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Refund on zero balance credit card


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If you have a refund made on a zero balance credit card, don’t count on being able to convert that to cash quickly.  I had a refund on a Bank of America credit card and asked to have the money transferred to my checking account.  I am still waiting, eleven days later.  When I called to find out why it was taking so long, I was told it has to go through a review for approval, to make sure it is not a case of money laundering.  It would be easier and faster to just leave the credit balance on the account and charge against it later.

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Never knew that was an option  I had refund on a few cruises and still have a bit of credit left on my card.  It has gone against purchases I've made recently.  I might finally use it up by next month. 

 

Thanks.

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Just now, molly361 said:

I had a credit go back on a closed credit card and also a card that I don't use anymore and they both sent me a check with no problem

 

Thanks. I'll definitely keep that that in mind as we move forward.

M

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34 minutes ago, jalves said:

Time to call back.  No way it should take that long.  


That was the second call.  The first rep told me it would take 3-5 business days.  And the huge amount we are talking about?  $268.02.  The sad part is that the next cancellation will require 

refunds to two different BOA accounts.

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I have been getting credits on a card that is closed.  Both for paid in full cruises that were canceled and paid in full that I moved to next year and the price went down to canceled planner items.  Capital one.  Every time I have to call and request a check.  Usually have my money in less then 10 days.  I keep asking them to moe the money as a credit to my new capital one, but they won’t do it.  Would be easier for everyone.

 

 

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Did a transfer from BOA card for my May cruise refund.  Rep said it would take 3-5 days to process.  Took 4 days but this was back in June.  Royal did short me $134 on the refund.  It finally showed up as a credit this month.  Not going to bother calling on this one.  We will just use it up on charges.

Keep after them.  It should not take 11 days.

 

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7 minutes ago, FRANKM said:

 

Keep after them.  It should not take 11 days.

 


This is my second problem with BOA in 8 months.  In November they offered an extra 10% rewards for online shopping, in addition to the regular 3% rewards.  I purchased an iPhone from Apple.com and received 1%.  It took hours on the phone during 4 different phone calls to get the other 2%, and then I had to start all over for the 10% bonus.  We are moving this month, and will change banks for the checking account at that time, but I hate to pass up 3% rewards on travel.  Not that any travel is happening right now 😥

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2 hours ago, molly361 said:

I had a credit go back on a closed credit card and also a card that I don't use anymore and they both sent me a check with no problem

Same here. Got a check in the mail after the credit sat for a week or two.

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3 hours ago, ZoeyVictoria said:

If you have a refund made on a zero balance credit card, don’t count on being able to convert that to cash quickly.  I had a refund on a Bank of America credit card and asked to have the money transferred to my checking account.  I am still waiting, eleven days later.  When I called to find out why it was taking so long, I was told it has to go through a review for approval, to make sure it is not a case of money laundering.  It would be easier and faster to just leave the credit balance on the account and charge against it later.


I called the BOA number on my CC just to see if our cancelled cruise refund had been posted yet.  It had, and the recording asked if I wanted to be mailed a check for the credit.  I chose yes, and had a check in my mailbox in less than a week.

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3 hours ago, ZoeyVictoria said:

If you have a refund made on a zero balance credit card, don’t count on being able to convert that to cash quickly.  I had a refund on a Bank of America credit card and asked to have the money transferred to my checking account.  I am still waiting, eleven days later.  When I called to find out why it was taking so long, I was told it has to go through a review for approval, to make sure it is not a case of money laundering.  It would be easier and faster to just leave the credit balance on the account and charge against it later.

We had the same problem with BoA, and it turned out that because the CC was not linked to our checking or savings accounts, BoA couldn't make the transfer directly, and while the alternative is to send you a paper check, it seems they won't do that unless you specifically ask them to do that. I'd call back and make sure all of your accounts are cross-linked. BTW, don't try to do the balance transfer yourself, because they see that as a "cash advance" and will charge you interest.

Edited by orville99
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8 minutes ago, pstone1 said:


I called the BOA number on my CC just to see if our cancelled cruise refund had been posted yet.  It had, and the recording asked if I wanted to be mailed a check for the credit.  I chose yes, and had a check in my mailbox in less than a week.


Apparently the problem was my request to have the money transferred to my BOA checking account.  I will ask for a check for the next wave of cancellations.

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4 hours ago, ZoeyVictoria said:

If you have a refund made on a zero balance credit card, don’t count on being able to convert that to cash quickly.  I had a refund on a Bank of America credit card and asked to have the money transferred to my checking account.  I am still waiting, eleven days later.  When I called to find out why it was taking so long, I was told it has to go through a review for approval, to make sure it is not a case of money laundering.  It would be easier and faster to just leave the credit balance on the account and charge against it later.

 

I think BofA said it takes three billing cycles before they will automatically refund it as a check. Interesting that they are slow about refunding it when you call earlier. I will be adding more to our credit shortly, so I guess I won't be in a rush to call them. Thanks! 

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I've been with BofA for 25 years, and they are great for the "bread and butter" basic checking, bill payer, and credit card transactions.  But, anything fancy or different they are very old school. I'm not surprised about what I'm reading here.  

 

May the money gods help you if you get a large credit on and ACTIVE BofA credit card.  They will hang on to that forever.  As long as you use the card, they won't send the cash to you.

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Mine was over $5,000 with Bank of America and I had to call, took 3 weeks until my credit card was back to zero, another 7 days until I received the check.  Closed out two other cc with them, each had a small credit balances less than $1, said they would send me a check.  Both are down to zero, it has been a week, no checks yet.  

               In February I was out of the country and had a credit of $154 for which they sent me a check good for 90 days.  When I got home 6/19/20 the check was more than 90 days old.  Called them on 6/23/20, said they would replace it.  As of 6/22/20 mail delivery have not yet received it.  Will be cancelling all my B of A credit cards once I get all of my refunds.

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On my Chase Visa, I had the money in my Chase checking in 3 days. There was a 2 day review period before allowing the transfer and a 1 day waiting period for the ACH transfer to process.

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We asked for a refund on March 16th and I think we had a credit around the 25th for it. It was on our RC visa and we only use it for Royal deposits, so it was a $1000 credit. When I called to see if it had hit the card yet, when the automated thing read me the balance, it also automatically asked if I wanted a check sent to us (which I actually didn't know was an option, we were just going to use that card to whittle away at the credit). We got the check within a week or less.

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8 hours ago, ZoeyVictoria said:

If you have a refund made on a zero balance credit card, don’t count on being able to convert that to cash quickly.  I had a refund on a Bank of America credit card and asked to have the money transferred to my checking account.  I am still waiting, eleven days later.  When I called to find out why it was taking so long, I was told it has to go through a review for approval, to make sure it is not a case of money laundering.  It would be easier and faster to just leave the credit balance on the account and charge against it later.

yes, I believe this is a standard regulation but it shouldn't take 11 days to process.   that sounds more like BofA being slow as usual with the process.     I had this happen and instead of requesting refund I used the card to pay bills, groceries, gas, etc. till the finally the funds were used up.

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5 hours ago, ZoeyVictoria said:


Apparently the problem was my request to have the money transferred to my BOA checking account.  I will ask for a check for the next wave of cancellations.


Yes, you probably confused them (although they shouldn’t have been)!  😀  On the other hand, I had no idea they would send a check until the recording asked!  

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4 hours ago, pcur said:

I've been with BofA for 25 years, and they are great for the "bread and butter" basic checking, bill payer, and credit card transactions.  But, anything fancy or different they are very old school. I'm not surprised about what I'm reading here.  

 

May the money gods help you if you get a large credit on and ACTIVE BofA credit card.  They will hang on to that forever.  As long as you use the card, they won't send the cash to you.

I have had the opposite problem with BofA. I usually want any credit on the card to stay there and I charge against it. Many times they have sent me a check that I really didn't want for the credit.

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8 hours ago, ZoeyVictoria said:


That was the second call.  The first rep told me it would take 3-5 business days.  And the huge amount we are talking about?  $268.02.  The sad part is that the next cancellation will require 

refunds to two different BOA accounts.

I had a $1,600 refund and just used it for the next couple of months on regular purchases. I don't see why I would need to convert it to cash.

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I never heard of a cc making a cash payment on a negative balance. Purchases just go against that negative balance until it is $0. Happened to me on my cruise. I asked Capital One and they said it will balance out on purchases and they do not make cash payments. I don't really care because we put about $1,500-$2,000 a month on the card and pay it off every month. This time instead of paying the card, I paid my savings account.

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10 minutes ago, Itchy&Scratchy said:

I had a $1,600 refund and just used it for the next couple of months on regular purchases. I don't see why I would need to convert it to cash.


I am in the process of selling a house and buying a condo, so I want all credit cards at a zero balance and all accounts simple and straightforward.  Also, I don’t mix cruise money with other money and want to move refunds into the cruise account (the BOA checking account ).  I am not interested in using  money earmarked for cruises for groceries or getting my nails done, and definitely not interested in investing any more money in cruises that may or may not sail.

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12 minutes ago, bigrednole said:

I never heard of a cc making a cash payment on a negative balance. Purchases just go against that negative balance until it is $0. Happened to me on my cruise. I asked Capital One and they said it will balance out on purchases and they do not make cash payments. I don't really care because we put about $1,500-$2,000 a month on the card and pay it off every month. This time instead of paying the card, I paid my savings account.

 

Two months ago I got a refund, on a cruise and air, of $8,600 credited to my Capital One credit card. I called them and they returned all of it to my bank, no questions asked.

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