Can I deposit credit card cash advance check into my checking account?
Guest: JoyJoy
Credit Expert (100+ Posts)
Post subject: Can I deposit credit card cash advance check into my checking account?
Posted: Sat Sep 16, 2006 7:37 pm
Bikshu,
I have a question about these "bloody access checks".
Can I make one of these 0% MBNA check cash advances out to myself and deposit it into my bank account or does it have to be another credit card company or business?
Alecia
_________________
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!
Guest: b
Posted: Sat Sep 16, 2006 7:47 pm
Bikshu wrote:
Quote:
Bikshu does visa signature/mastercard world report credit limits to CRA? I couldn't find it anywhere, and if it doesn't, then does it mean that the upgrade from platinum would actually hurt my score?
And thank you for all your posts!
Yes, MBNA (and very shortly by extension BOA) is the only bank that will report your credit line no matter what. We report lines on Visa Signature, World MasterCard, and Platinum American Express cards like any other. I agree with you that in my eyes this is a very good thing as it will help 99% of people's utilization ratios to have that nice line being reported.
However, I do admit that this can actually backfire and hurt you under one very specific scenario. Lets say you do have a Visa Signature card and your credit line is $20,000. You then put a $25,000 transaction on the account, which gets approved and goes through perfectly. On the one hand you do not have to worry about any overlimit fee due to this transaction. On the other hand, your credit report would now reflect a $20k line and a high balance of $25k, which in theory should hurt your FICO. But this is the only situation in which MBNA's reporting of no pre-set spending lines can ever hurt you. And this would have happened even on your old Platinum Visa or MC as well.
Furthermore, in the case of an MBNA no pre-set spending card there is actually a relatively easy way around the above problem. You could: 1. wait for the next auto CLI or two to bump your line up past $25k or 2. call and proactively ask for a CLI to $25k (remember its always a soft pull for CLIs with MBNA). We never actively reported you as being overlimit to the CRAs. It is simply showing in the CRA's system that you are overlimit given the information that they do have (current line vs. current balance). So once they reflect the higher credit line, it will wipe out that overlimit completely. Gone forever. Never to be heard from again. Your FICO would then go right back up to where it was.
All in all, there is absolutely no good reason not to get that Visa Signature, World MC, or Platinum AmEx. If you are going to have an MBNA card, you might as well have the best we've got to offer.
Thank you very much!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Posted: Sat Sep 16, 2006 7:50 pm
Quote:
I have a question about these "bloody access checks". Rolling Eyes
Can I make one of these 0% MBNA check cash advances out to myself and deposit it into my bank account or does it have to be another credit card company or business?
Yes, of course you may. But I'll never love you if you do!
Remember, since we send those checks out through the mail they are specifically designed with extra security precautions. This is why they will never pass a Tele-Check or E-Check machine. They are also designed to have a hold time on posting, usually 7+ business days but it sometimes depends on the bank or merchant you take the check to. I have seen access checks where the customer's bank will refuse to accept the deposit altogether. I have seen other access checks take three to four weeks to post. I have seen still others post within 48 hours. It all depends on the place you are taking the check to and how long our fraud department needs to verify the transaction is legit. We have to have that extra hold time to make sure that your mailman didn't steal the check and then run straight to his bank to try and cash it.
If you call the BT department, however, they are open 24/7. Just have your personal checkbook available for the checking account you want the funds deposited into. Read the rep a few numbers along the bottom of your personal check (ABA routing number, account number, check number) and tell him how much to send over. He'll then do an ACH (Automated Clearing House) which is an electronic direct deposit into your checking account. He'll tell you it will take 4-6 business days to post (we are required to tell you it takes that long even if it doesn't). But I have seen these very often go through within 48-72 hours no problem. Either way its incredibly faster than using the check, plus you'll save some gas money and a trip to the bank. And to top it all off you'll make that rep a very happy person! Now isn't that better than using some bloody access check?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Sat Sep 16, 2006 8:05 pm
Yes it does sound better to call up and talk to a CR and have the "bloody check" deposited that way. The other way sounds like going through the FBI or Fort Knox!
Thanks for all your advice and I thought I was a fast typist! You have me beat and your grammar and spelling are impeccable!
If your boss ever wants to hear that you are doing a good service here, just state the e-mail address and I will be glad to send a positive note about you! After I pay my balance transfers off, I will keep BOA as one of my main cards to shop with. BOA is around the corner from me also.
Thanks and when I get my computer I will tune in to see what other good advice you are giving.
Alecia
_________________
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!
Credit Expert (100+ Posts)
Post subject: Can I deposit credit card cash advance check into my checking account?
Posted: Sat Sep 16, 2006 7:37 pm
Bikshu,
I have a question about these "bloody access checks".
Can I make one of these 0% MBNA check cash advances out to myself and deposit it into my bank account or does it have to be another credit card company or business?
Alecia
_________________
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!
Guest: b
Posted: Sat Sep 16, 2006 7:47 pm
Bikshu wrote:
Quote:
Bikshu does visa signature/mastercard world report credit limits to CRA? I couldn't find it anywhere, and if it doesn't, then does it mean that the upgrade from platinum would actually hurt my score?
And thank you for all your posts!
Yes, MBNA (and very shortly by extension BOA) is the only bank that will report your credit line no matter what. We report lines on Visa Signature, World MasterCard, and Platinum American Express cards like any other. I agree with you that in my eyes this is a very good thing as it will help 99% of people's utilization ratios to have that nice line being reported.
However, I do admit that this can actually backfire and hurt you under one very specific scenario. Lets say you do have a Visa Signature card and your credit line is $20,000. You then put a $25,000 transaction on the account, which gets approved and goes through perfectly. On the one hand you do not have to worry about any overlimit fee due to this transaction. On the other hand, your credit report would now reflect a $20k line and a high balance of $25k, which in theory should hurt your FICO. But this is the only situation in which MBNA's reporting of no pre-set spending lines can ever hurt you. And this would have happened even on your old Platinum Visa or MC as well.
Furthermore, in the case of an MBNA no pre-set spending card there is actually a relatively easy way around the above problem. You could: 1. wait for the next auto CLI or two to bump your line up past $25k or 2. call and proactively ask for a CLI to $25k (remember its always a soft pull for CLIs with MBNA). We never actively reported you as being overlimit to the CRAs. It is simply showing in the CRA's system that you are overlimit given the information that they do have (current line vs. current balance). So once they reflect the higher credit line, it will wipe out that overlimit completely. Gone forever. Never to be heard from again. Your FICO would then go right back up to where it was.
All in all, there is absolutely no good reason not to get that Visa Signature, World MC, or Platinum AmEx. If you are going to have an MBNA card, you might as well have the best we've got to offer.
Thank you very much!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Posted: Sat Sep 16, 2006 7:50 pm
Quote:
I have a question about these "bloody access checks". Rolling Eyes
Can I make one of these 0% MBNA check cash advances out to myself and deposit it into my bank account or does it have to be another credit card company or business?
Yes, of course you may. But I'll never love you if you do!
Remember, since we send those checks out through the mail they are specifically designed with extra security precautions. This is why they will never pass a Tele-Check or E-Check machine. They are also designed to have a hold time on posting, usually 7+ business days but it sometimes depends on the bank or merchant you take the check to. I have seen access checks where the customer's bank will refuse to accept the deposit altogether. I have seen other access checks take three to four weeks to post. I have seen still others post within 48 hours. It all depends on the place you are taking the check to and how long our fraud department needs to verify the transaction is legit. We have to have that extra hold time to make sure that your mailman didn't steal the check and then run straight to his bank to try and cash it.
If you call the BT department, however, they are open 24/7. Just have your personal checkbook available for the checking account you want the funds deposited into. Read the rep a few numbers along the bottom of your personal check (ABA routing number, account number, check number) and tell him how much to send over. He'll then do an ACH (Automated Clearing House) which is an electronic direct deposit into your checking account. He'll tell you it will take 4-6 business days to post (we are required to tell you it takes that long even if it doesn't). But I have seen these very often go through within 48-72 hours no problem. Either way its incredibly faster than using the check, plus you'll save some gas money and a trip to the bank. And to top it all off you'll make that rep a very happy person! Now isn't that better than using some bloody access check?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Sat Sep 16, 2006 8:05 pm
Yes it does sound better to call up and talk to a CR and have the "bloody check" deposited that way. The other way sounds like going through the FBI or Fort Knox!
Thanks for all your advice and I thought I was a fast typist! You have me beat and your grammar and spelling are impeccable!
If your boss ever wants to hear that you are doing a good service here, just state the e-mail address and I will be glad to send a positive note about you! After I pay my balance transfers off, I will keep BOA as one of my main cards to shop with. BOA is around the corner from me also.
Thanks and when I get my computer I will tune in to see what other good advice you are giving.
Alecia
_________________
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!
posted by CardRatings.com at 2:56 PM
0 Comments:
Post a Comment
<< Home