Help - down by £285

Millionare

oscar52 wrote:

To those people who cited Money Laundering Regulations as the reason for money being returned to the original card, I think you will find you are wrong. Firstly, if the account has been closed, and given the person is in a debt managment plan it probably has been, the money will bounce back. secondly, assume that these fees were paind for by credit card, the balance had been trnasferred to a competitor and the card closed down - what then? ask the original company to reopen your account, with the original card numbers so you can gain a refund. (and i have been in this situation)

It is usually policy to refund in the same manner payment was taken - ie cash or credit card, but it isnt mandatory, and besides which debit cards are classed a CASH transaction, and therefore refunds can be given in cash (I have deone this myself)

Firstly the account has not been closed because she is paying money into via cccs, thus the account has been frozen mainly to stop further withdrawals and the account holders access to the account would be terminated, the money wont bounce back because its set to accept deposits. as far as the account holder is aware it might as well be closed but it isnt and they will not be able to use it.

secondly your talking about a closed cc account, yes you can get them to reopen the account to accept refunds because its kept on the system. also you can make a claim to visa, mastercard etc if they dont and get your money that way. The OP does not have a clsoed account it is RESTRICTED/FROZEN by the bank. Will the bank derestrict the account to give her access to a refund? No chance!

heres an example regarding why refunds are made to cards.more do with credit card but you get the idea i could make a large purchase by credit card which will register at the purchase rate apr. i could then request a refund via cheque and pay it in my bank and ive have just got cash from a credit card but will pay the alot cheaper purchase rate say e.g 12.9% and not the cash withdrawal rate of 22.49%. thats to stop this happening.

I know this because i used to work in banking and have worked in fraud and dealt with dmp accounts.

oscar52

Millionaire

Fair anough about the bank accounts, i wasnt aware that they are kept "open" so to speak.

However i disagree with you opinion on CCs, although they can be reopened, they would have a totally different account number, some providers would even ask you to reapply for an account. I know this as i work for the largest CC company in the country. I can see your point regarding the refunds, but most providers would give a promotional rate for transfers (which some companys allow to current accounts) if they transfer was that big.

I think your example would apply more to a Money Laundering operation, given that the cheque amount could quite easily be transferred via several accounts.

Anyway, I'll shut up know cos we're deviating away from the original topic

Millionare

oscar52 wrote:

Millionaire

Fair anough about the bank accounts, i wasnt aware that they are kept "open" so to speak.

However i disagree with you opinion on CCs, although they can be reopened, they would have a totally different account number, some providers would even ask you to reapply for an account. I know this as i work for the largest CC company in the country. I can see your point regarding the refunds, but most providers would give a promotional rate for transfers (which some companys allow to current accounts) if they transfer was that big.

I think your example would apply more to a Money Laundering operation, given that the cheque amount could quite easily be transferred via several accounts.

Anyway, I'll shut up know cos we're deviating away from the original topic

what im getting at and it is the main point is will the bank refund the money on a restricted account which has had a transactional refund which was made from that account? i think its a No.

regarding the account only blocks are applied the account when on dmp. the blocks vary on what reason the account has been restriceted i.e fraud/money laundering, dmp etc

im shutting up to.:p