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Recovering funds overpaid to Credit card in Error
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roymcgill
Posts: 2 Newbie
in Credit cards
Due to finger trouble (on our behalf) a £20k payment from our business account was sent to my personal credit card instead, thus putting it £20K in credit! Nothign is owed on that card. Now my credit card provider Capital One now claim that due to "the law" it will take them up to 21 days to return the funds even though "it might be quicker than that".
In no way are we disputing that the error was our fault. But it's going to take up to 7 days to even get a letter from Capital One to confirm that they are GOING TO refund the £20k. Without this our bank are unlikely to give us a temporary overdraft, and our business which employs 4 staff could well be in trouble.
In no way are we suggesting that the initial error was anyones fault other than ours but the attitude of Capital One seems pretty inflexible. It seems that we simply need to sit and wait patiently for them to give us our money back - unless anyone else knows different???
In no way are we disputing that the error was our fault. But it's going to take up to 7 days to even get a letter from Capital One to confirm that they are GOING TO refund the £20k. Without this our bank are unlikely to give us a temporary overdraft, and our business which employs 4 staff could well be in trouble.
In no way are we suggesting that the initial error was anyones fault other than ours but the attitude of Capital One seems pretty inflexible. It seems that we simply need to sit and wait patiently for them to give us our money back - unless anyone else knows different???
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Comments
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Its possible you have fallen foul of some of the stupid money laundering laws.0
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It is possible you have fallen foul of some of the money laundering laws................................I have put my clock back....... Kcolc ym0
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It is possible that you've fallen foul of some of the stupid money laundering laws.You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0
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Quite possibly so - but the Capital One Manager did say that if it had been their fault they might have been able to do something to help!!!! We screwed up - no doubt about it, but do these guys really want to see small businesses go to the wall!0
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Quite possibly so, but the Capital One Manager did say that if it had been their fault they might have been able to do something to help! We screwed up, no doubt about it, but do these guys really want to see small businesses go to the wall!
Privately, they are probably sympathetic but, in these circumstances, there's nothing they can do.
This situation is certainly not unique. The outcome depends on the lender involved and their interpretation of anti-money laundering procedures but, judging from feedback here, these issues are not resolved quickly, so it pays to take care when requesting balance transfers
People who don't know their rights, don't actually have those rights.0 -
I had the same thing. My posting appears earlier. I am still waiting for my money.
In my case it was Citi Mastercard. I made an accidental payment of £3670 on the 2nd March. It hit my Citi account on the 4th. I rang Citi and was told that I could ask for it after 10 days. On the 11th day I made the request for repayment. I was told that it was coming out by cheque. A week later there was no sign of the cheque so I rang again on the 23rd. They simply had not done it. After raving wildly on the phone they agreed to transfer it back to my bank account straight away.
And YES you are right. They didn't do it. Today they now say that they will transfer it in 5 - 8 working days after it has been checked by the fraud department.
When I asked to speak to a manager I was told that they would get him to ring me. When I asked for details of the regulator I was told that they did not know.
I have just finished talking to the Financial Ombudsman who have recorded the incident but they say that they cannot do anything for 8 weeks!
I just want my money back. Surely this is just insane.Due to finger trouble (on our behalf) a £20k payment from our business account was sent to my personal credit card instead, thus putting it £20K in credit! Nothign is owed on that card. Now my credit card provider Capital One now claim that due to "the law" it will take them up to 21 days to return the funds even though "it might be quicker than that".
In no way are we disputing that the error was our fault. But it's going to take up to 7 days to even get a letter from Capital One to confirm that they are GOING TO refund the £20k. Without this our bank are unlikely to give us a temporary overdraft, and our business which employs 4 staff could well be in trouble.
In no way are we suggesting that the initial error was anyones fault other than ours but the attitude of Capital One seems pretty inflexible. It seems that we simply need to sit and wait patiently for them to give us our money back - unless anyone else knows different???0
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