Credit Card Balance Transfer Question

Guest: jojo
Post subject: Credit Card Balance Transfer Question
Posted: Thu Jun 29, 2006 5:08 am

i just found out a werid thing on my credit card payment.

my credit limit is 7000,but the balance is 6000,i wrote a check to CC company for 6000,(i think they must received my check),not sure 3 days or 4 days after,i checked my credit card balance,it's was 0 balance,credit limit go back to 7000 right the way.the werid thing is,when i check my check account,the money i wrote for CC company was still there,the money didn't deposit to CC company yet,but how come the credit limit went back to 7000?is this a CC company's mistake?

any one can explain this?by the way, it's a BOA card.every CC companys do the same thing?

thx alot!

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davej
Posted: Thu Jun 29, 2006 5:58 am

Most likely the money in your checking account is on hold, hasn't just changed hands yet... Wait a couple more days to see what happens and let us know..

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db619196
Credit Expert (100+ Posts)
Posted: Thu Jun 29, 2006 9:16 am

I agree with Dave. My bank account is almost always a few days behind the credit card company in posting transactions online. I would give it a few days. You could also call the bank if you are worried. They can usually see the transaction before we can online.

David

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Board Monitor
Board Monitor/ Administrator
Posted: Thu Jun 29, 2006 9:30 am

David-

Greetings! Just a quick note that your account has been upgraded to "Credit Expert" status. Congrats and thanks for supporting our community!
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jojo
Posted: Thu Jun 29, 2006 11:57 am

i did call my bank,my bank didn't hold the money,they said just like the regular money transfer,check processing day is 3 to 5 days.

my question is why credit card company give the credit limit back even they didn't verified ur money?every CC company do the same thing ?or only boa?

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Low Interest Credit Card Offers?

Guest: Messiah
Post subject: Low Interest Credit Card Offers?
Posted: Thu Jun 29, 2006 1:30 pm

I been getting calls saying that they will lower my interest rate......

Weird thing is.....its automated.......another thing they just say its "credit services"

Doesnt say....who they are..nada....

scam?

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Guest: Messiah
Posted: Thu Jun 29, 2006 2:48 pm

?=\

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Over Paid on Bank of America Credit Card

Guest: ajulius
Post subject: Over Paid on Bank of America Credit Card
Posted: Thu Jun 29, 2006 10:56 am

I sent a balance transfer and paid off a Bank Of America credit card and some extra cash. Bank Of America has been lying through their teeth on processing the credit refund.

After I receive my refund I will be closing all my Bank Of America accounts and will never do business with them again. The lies they have used are the following:

Thank you for contacting Bank of America.

The credit balance refund request was processed on 06.22.2006 for the
amount of xxxxx. Refunds over $1,500.00 must be researched and
verified before a check is issued.

We appreciate the opportunity to assist you online. Should you have any
further inquiries, please e-mail us again.

Matt Martin, Bank of America

My initial message: I recently called up to request that the credit balance in
my account as I had overpaid be sent to me. The woman I spoke with told
me the amount was over $15000 which was incorrect as the overpayment was
for the amount of $xxxxx. I have a checking and credit card with
you and I asked if the funds could be transferred over to my checking
account but she told me a check had to be mailed out.

Then I called back and they told me a condition had been placed on my account and they asked for the account for the receiving bank otherwise they told me it would take 13 days so I reluctantly gave them the CC account # for the balance transfer but then they told me it would take 10 business days.

These guys are lying through their teeth to keep my funds in tow and to make money off the interest and I dont know when I will receive the funds.

I will be cancelling all my Bank Of America accounts because of this.

It has already been 5 days and they want me to wait another 10 business days. This is rediculous and I dont even know if they will give me back my funds.

What is the limit they can hold my funds legally for?

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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Jun 29, 2006 11:10 am

There are rules that apply to holding funds deposited in checking or savings accounts--but I don't know of any rules applying to payments on credit cards.

I once had to wait over three weeks for a Citibank bank check to clear when I deposited it in my ATM at Wells Fargo. Wells kept withholding the funds and claimed it had the right to do so since I hadn't deposited at a teller window.

Banks do this to reduce fraud--it can take weeks for a check to bounce and be physically returned to a bank, even if it's reported as "good" overnight by the electronic system. There can always be a hold, a counterfeit, a closed account or a stopped payment--there are many fraud schemes involving such things.

I don't blame you for being annoyed with BofA--but all banks have policies like this. Do you really think the bank you'll switch to will be any different?
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

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Guest: fire3000
Credit Expert (100+ Posts)
Posted: Thu Jun 29, 2006 11:29 am

It is not right to request a balance transfer for more than the balance on the card you are transfering from. It is like asking for a cash advance at the low BT interest rate. BOA will probably send the excess money back to the other creditor. You may also be hit for a fee from one or both creditors.

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Guest: ajulius
Posted: Thu Jun 29, 2006 11:53 am

And this coming from a person who said in this forum that he used 0% balance transfers and did it himself as per a search.

Even legitimate places like motley fool and others have even mentioned such was doable.

One guy did 0% on over 100k and had no issues. I did an accidental balance transfer and your saying they will nail me for fees?

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Guest: ajulius
Posted: Thu Jun 29, 2006 11:58 am

played a similar game, but never exceeded 60% of my available total credit. Save the BT offer papers and read the fine print. You must know the exact date the interest rate goes up and plan to pay off the card in full at least two weeks ahead of time. One week after payment, call issurer to verify receipt. Do not apply for more credit until you drop down to less than 50% utilization. Read the BT offer to determine how and when the BT checks can be used. Most issurers today require that the check be paid directly to one of your creditors (a HELOC may not be acceptable). Keep a wall chart to help you never miss a payment (huge penalty in interest and late fee). Next time do not transfer over 90% of available credit on a card. Try not to use a low rate balance transfer card to make a purchase (regular rates apply on the purchases until the card balance is zero) and similarly the BT card should have a zero balance before the transfer. Last year my card debt was over $150,000 (TU score was only 680) and now I am down to less than $70,000.

That was your comment in the forum for this guy who made 0% balance transfers to paid cc's.

You said and I quote "BT card should have a zero balance before the transfer." And now you change tunes? In my case it was accidental, in your case it was intentional and thats what you were doing so why did you or the other guy get hit with fees and the like and have the funds returned?

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Guest: fire3000
Credit Expert (100+ Posts)
Posted: Thu Jun 29, 2006 1:33 pm

I have not "changed my tune". I never made a BT that would result in an overpayment to the other card and I always follow the rules stated in the BT offers. Now you claim the overpayment was "äccidental". By the way, my card debt is back over $120,000 and I am proud of it.

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Guest: Brammy
Credit Expert (100+ Posts)
Posted: Thu Jun 29, 2006 2:25 pm

[quote="fire3000"]It is not right to request a balance transfer for more than the balance on the card you are transfering from. It is like asking for a cash advance at the low BT interest rate. BOA will probably send the excess money back to the other creditor. You may also be hit for a fee from one or both creditors.[/quote]

Maybe it just me but my bank advised me to used one of the BT checks and make a deposit to my personal checking accout to take advantage of the 0% BT. Isn't that about the same thing?

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Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Thu Jun 29, 2006 2:39 pm

I dont know what the point of closing the account or getting ruffled. A lot of the cc’s are not happy when you overpay. You could has just as easily looked to see if they had a no fee bt op. and transferred it to another card with a balance.

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