In September, my Chase credit card offered me a deal — a good rate on a balance transfer with no transfer fee. I wasn’t using the card at the time, so its full credit limit was available to me for transferring balances, and I had a pretty big balance on my home equity line, so I decide to transfer some of it over to the credit card under the offer. I therefore wrote a check to Citizens Bank for $13,250 and sent it to them as a payment on my home equity line.
They keyed it in as $132.50.
I called the bank and asked them to fix it. They did, and shortly afterwards, the $132.50 payment on my home equity line disappeared and was replaced by a $13,250 payment. I assume that they resubmitted the check to Chase as well.
It’s been a month and a half since then, and Chase still thinks I wrote a check for $132.50. That is, the amount by which my home equity line was reduced is $13,117.50 larger than the amount which my credit card has been billed.
I tried by telephone today to get through to someone at Chase who might be able to fix the problem. After being bounced around a few times and waiting on hold for quite a while, I was finally told by someone in their “specialist services department” that they were going to have to assign the case to their “correspondence department,” from whom I would be receiving a letter in 7-10 days. I asked if it might not be faster for me to simply send them a letter, and I was told that if I wrote to Chase through their Web site, it would end up going to the right people.
This morning, I sent a letter to them them through their Web site explaining what had happened and asking them to fix it.
I got back this answer: “Unfortunately we are unable to make any changes to the balance transfer once it’s been processed. The only option you have is to process another transfer check.”
Here’s what I wrote back:
I think you missed the point.
I’m telling you that you’ve paid me $13,117.50 for which you haven’t billed me. I don’t need to do another balance transfer — I already have the money. If you would prefer not to correct the error, and thus lose $13,117.50 and all the interest that would accrue on it if you billed me for it properly, that’s your choice. It’s no longer my problem, now that I’ve notified you about it.
We’ll see what happens.
Did you know that bank errors in your favor are considered income and you are required to report and pay taxes on them?