Getting Back Money in Credit

lennyp

With Christmas approaching and belts tightening, I've been going through some older accounts, including credit cards that I rarely use, and clearing out any credit balances therein. Much to my surprise, most of the companies involved, financial companies like Tesco to name my most recent one, do not have a facility online to transfer money out of the account in credit. I was somewhat taken aback that they mail cheques for any surplus to you and then pay it in (murmuring some inane comment about small amounts).

My point is this: what won't firms allow credit balances to be transferred out (after all, it's my money!) and why do they insist in using the outmoded means of a cheque to do so instead of a BACS transfer? Seems like psychological money grabbing to me!

lisyloo

You aren't meant to put a credit card in credit, so that might be why they don't have good procedures for it.
AMEX accept a BACS request and action it quickly, but would it not be easier to simply spend it?
Surely you would be spending on food/petrol within the next week or two at least. This would be easiest all round.

Many credit cards these days won't let you go in credit and will return payments, but you have probably done it before these checks were in place.

mjm3346

They shouldn't be in credit in the first place, it is a waste of money and many cards do not allow it now. The simplest thing would be to use the balance on the cards instead of asking for it back.

JJ43

lennyp wrote: »

With Christmas approaching and belts tightening, I've been going through some older accounts, including credit cards that I rarely use, and clearing out any credit balances therein. Much to my surprise, most of the companies involved, financial companies like Tesco to name my most recent one, do not have a facility online to transfer money out of the account in credit. I was somewhat taken aback that they mail cheques for any surplus to you and then pay it in (murmuring some inane comment about small amounts).

My point is this: what won't firms allow credit balances to be transferred out (after all, it's my money!) and why do they insist in using the outmoded means of a cheque to do so instead of a BACS transfer? Seems like psychological money grabbing to me!

So you have numerous accounts in credit! Yea,likely story.