Overpaying Credit Card - how to get money back

attlebax

I have just paid the wrong credit card by bank transfer and ended up with my Citi Mastercard in credit to the tune of £3760. I should have paid my Hilton Visa instead.

I rang Citi and was told that I could not transfer the positive balance to my Visa card, and that I would have to wait 10 days before I could request a cheque for the balance. So by the time that it was issued, posted and then paid in I could be looking at 3 weeks before I had the money back. They stated that this was a requirement of money laundering FSA rules. Of course by this time the payment for the Visa would have been due.

I asked if I could be paid by bank transfer back into my original account after 10 days but I was told that it had to be a cheque.

I then asked for a credit transfer of the negative balance from Visa into my Mastercard account and was told that they cannot do it as I have a positive balance over £100.

My bank, Barclays, say that they cannot recall the money unless there is evidence of fraud etc.

I pointed out that this was all simple madness. Any ideas?

Robert_Sterling_3

Is this the first time this as happend. I think I read about it once before.

Moggles_2

Robert_Sterling wrote: »

Is this the first time this as happened. I think I read about it once before.

Similar situations have been reported now and again. 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.;)

BlueAngelCV

I had a similar problem with Mint. They were no help whatsoever, they said I would either have to wait for a cheque or pay an exorbitant fee for them to transfer it by BACS.

As far as I'm concerned it's my money & they should give it back! They're a financial institution, it shouldn't be that difficult for them to transfer money to a bank account.

jonesMUFCforever

Yes OP it is your money - BUT shouldn't you be much more careful with it in future.
Procedures are in place for a reason - you will get your money back but it will take time - it was not an error by the credit card firm was it?

Deru

Depends on the provider. I did something similar with Egg and they did a BACS transfer and I got the money back in a week. No fees or anything as it's BACS. CHAPS may be a different story.

attlebax

It's the first time it has happened to me.

I was OK with waiting the 10 days as it was my mistake. OK I can go with the money-laundering bit to a point. But WHO wants a cheque these days? I just can't see why they can't instantly send it back to the account it came from.

We all know that when I request the money back it will take probably 4 or 5 days before they issue a cheque. The magic words 'the next cheque run' will be mentioned. Then they will post it second class. So another 2 or 3 days. Then it will take 5 days to clear.

When I asked about them paying interest to me for keeping my money they instantly said NO.