Banks and credit card companies are regulated. If the bank or credit card company made a mistake of that magnitude, you can bet your bottom dollar that they can, indeed, rectify their mistake without charging your husband one penny.

Trin,
Something about this sounds weird. Who did he borrow the money from? Was it a credit card company or a bank? Why can't they just cancel the entire transaction? If this is their mistake just tell them you will not accept any amount of money from them but the money you asked for. If they insist on cutting a check don't cash it. Tell them to have it made it out to the lender, not you. I'm sure you have copies of the original paperwork that he filled out showing the $7,600 dollars asked for. Tell them that they did not fulfill the agreement for that amount of money and refuse to take anything other than that amount.

I may not understand exactly what you have described, if so I apologize...but something just does not sound right here. I would not cash any check they sent, (there may be a huge early payoff penality on the loan) nor would I agree to anything they want you to do.

I hope you don't mind my opinion...but something sounds fishy.

~Susan

Not only that, but all 0% loans/transfers/ whatever are charged 3% transfer fee....with NO MAX amount.

There used to be a few that had 0% interest and no transfer fee, but the loan time on that was limited to 6 months or maybe a year.

Also, it used to be a transfer fee of 3% with a min of $5 and a max of $70, depending on what was borrowed.

Now there is a 3% transfer fee with no upper limit.

$3 on 100
$30 on 1000
30x70=2,100.00
$18 on the other 600

$2,118.00 right off the bat automatically added to that loan.

Yikes! I'd ask to speak to someone higher up, and threaten to call your attorney if it isn't taken care of quickly and cancelled.

Sue

It isn't right, contact the attorney general and report the company. Do not accept any money.

I bet a call to a couple of local newspapers and your senators/representative's office would do a lot towards getting everything settled.

I've never heard of 0% for the life of a loan. You'd better check the small print. Can't fix the problem? Something here isn't right. What credit card is this?

It was a transfer between chase bank and discover. and yes, it was 0% for the life of the loan. I kid you not, we have read all of the fine print, and nothing is amiss, other than the idiots who allowed this to happen.
We do not live on credit at all. DH had some extensive dental work done and had to put it on a credit card. Not a big deal really..until this happened.
I personally have not made any phone calls on the issue, DH is the numers man for us. He would never let anything trip him up when it comes to money trust me. Never.
This is just a numbers game gone wrong in the worst way.
I will post back when this is all resolved, and let you know what happened. We can hardly believe it ourselves.
Hopefully no harm, no foul.

Trin

I forgot to mention, this was all done over the phone. No paperwork was filled out. It was simply a $7,600 transfer.
He said the fellow in the other end of the line spoke poor english (imagine that) yet he repeated all he numbers back to him. I know they typically record these calls, but going backwards, who knows?
The card company told him they could not back the transfer out. They told him point blank that it was his money now, and he had to pay the lender off.
I know this sounds nuts, but it is what it is.

Trin

Over the phone? Poor English? Who initiated the call? I smell a skunk.

Once I asked my Financial Planner's assistant (the CFP works at our bank) to transfer $5,000 out of one of my accounts and into an investment. I got a phone call from my banker (who works at a different branch than our Financial Planner) early the next morning, she was curious as to why I was $44,000 overdrawn on one of my accounts. I told her she was asking a really good question!

It seems the assistant put $5,000 into the investment as asked... but transferred $50,000 out of my account to do so! What shocked me most was that the bank allowed the transaction to go through! I would've thought it would set off all sorts of bells and whistles and management would have been alerted before I ever heard about it, but not so.

But this is my bank... with whom I have a relationship... and my banker recognizes me by name when she sees me. I bump into these people when I run errands in our village.

Were I dealing with strangers, I'd be involving my state's attorney general and all sorts of regulatory people (BBB, local news stations, etc.) IMMEDIATELY.

trinity, try The Watchdog at the Star-Telegram. I'd be interested to see what Dave finds out.

This does not sound on the up and up. I would contact the attorney general fast.
Donna

jazmynsmom,

When the bank puts a tracer on the paper work ...

... where did the other $45,000. go?

Such issues don't disapear into thin air, with banks.

Not to some out-of-town false-front company, I hope???

I think that this issue takes some looking into.

ole joyful

Did the transfer go TO or FROM Discover Card? I find Discover Card offers pretty good customer service. I won't go into the problems I've had with Chase Bank and my mortgage when I was ready to pay it off. Dealing with Chase is a nightmare.

Keep calling every day and when someone says they can't help you ask for the higher up. When you make the first call ask for the person who has the most authority to do something. They will tell you they are. When they can't fix it ask for their supervisor and so on. You have to be a pit bull.

trinitytx,

Please keep us informed about the outcome. I hope all goes well and quickly in getting matters settled.

Sue