I am owed money by a bank and they are sitting on it, what can I do?

Question

I had a balance transfer done, then reversed since the other bank doing the transfer didn't meet what they said they would on a rate. I called both banks and said to reverse. Now I see a charge for that amount from the first bank but no money in my hand and the 2nd bank still says I owe them. So in essence now I owe two banks. It's been over a month and when I call they just say wait a week and call back. That can't just happen forever can it? It's about $1,300 owed to both institutions for a total of $2,600. I do owe someone $1,300 but not both so what would someone suggest? is it worth seeking legal action on with an attorney? I have seen tons of bad stories lately circulating on how bad banks are becoming on this kind of stuff.

Answer 1

You may have to get an attorney to get it all straightened out. But first, I would try speaking to an officer at each bank. GET THE OFFICERS NAME!!!! Call each officer specifically and check on the progress of the situation a couple of times per week. No more. If the problem isn't resolved in a couple of weeks, you'll need to get further help.

In the future, don't create complex transactions. They dramatically increase the chance that something will get screwed up.

Answer 2

I would talk to the manager of the bank you did the transfer with that charged you, tell them it has been a month and you have waited. Demand that the issue be resolved that day otherwise you're going to file a small claims suit. You may not need a lawyer but I would definitely take it to the next level if they don't get it resolved soon! Good luck!

Answer 3

Although Banks don't like it when you muck them about chances are some brain dead moron just typed in the wrong account number and you cash got 'reversed' into some-one else account.

Ring up your Bank and ask them to sort it out within 14 days. Send them a letter saying the same thing.

After 14 days start legal action.