Charged for moving a credit balance off a card!!

Coolcarbon

I've tried to remove money off a card as it's in credit...

They want to charge me 2.5% for the privilage....is this fair and legal??

Paul_Herring

Yup, both fair and legal if you try to balance transfer it or withdraw it from a cashpoint.

You need to either
a) Spend on it to reduce the positive balance or
b) (assuming it's due to an overpayment of a bill) ask them to return the excess. It'll either come by cheque or they'll put it back in the account from where your payments come.

Coolcarbon

Bizarre, I get charged for accessing my own money....!

So, what if I said close the account...they'd have to send me the outstanding money surely, without a charge...

Incidentally, I was asking them to move it to my cheque account, not to another card or cash withdrawals

YorkshireBoy

How big is the +ve balance?
How did it arise?
Which card is it?

Coolcarbon

YorkshireBoy wrote: »

How big is the +ve balance?
How did it arise?
Which card is it?

£3000
It arose Legally...
First Direct Gold

td_007

Coolcarbon wrote: »

Bizarre, I get charged for accessing my own money....!

How can "credit" on credit card be your money? It is the credit card company's money they lend to you and the credit limit is the max amount they are will to lend.

Coolcarbon wrote: »

So, what if I said close the account...they'd have to send me the outstanding money surely, without a charge...

Which outstanding money? Do you have a positive balance on the card?

Coolcarbon wrote: »

Incidentally, I was asking them to move it to my cheque account, not to another card or cash withdrawals

Again is this a positive balance on the card? If so they usually repay that via cheque. Otherwise they it could be classed a balance transfer which will attract a charge (unless there is special promotion going on).

td_007

Coolcarbon wrote: »

£3000
It arose Legally...
First Direct Gold

Ok now you are talking of a positive balance. If it is because of a refund for example then fd would normally make out a cheque to you at no charge. However, if you have created this positive balance by eg. a BT then it is against the t&c.

YorkshireBoy

Coolcarbon wrote: »

It arose Legally...

Specifically?

Did you BT a ficticious debt to another card, thereby creating the positive balance with the intention of getting a cheap loan?

If you push it with FD they may simply return the positive balance to it's source, thereby wasting you a BT fee/your time?

chattychappy

Coolcarbon wrote: »

They want ......is this... legal??

Wanting stuff is always legal!

CannyJock

Coolcarbon wrote: »

£3000
It arose Legally...
First Direct Gold

Nice round number
Uhuh .... what ain't you tellin us ....
Does say on their website: A Balance Transfer fee of 2.5% (min £2.50) will be charged for all transfers.

Personally, so long as they're happy to hold the balance and not return it, I'd just use it for now. Maybe when the number isn't quite so round and you've put some purchases through and you're a few statements down the line you can try their CS people again and ask about a refund of your overpayment

Coolcarbon

They wont return the money to the original source without the same 2.5%fee...so I've taken the hit, transfered into my current account (for now)and closed the Credit Card account too...their loss (as well as mine of course )