I received a balance transfer check from my credit card with a 0% apr.
With a large limit. I wrote the check out to myself and deposited it to my checking accout for $18800.
Later on I find out there was a stop put on my check from the credit card company because it is new and it was done for security measures.
Now I am going to owe my bank that money, and the money is already gone, I used it to pay of other debt figuring the 0%apr would be great because it is for two years!!!
What can i do this whole thing is such a bad mess. I mean it was a check in my name.
So I call the credit card company to let them know it was me and they verified all my info and said fine, but they only did it out of security reason to make sure it was me putting it into my checking account.
Only problem is they are closing my account and they apologize for any inconveniance. To try to open an account in the future.
What can my bank do to me legally. I will pay them back but it is going to take awhile.
2007-06-24 21:40:54 · 6 answers · asked by kattta69 2 in Business & Finance ➔ Personal Finance
Sue them in U.S. federal court and have your local bank join your lawsuit. (This will help you if there a nice bank) $18,800 plus legal fees and your bank fees. They illegally stop payment on your check. They sent you an offer for 0% for two years and you took them up on this offer. Show your bank the 0% offer and why you did this. Since, they did a stop payment without your authorization. It is illegal. It is also illegal to offer an 0% rate and not honor it.
2007-06-28 10:45:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That is a mess. Have you given the Bank a letter or had them talk to the credit card company about what happend and in the future dont do this at all it is what causes very bad problems on your credit later in life. You can contact the bank and tell them that the money you had used was yours and that the credit card company thought you were someone else and that you can varify that as correct information if needed. You should be able to put a stop to this and hope you learned your lesson.
2007-06-24 21:52:59 · answer #2 · answered by Arizona Chick 5 · 1⤊ 0⤋
The "take home" from this is to never use a credit card as a source of loan money.Even for "0%" interest.
When there is "0%" interest they still want regular payments of the principle. If you are late one time, the whole deal is off and interest rates go to usurious levels, like 24%.
It sounds like the people who will come after you are the ones that "you paid off other debt to".
Now you still owe them, because the bank will not honor your check if there is no money in the account.
I would calmly write down what happened so that anyone can understand it. Then show this to the people to whom you all ready owed money. They can work out a payment plan for you. Hopefully, they are not loan sharks and your knee caps will be safe. :)
2007-06-24 21:44:58 · answer #3 · answered by ignoramus 7 · 0⤊ 0⤋
The bank has no legal recourse against you. You acted in good faith and the reasonable belief that the check was negotiable. Since the check was from another financial institution (namely, a credit card company) laws governing transactions between financial institutions both serve to protect you and give your bank direct recourse against the credit card company.
2007-06-24 21:50:30 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Learn a valuable lesson.
2007-06-24 21:48:59 · answer #5 · answered by barbara 7 · 0⤊ 0⤋
Hurry,Talk to your bank and ask for a loan to consolidate. Talk to them before they talk to you
2007-06-24 21:50:44 · answer #6 · answered by Anonymous · 0⤊ 1⤋