Bank haven't taken my money????

Lenni3

Back in July I had an inheritance and paid off my credit card, over the phone, from my account with the same company. I later notice the money(£1900) was still in my account. I rang the card section of the company and was inform that yes my card had been paid off. I then rung the account side of the company and checked why my money was still in my account. They said they would look into it and call me back. I got told that it was in process but legally they have up to 6 months to take the payment.

Well its almost been 6 months and they still haven't taken the money from my account (unfortunately I don't get interest on this account). My question is, if they haven't taken it by 6 months, does that mean its mine to keep? Has anyone else had this happen??

Thanks

grumbler

Why do you keep ringing instead of just checking your statements - paper or online?
If your card was paid off, but the current account wasn't debited, then most likeley the money was erroneously taken from some other account. Sooner or later this error will be noticed and corrected.
No, the money isn't yours to keep - at least for the next 5.5 years. As soon as the error is noticed and the money returned to the account it was taken from, you will owe your original CC debt again.

Lenni3

I rang them after checking my statements. I rang them a couple of times and they said they were looking intoit. They say they can see my payment from my account is in process, but still it hasn't left my account.

As the person on the phone stated that legally they have 6 months to take the payment, surely after 6 months thats it their time is up, i keep the money? I have made an effort to get them to take my money, it's not my fault.

[Deleted User]

Lenni3 wrote: »

As the person on the phone stated that legally they have 6 months to take the payment, surely after 6 months thats it their time is up, i keep the money?

No. Clearly not. After 6 months they will need to let you know that they are taking the payment, rather than just taking it.

grumbler

Deleted_User wrote: »

No. Clearly not. After 6 months they will need to let you know that they are taking the payment, rather than just taking it.

If it was a card payment, they will need to get a new permission/authorisation rather than just "let know".

It was posted recently that in fact it was 3 months for Visa, i.e. if a payment is taken after 3 months, it's a subject to chargeback.

Lenni3

So I could move it to my savings account to gain interest then?

Whats chargeback?

grumbler

If you move money and they take the payment then, you'll get overdrawn and charged for this.

Visa, Mastercard & Amex Chargeback

Debit card transaction time delay

Nasqueron

I bought a car and stuck the deposit on debit card - took them a week to take the cash even though I had driven the car away - they probably just made a mistake - make a complaint, you might even get something by way of apology for messing you around but make sure the money is always there in case they do try and claim it to avoid the fee for an overdrawn account

Lenni3

grumbler wrote: »

If it was a card payment, they will need to get a new permission/authorisation rather than just "let know".

It was posted recently that in fact it was 3 months for Visa, i.e. if a payment is taken after 3 months, it's a subject to chargeback.

My payment was being made by a visa debit card. So if they are outside of the 6 months, and take the payment anyway, I could make a claim via the chargeback? To get the money back?

grumbler

Lenni3 wrote: »

My payment was being made by a visa debit card. So if they are outside of the 6 months, and take the payment anyway, I could make a claim via the chargeback? To get the money back?

Yes, possibly even after 3 months.

McKneff

Lenni3 wrote: »

My payment was being made by a visa debit card. So if they are outside of the 6 months, and take the payment anyway, I could make a claim via the chargeback? To get the money back?

Yes, you could get the money back, but you would still owe it.


They would then inform you that they are going to take it, and then take it....