Cash advance fee to withdraw a positive balance!

thedays

Hi everyone,

I visited a branch of the bank with whom I have a CC today to withdraw a small positive balance and was told I would have to pay a 'cash advance fee'. I don't see it as a cash 'advance', as I am not incurring a debt on the card. I could not get them to understand I was not taking an advance from the cards credit facility! I was quite surprised by their reaction, has anyone else experienced this? Am I the confused one?

The manager even called the CC department who confirmed it.

I was told the only way to do it was to spend to that value on the card or call the 0870 number to ask them to send me a cheque!

The surplus occurred when a balance transfer paid off the outstanding amount, but took a while to come through and I continued paying the statements until it did, thus the amount owed was less than the amount transferred.

Cheers,

thedays

lisyloo

Are you sure that you positive balance is insured?
I was told by Nationwide that positive balances are not insured i.e. they only insure THEIR losses and not YOURS.
If your money is taken fradulently then they will not cover you for YOUR losses.

I am not sure it's wise to load up credit cards for this reason although I realise you didn't do it intentionally.

thedays

I never thought of the insurance angle, and I don't know what the position is with this bank. The main reason why I want to move it (to my ISA until the new card balance becomes due) is because it is sitting there and not accruing any interest.

I had all the ID with me, and they would have let me do it if I was prepared to pay the cash advance fee.

thedays

King_Of_Fools

I think this is fairly standard - spending it or getting a cheque sent are the only options. (I believe some CC providers even charge £20 to send a cheque!)