Transferring positive balance to bank account

2nd_mortgage · 16 August 2017 at 8:54PM

Hi all,
I recently got a 0% 0 fee balance transfer credit card. I transferred the maximum permissible amount (95% of the credit limit) from that credit card onto my MBNA card which I normally don't use, so the MBNA card is now in a positive balance. I will be calling up MBNA & requesting them to transfer the entire positive balance to my bank account. Will I need to give them a reason as to how come I ended up with a 5 figure positive balance or will it all be done without any questions asked & without any charges/penalties.

Thanks in advance.

dm19 · 16 August 2017 at 9:01PM

I did this with capital one, and said I transfered to the wrong card by mistake, but the impression I got was that they weren't fussed. Can't say for MBNA as such.

IAmWales · 16 August 2017 at 9:10PM

Because of the large amount involved, it is very likely they will insist on paying back to the originating account. Even if the call centre process it, compliance will pick it up and ask questions to establish if you are money laundering. If they don't believe your reasons, they'll potentially put a CIFAS marker on youe credit file, so blocking practically any future borrowing.

It's a really stupid idea.

YorkshireBoy · 16 August 2017 at 9:29PM

I've done it many times with MBNA over the years, but had an uncomfortable experience* earlier this year. Even though I'd kept all loading transactions/refund requests under £10K I was still grilled about them, primarily due to the sheer number of similar mistakes I was making week after week! Breathed a sigh of relief when I'd finally managed to get the £30K+ out!

Please do feed back on your experience, especially if it's a bad one.

* Detailed on this board at the time.

Transferring positive balance to bank account

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