Question about my bank transfers

[VveTTe917]

TweetThe beginning of October I transferred a $2,500 balance from one regular card to my bank credit card because it has 0% interest. Now I noticed recently that the bank payed off that regular card days after the tranfer, but it took over a month to post on my bank card. Now.....my regular card should be at a $0 balance right? Now I get the bill in the mail and they credited me $2,500, so did my bank pay them twice? Because I do remember checking that card and the balance was at $0 at one time because the bank did pay them off, but now I have this crazy credit. What the hell should I do? Besides spending the hell out of it lol. Cause Im afraid I'll buy for example these rims I want for my Vette, Im afraid of getting screwed, they might figure out the problem down the road and then take that balance back and add on the new balance for the rims.

[mick-G]

TweetIam lost did you receive a check for 2,500. from the old credit card or the back card? I would call the bank card and find out exactly what is owed on it at present. If they accidently sent you a credit check then it will prob show as a 5,000 total on your debit (2500. for the balance transfer and 2500 cash back). I wouldn't go spending $ that isn't accounted for.

[mick-G]

TweetEither that or the bank card is giving you the check to payoff the old card for the balance transfer. I would also call the old card and find out if it is indeed paid off.

[VveTTe917]

TweetNo my bank paid off the card with my bank card, like a transfer. But it took over a month for them to post it. Now today I got the credit card statement from the regular card and it says $2,500 credit. So the bank definatly paid them twice, both the same amounts.

[mick-G]

TweetI would call the regular card and find out what your current balance is. It should be 0. You can do this without saying you have this 2500. check. This is what happened bro, the new card can take up to a statement period to post to the balance transfered account. Since this regular card is now paid off, it is not making anymore interest off you, so what they do is send you an unsecured check, which is paid out to you. It is only really a mere loan, once you cash it then the 2500. will debit to your bank card. I have received many of these ones for 10k, 8k and so on, but once you cash it you have to pay it off. Nothing new bro. No money is free and there is no way they messed up on this, it is intentional, cause they want to continue making interest off debt.

[T-Man007]

TweetMore than likely they creditted it twice. However, even if your new account didn't pay it twice it's only a matter of time before they catch it. There is no such thing as free money when it comes to credit cards.

With that said...I would just sit and wait for 3 months and see what happens. If in fact they keep it as a credit you can call and ask them to mail you a check for the credit if you need the money. But keep in mind, they will more than likely catch it. Also, this is just 'me' speaking...you have the integrity thing to think about. If you take it and you get away with it...how long before kharma kicks you in the nuts for doing it. If it was me I would just do the right thing and tell them they screwed up. Your honesty will probably get you a 0% rate with them for a while or a higher balance or something. People rarely do the right thing and in my experience when you do the right thing on something like this is realy pays off. As a Real Estate Appraiser I sometimes will get paid twice on a deal because people don't pay attention. Now, I know some guys who have kept the money and got away with it but they are struggling now. I've returned the double payment and received more business and even new clients. But that's me....lol.

[mick-G]

TweetBro, you are not understanding i think. This check you got from the bank is a cash advance check (it looks exactly like a check and is made out to you, but when you cash it, it will debit to your credit card. Since this card is paid off they will no longer be making interest off you, so they send you a cash advance check and as soon as you cash it, there will be a 2,500. debit to the card that was paid off. I used to get them all the time. Its not free money, lol!

[VveTTe917]

TweetNo Mick, they (bank of america) did not send me a check, they sent me a typical bill, only it's showing the credit. My bank (Wachovia) definatly paid it twice, I think they messed up the first time somewhere because it took over a month for them to transfer the funds into my bank balance.

T-man I agree with you and thats what I was told from a couple other people, they said to just wait a few months and see if it sticks, if it does then have them mail me a check for that credited amount.

[mick-G]

TweetOh, i see, lol! In that case, yes wait awhile then see if you can get them to mail you a check. Keep your finger crossed that they don't catch it.

[T-Man007]

TweetAlso, make sure your new bank didn't pay them twice, that happens sometimes too.

[VveTTe917]

Tweet

Oh, i see, lol! In that case, yes wait awhile then see if you can get them to mail you a check. Keep your finger crossed that they don't catch it.

Eggsactly

[mick-G]

Tweetthis reminds me. Very short story, lol..I worked for a company long time ago and found another job. I had about 1200. in their profit sharing and after i quite they told me i wasn't vested to get anything and that they contributed the most. I called up the Fidelity and i told them to close the account and they said sure no prob and they sent me a check minus 20%, lol!