Balance Transfer - Error in my favour

jasmine2020_2

Hi,


In December I completed a credit card £3k balance transfer from Bank A to Bank B, which all went through as it should.


In January I received my Bank B statement and to my horror I was to be charged interest, so I called them and they said that the person I had spoken with to process my balance transfer had got it wrong and that the offer of 0% wasn't due to start until January 2016. Because this was their error, and the fact the 0% offer was active on my account, Bank B agreed to honour the 0% balance transfer offer. I was told this would be sent to the admin department to credit and amend.


Approx. 1 week later I received a call from Bank B to let me know that my credit card account had been credited and rectified. Great I thought.


I checked my online banking about two days later and my balance transfer amount had been credited to my credit card, making it look as though the balance transfer did not happen. I thought this was just part of them sorting out my 0% so didn't really think anything of it. I checked Bank A just to make sure my balance had not reappeared back, and it hadn't.


Its now been 2 weeks and is looking more and more increasingly like the bank has refunded the balance transfer amount to my account.


What I am asking is anyone has ever come across this before?
Is it likely the bank will notice, and how?
How long the bank has to say "we made a mistake" and ask for their money back.


Thanks

[Deleted User]

They'll have 6 years, but they shouldn't need that long.

Give them a shout sooner rather than later to avoid any messiness further down the line.

jasmine2020_2

Thanks for your reply, really appreciated.


Could I just ask what do you mean by 'messiness'?
Also, why do you say they wont need that long - how will they pick up their error?


Best
J

[Deleted User]

It's likely to be picked up in an audit over the coming months.

By messiness, you may not want to be in the position where you get a sudden debit of 3k when you may not be expecting it. If you haven't kept those funds to one side, it could cause you some difficulties.

After all, it's not like you're looking to keep money that isn't yours, so it's cleaner all round to ask them to sort it now.

chattychappy

Bank error in your favour? Collect £200 !!