Overpaid credit card - bank doesn't want to transfer back

SuperAllyB

Sounds more like an attempt at stoozing than a genuine mistake, but obviously picked the wrong provider. Saying that, company A should still send it back to company B at the very least.

RichyRich

This happened to someone I know, although with a smaller amount. He accidentally overpaid a credit card company - lets for the sake of argument call it Halifax - by a small amount (less than £5). He called Halifax and explained his mistake, but they refused to refund the balance to him. He could of course have done as suggested above and just bought something on it, but he'd already cut up the card by then. So he's left the balance on it. Halifax send him a statement, every month, telling him that he's in credit by a tiny bit, and have been doing to my knowledge for at least five years. Must have cost them a damned sight more than just returning the overpayment when asked!

adindas

SuperAllyB wrote: »

Sounds more like an attempt at stoozing than a genuine mistake, but obviously picked the wrong provider.

Saying that, company A should still send it back to company B at the very least.

Stoozers now that for this job they should use “ a mule creditcard for this job” which have good records to do refund to current accounts.

SuperAllyB wrote: »

Saying that, company A should still send it back to company B at the very least.

Wonder if there is any legal obligation regarding this ...

lockheed wrote: »

Bank A told me I can ask to close the account even when it's in credit and they don't pay it back, because the record stay for 6 months so I will have half a year to organise BACS recall...

This is quite strange ? This is your money. They might also have broken their own T&C as most (if not all) credit cards will not allow people to be in credit.

Have you (lockheed) tried it again with other customer services and you still get the same answer ?? If the answer is yes you will need write the name of that person and start a formal complain with the posibility to escalate it to FOS.

planteria

grumbler is spot on with his advice above.

and as adindas says, strange indeed.. no way can Provider A retain your funds. it is your money and you want it back. as a stoozer myself, i wouldn't ever be asking for it to be sent back to the other card account.. i'd want it wired to my current account.

as Candyapple requests, are you going to identify the card provider?

Ben8282

Perhaps, like myself, provider A cannot quite understand how you can 'accidentally' do a balance transfer for £5400 more than intended and therefore views this as an attempt to turn a balance transfer into a money transfer and don't want to cooperate.

adindas

Ben8282 wrote: »

Perhaps, like myself, provider A cannot quite understand how you can 'accidentally' do a balance transfer for £5400 more than intended and therefore views this as an attempt to turn a balance transfer into a money transfer and don't want to cooperate.

Point taken. But the bank cannot prove it so it does not have a case, if the case go to FOS or the small court claim. Even it is true it is not the receviving bank money, it is not illegal, so it is not the receiving bank business.

This is the OP money and OP already requested to be transfered back. Also OP intended to cancel the credit card, so the bank should either return it back to the orirign or transfer it to the op current account. You can not hold other people money.

More importantly, letting a person in credit the bank already breached its own T&C as credit card shall not be allowed to be in credit for a prolonged duration of time. It is a good reason to demand for compensation by possibility to take the case further to FOS or the small court claim. The damage could be huge as you will never know if a person need the money urgently. I fully believe for such obvious case there will be a few lawyers will be willing to do on the basis of no win no fee.

The following MSE article is good to read make it easy to get your money back
http://www.moneysavingexpert.com/news/banking/2016/01/sent-money-to-the-wrong-bank-account-now-it-should-be-easier-to-get-it-back?_ga=1.60907884.1587443312.1451811147

As this rules is already in place the bank will be extremely careful to hold the money like the bank CS have told OP. The receiving bank has no gain but potentially facing a huge damage to reputation and monetary in form of fine and compensation.