticed that my available credit was 0! I should have had a balance of $2,200 after they made a balance transfer for me. I called Amex and the CR said I was overdrawn!!! I asked him how and he said "Hold on a minute." He was gone for about 10 minutes and then came back and apologized and said they made a mistake and duplicated my balance transfer TWICE but that it was being reversed. I asked him how long would this take for my account to be brought up to date and he said atleast 1 billing cycle. I said my credit could be affected and my other credit accounts could be in default. He said Amex would make it right and not to worry about it. Now if all 3 credit bureaus get this negative information I will have to go to each one of them or just notify Amex and let them handle it. Any negative decisions on my credit report would have to be reversed. Anyone have this happen to them or am I just that one out of one million chances that this could happen???
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Mon Aug 07, 2006 11:30 pm
Post subject: Re: Duplicated balance transfer
Quote:
"JoyJoy"
I accessed my Amex account tonight to check to see whether my payment had been posted. My payment had been posted but then I noticed that my available credit was 0! I should have had a balance of $2,200 after they made a balance transfer for me. I called Amex and the CR said I was overdrawn!!! I asked him how and he said "Hold on a minute." He was gone for about 10 minutes and then came back and apologized and said they made a mistake and duplicated my balance transfer TWICE but that it was being reversed. I asked him how long would this take for my account to be brought up to date and he said atleast 1 billing cycle. I said my credit could be affected and my other credit accounts could be in default. He said Amex would make it right and not to worry about it. Now if all 3 credit bureaus get this negative information I will have to go to each one of them or just notify Amex and let them handle it. Any negative decisions on my credit report would have to be reversed. Anyone have this happen to them or am I just that one out of one million chances that this could happen???
DEMAND AMEX INCREASE YOUR CREDIT LIMIT BY LIKE $2,500 AND LET THE 2 BT's STAY AS IS
LESS ISSUES
THEN WHEN YOU OVER PAY THE OTHER CARD BT IT BACK TO AMEX or REQUEST A CHECK BE SENT FOR THE CREDIT BALANCE AND DEPOSIT IT IN YOUR CHECKING ACCOUNT THEN PAY AMEX
Author: rapjunkie
Posted: Tue Aug 08, 2006 12:04 am
Post subject: Duplicate Balance Transfer on Credit Card?
Wow - this is interesting...
I recently had an AMEX BT processed twice too! They said they would correct it by contacting the other creditor, but I later got a letter saying there was nothing they could do since the payment had cleared already. I ended up getting a check from the other creditor for my negative balance. I can't believe it happened to someone else also.
Author: hdporter
Posted: Tue Aug 08, 2006 4:09 am
Post subject: Duplicate Balance Transfer on Credit Card?
I didn't have a problem with a BT processed twice, but I've had a screw up with Chase where ultimately I wanted to reverse a BT transfer made to a new Chase card (I'll share a saga on that when the dust clears).
It took a couple of calls for Chase to get their head screwed on right, but ultimately the word was because the funds had been transferred, I'd have to get the recipient (BA) to return the funds. Chase credited the $75 BT fee immediately.
It took almost 3 weeks, but BA reversed the payment and Chase credited the receipt to return my account to a "0" balance. Then they applied a credit of $75 to me account, to again reverse the fee. I have a $75 credit balance.
My guess is that if Amex made the second transfer (which sounds like is clearly the case), you'll have to contact the recipient to reverse the payment.
I wouldn't sweat any score consequences. But I would ask Amex to immediately, as suggested, increase you limit to cover at least the current balance. Make clear that you'll be incensed if you find that they report an outstanding balance in excess of your reported limit.
If they increase your limit, any problem with your reported high balance is largely resolved automatically. If they don't, then you need them to address the issue of a reported "high balance" that exceeds your reported limit, since that status will be permanent. Follow up by reviewing your reports (all 3) carefully.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:51 PM
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