Accidental Overpayment to Credit Card Account - What to Do?

Ditzy_Mitzy

Last night, I made an error whilst trying to pay off my credit card balance online.  When inputting the figure to transfer, I transposed two digits; that has resulted in a payment to the credit card account approximately £800 in excess of the then outstanding balance.  I'm aware that the money hasn't 'disappeared' and will, instead, be credit attached to the card.  The issue, of course, is that my current account, from which the payment was made, now contains a lot less than it should.

The online system doesn't seem to provide a quick means of rectifying that.  Would the most sensible option be to withdraw cash using the credit card and redeposit the funds in the current account?  The credit card and current account are with the same bank.

la531983

Do not withdraw cash, thats literally the worst thing you could do.

Just contact them and ask for it back. Pick the phone up.

A few people on here will have you believe that putting a credit card into credit is the worst thing you can do in the world and will result in the Four Horsemen of the Apocalypse appearing though. A simple phone call sorts it.

vacheron

If you didn't need the money, they would most likely leave it in credit, to be used up in the next month or two. If you let a large positive balance sit there for months, they may arrange to send it back or write you a letter explaining that you need to sort it out. 

If you need the cash back, then as above, just a quick call (or use their live chat feature if they have one) usually sorts it out fairly quickly. 

la531983

Well yes suppose thats an option, use that card to buy the stuff you were going to buy anyway.

Ditzy_Mitzy

Never mind, now sorted!  Was concerned as couldn't recall the telephone-banking PIN number (not at home); however, had a flash of inspiration and did so.  Telephone call resulted in the promise of the return of the overpayment.  Only irritation is that it takes 'four working days'.  Why?  The system works instantaneously in the other direction.

@vacheron makes a fair point, but the money will be needed to service direct debits and the like.  

Thanks all.  

confederated

I had exactly this problem only this morning. I sent £400 to my Bank of Scotland credit card in error and immediately rang them to ask if they could reverse it. Apparently it is 'pending' for 24 hours and I have to call again tomorrow so they can send it back. They are quite happy for me to use the credit  on the card, and I sent it as a faster payment so it was immediately visible in the BOS app. I'm interested to know what 'pending' means these days when we're talking of a cash transfer. If someone sends me a faster payment I have the money within seconds, it's not 'pending'. Banks really annoy me over this sort of thing.