well i owe 2k on a credit card, and i set up my bank do an automatic payment every month in full. Today i check my account and i found out that the bank pay most of the money i owe on my credit card without taking any money out of my checking account... do you guy think it may take them a while to process?
2007-10-30 12:24:59 · 27 answers · asked by Mr. Questionair 2 in Business & Finance ➔ Personal Finance
Yes, banks, like EVERY business on the planet, make mistakes. If the bank that issued the credit card is not the same bank from which the payment is made, it may take a few days for the payment to show. If they charged the wrong account, they WILL discover the error and charge your account.
A previous answer said they have the legal right to charge your account for up to 4 years. This is false. They have the right to charge your account FOREVER.
2007-10-30 13:39:09 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
I work for a bank , and to answer your first question about whether or not banks make mistakes, absolutely, every day in fact. You said that the bank paid your credit card , but never took your money out for the payment? That usually doesnt happen at our bank, however they may have given a provisional credit, were your funds on hold maybe? It doesnt make sense that the bank didnt pay the full amount though. I'd check back tomorrow and make sure things are correct.
2007-10-30 12:31:17 · answer #2 · answered by that hot chick 6 · 0⤊ 0⤋
Yes, it can take up to 10 business days to process. If they don't charge your account for it, that doesn't mean you should spend it, because they have the legal right to charge your account for it...for the next FOUR YEARS. Even if it's their mistake. A word to the wise should be sufficient.
If they do make a mistake and you point it out before they have a chance to discover it >>especially if the mistake is in your favor, they will be more inclined to give you the benefit of the doubt if you make a mistake in their favor.
2007-10-30 12:42:12 · answer #3 · answered by rainbeauclown 3 · 0⤊ 0⤋
YOU need to forget about talking with folk on the telephone who represent your bank. "Someone is NOT listening." As soon as you can, you should write a certified letter to the CEO and/or the President of your bank. You need to tell him/her what your expectations from the bank are. Then you must specify that you want an automatic payment ONLY deducted from a "designated" checking or savings account. Under no circumstances, will you "tolerate" having monies removed from other accounts, that were not indicated in your agreement with the bank. I find it unfortunate that I have to send a certified letter to someone "responsible" as the CEO or President, but this is my most favorable resort. I wish you well. Peace, love and God Bless
2007-10-30 12:28:14 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Work for a bank. Banks do make mistakes, but rest assure...if they paid it...they will take it. Don't spend it like it's a slip up or you'll end up with an overdrawn account. Sometimes it takes a couple of days to post as well.
2007-10-30 12:29:21 · answer #5 · answered by beckam 3 · 0⤊ 0⤋
Yes they do. Banks are still controlled by humans and humans will always make mistakes. There are sometimes delays for one reason or the other as far as making thing balance out. Most banks tell you to wait 24 hours for transactions to be recorded properly, what they don't tell you is that this includes THEIR transactions as well.
2007-10-30 12:30:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It probably hasn't been processed completely yet. Make no mistake. Banks don't make mistakes involving that much money. They have too many checks and balances to ensure that it doesn't happen.
2007-10-30 12:31:57 · answer #7 · answered by Charles WE 5 · 0⤊ 0⤋
Yes, they make mistakes. I've even heard about it in the news. It's up to you tell them about it and bring your records with you. You can ask them how long it will take them to fix the problem but keep check with them at the time they said they would get it done.
2007-10-30 12:30:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
My husband's bank makes mistakes all the time. They gave him an extra 400 dollars, although they retracted it, they still made the mistake. They've done several other mistakes along the same lines.
2007-10-30 12:29:48 · answer #9 · answered by Becca G 3 · 0⤊ 0⤋
They make mistakes all the time just like they do in the supermarkets. You need to check your statements every month for over charges and wrongful charges.
2007-10-30 12:29:24 · answer #10 · answered by Anonymous · 0⤊ 0⤋