Author Topic: How do to get the bank to give me back my money?  (Read 4208 times)

CentimentalFreedom

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How do to get the bank to give me back my money?
« on: May 15, 2014, 05:20:22 AM »
Dear Mustachians,

I'm stumped. I have been getting the run around from a Canadian bank (am I allowed to mention the name?) for the past few weeks now and in the mean time there is interest being accrued that really I feel I shouldn't be accountable for. I am giving them money to pay off the debt not to have them hold it there to lose value to inflation. It's not a savings account.

So here are the details of the situation:

Two Products: Visa and Credit Line

April 23, 2014

I made a payment of $13,350 to the Visa from another financial institution.

April 28, 2014

The payment shows up on the Visa account as an over-payment. I then proceed to transfer the extra funds from Visa to the credit line (About $7500) and it got declined. I then called the customer service number who told me that they couldn't access it either and asked me to call back regarding the issue because the visa department was not open yet.

April 29, 2014

I called the visa department who told me that I would have to speak to customer service who told me that I would have to see the branch.

May 02, 2014

I went into the branch who called the visa department who suggested that I made 3 cash advances from the ATM then changed their mind and asked the teller to hold. After about 45 mins she hung up and said that she had to help the next client. She suggested I book at an appointment which at that time was not an option (I work 7 days straight during their business hours).

That night I called visa again who told me there was a hold for 7 days on the visa account because the payment was considered an unusual transaction. The funds will be released on May 8. What about the interest? I'm still responsible for it because I borrowed the money. But the payment was made? Yeah but it wasn't applied to the account. They can't stop the system from charging interest.

It is now May 15. Still no access and already $90 of interest has been applied to the account with more to come.

I don't know what to do. Please help.


Cpa Cat

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Re: How do to get the bank to give me back my money?
« Reply #1 on: May 15, 2014, 07:41:31 AM »
I'm not sure I totally understand the purpose/goal of your transaction, so I understand why it got flagged as unusual.

That said - the 7 days have passed. You should call again to get it released. If they can't release it, try to escalate (keep asking to speak to a supervisor).

As for the interest - it's probably true that they can't stop the interest from being accrued. After the situation is resolved, you MAY be able to get them to refund it.

Whoever you speak to, if they tell you something you're relying on, get their name and write down what they said. Ask them if they can record it as a note on your account in case you have to call again.

CentimentalFreedom

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Re: How do to get the bank to give me back my money?
« Reply #2 on: May 15, 2014, 07:51:21 AM »
I'm not sure I totally understand the purpose/goal of your transaction, so I understand why it got flagged as unusual.

I was just trying to pay off the entire balances in the two accounts. I am going to try again tomorrow. This is extremely frustrating. I told them that if it was going to be an issue then just refund the money and I will just bring cash.

mld

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Re: How do to get the bank to give me back my money?
« Reply #3 on: May 15, 2014, 08:06:57 AM »
I've had something similar happen in the past. I threatened to report the incident to the Consumer Protection Office and that is when the bank suddenly could help me with the issue. I'm not sure what is your equivalent to the Consumer Protection Office in New Brunswick but I would certainly find out and even call them up to ask what steps you can take with regards to this issue. Then I would call back the bank with the information you collect and explain what steps you might take if they refuse to help you and resolve the issue.

Cpa Cat

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Re: How do to get the bank to give me back my money?
« Reply #4 on: May 15, 2014, 08:34:21 AM »
April 28, 2014

The payment shows up on the Visa account as an over-payment. I then proceed to transfer the extra funds from Visa to the credit line (About $7500) and it got declined. I then called the customer service number who told me that they couldn't access it either and asked me to call back regarding the issue because the visa department was not open yet.

It's this part that confuses me. Why did you overpay the Visa in the first place? Why not do two separate payments, one to the Visa and one to the Line of Credit?

If I understand it, you essentially stored money on your Visa so that when you paid your LoC with the Visa, it would net the Visa balance to 0?

I assume it makes sense due to credit limits or points or something. But I do understand why Visa flagged it (especially since the original payment came from a different institution).

That said, they need to give you your money, one way or another - either by refunding it to you or releasing it.

However - dealing with banks can be very frustrating. They have a lot of power to hold your money while "investigating" things.

CentimentalFreedom

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Re: How do to get the bank to give me back my money?
« Reply #5 on: May 15, 2014, 08:43:41 AM »
It's this part that confuses me. Why did you overpay the Visa in the first place? Why not do two separate payments, one to the Visa and one to the Line of Credit?

They treat the credit line like a bank account so I didn't have the option of paying it separately.

going2ER

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Re: How do to get the bank to give me back my money?
« Reply #6 on: May 15, 2014, 08:58:42 AM »
The 7 days have passed before May 8. I would question this delay.

Also when the teller told you that she had to wait on the next person you should have stayed until it was straightened out. If a teller is tied up trying to sort this out, that is not your problem. Try phoning them and do not hang up until it is sorted, or go back into the bank and don't leave, yes it is a PITA, but it needs to be done.

When you paid the LOC did it show that those funds were available on the visa? If so then those funds should have been transferred over.

Once you get things straightened out I would request the interest be refunded, again it will be a PITA, but keep asking and if that person can't help ask for someone higher up.

CentimentalFreedom

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Re: How do to get the bank to give me back my money?
« Reply #7 on: May 15, 2014, 10:06:00 AM »
The 7 days have passed before May 8. I would question this delay.

When you paid the LOC did it show that those funds were available on the visa? If so then those funds should have been transferred over.

Once you get things straightened out I would request the interest be refunded, again it will be a PITA, but keep asking and if that person can't help ask for someone higher up.

Yes, the funds were available. It kept showing an error. I will try again to ask that the interest be refunded.

bigchrisb

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Re: How do to get the bank to give me back my money?
« Reply #8 on: May 15, 2014, 09:53:47 PM »
Out of curiosity, was this a credit card balance transfer gone wrong?

CentimentalFreedom

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Re: How do to get the bank to give me back my money?
« Reply #9 on: May 25, 2014, 04:05:54 AM »
Out of curiosity, was this a credit card balance transfer gone wrong?

no