Balance Transfer to Citi Credit Card Account
Guest: hdporter
Credit Expert (100+ Posts)
Post subject: Balance Transfer to Citi Credit Card Account
Posted: Sat Aug 19, 2006 5:09 am
My recommendation is that you call Citi and explain that you erroneously arranged a BT to this account. There's no need to provide further explanation -- simply say that you obviously screwed up.
Tell them that you've been unable to cancel the transfer with BA and want to know how to handle this since you don't have a Citi balance outstanding. I expect that they'll assist you with this without a hassle.
If they don't want to refund the payment to you directly, they have the option of reversing the payment - for credit back to your new BA account.
I recently had to reverse a transfer from Chase to BA in this fashion. At first, BA indicated that they would send me a check. They offered this even though I did have an outstanding balance at the time. However, in the end they reversed the payment. I was nervous about this, but the credit showed up in my Chase account within a couple of days.
- Harry
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Guest: kellyashleymandy
Posted: Mon Aug 21, 2006 7:20 pm
I used to work for citi and we are able to send you a refund check. it happened all the time where someone did a balance xfer and could not cancel it.
_________________
work for cc co. pls ask questions
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Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Aug 21, 2006 8:15 pm
SOMETIMES IT HAPPENS BECAUSE YOU ARE TOLD YOU WERE DENIED
So you apply for another credit card and do the BT again
The first card was actually approved so you paid TWICE
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Guest: Evilbunny
Posted: Tue Aug 22, 2006 1:12 pm
It's part of the Bank Secrecy Act, Also the Patriot Act touches on it as well. Banks are REQUIRED to implement security measures to prevent money laundering. Expecially if the credit balance is greater than $10,000 dollars.
Yes, credit balances happen frequently in the case of misposted balance transfers, but banks are required to treat them all equally.
I have seen my share of blatently obvious money laundering. it does happen. Crooks use it as a way of moving funds from one place to the other.
So dont hate the bank. they get in BIG trouble if they arent diligent. More info on the BSA and Anti-money laundering can be found here :
http://www.occ.treas.gov/handbook/bsa.pdf#search=%22anti-money%20laundering%22
Its kind of an interesting read. Well, i think it is, but then again. Im a bank nerd
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: Balance Transfer to Citi Credit Card Account
Posted: Sat Aug 19, 2006 5:09 am
My recommendation is that you call Citi and explain that you erroneously arranged a BT to this account. There's no need to provide further explanation -- simply say that you obviously screwed up.
Tell them that you've been unable to cancel the transfer with BA and want to know how to handle this since you don't have a Citi balance outstanding. I expect that they'll assist you with this without a hassle.
If they don't want to refund the payment to you directly, they have the option of reversing the payment - for credit back to your new BA account.
I recently had to reverse a transfer from Chase to BA in this fashion. At first, BA indicated that they would send me a check. They offered this even though I did have an outstanding balance at the time. However, in the end they reversed the payment. I was nervous about this, but the credit showed up in my Chase account within a couple of days.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: kellyashleymandy
Posted: Mon Aug 21, 2006 7:20 pm
I used to work for citi and we are able to send you a refund check. it happened all the time where someone did a balance xfer and could not cancel it.
_________________
work for cc co. pls ask questions
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Aug 21, 2006 8:15 pm
SOMETIMES IT HAPPENS BECAUSE YOU ARE TOLD YOU WERE DENIED
So you apply for another credit card and do the BT again
The first card was actually approved so you paid TWICE
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Evilbunny
Posted: Tue Aug 22, 2006 1:12 pm
It's part of the Bank Secrecy Act, Also the Patriot Act touches on it as well. Banks are REQUIRED to implement security measures to prevent money laundering. Expecially if the credit balance is greater than $10,000 dollars.
Yes, credit balances happen frequently in the case of misposted balance transfers, but banks are required to treat them all equally.
I have seen my share of blatently obvious money laundering. it does happen. Crooks use it as a way of moving funds from one place to the other.
So dont hate the bank. they get in BIG trouble if they arent diligent. More info on the BSA and Anti-money laundering can be found here :
http://www.occ.treas.gov/handbook/bsa.pdf#search=%22anti-money%20laundering%22
Its kind of an interesting read. Well, i think it is, but then again. Im a bank nerd
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 3:07 PM
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