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I tried to transfer a balance from one CC to another and got screwed, what do i do now?  

post #1 of 37
12/5/08 at 12:35am
Thread Starter 
I have two credit cards. One is a Care Credit card that I used to pay for my daughters braces. The other is a zero interest card through Bank of America. I was on a promotional period with Care Credit. The balance was 2000.00 and it was due October 9th. If I did not pay the balance I would get stuck with the finance fee of over 1000.00. So, I decided to transfer the balance to my Bank of America card since it is zero percent interest. I called Bank of America on October 1st. The guy on the phone said I could transfer that balance and it would take up to five days to tranfer it. I said it had to be paid by October 9th. He said it for sure would be done by then. When my November statement from Care Credit came I noticed the payment from Bank of America did not reach them until October 15th and I was charged not only a late fee but the over 1000.00 finance charge. I called Care Credit and they were not helpful at all. They told me that Bank of America mails their checks instead of putting them through electronically. That is why it took so long to get it. I told them I called Bank of America on October 1st and was told they would get the payment to Care Credit in plenty of time. Care Credit told me to take it up with Bank of America but they would not refund the fees. I then called Bank of America and talked to several people who all told me that Care Credit will not accept payments from them electronically and that Care Credit probably held the check until the 15th. So, I am caught in this war between these two companies and neither one of them will help me. I have even written a letter sent by certified mail to Care Credit asking them to take this fee off. They have not responded. What do I do? How can these huge companies get away with screwing people? And if I can sit in my house and pay my bills electronically why does a huge billion dollar bank like Bank of America send their payments via snail mail? I could just cry over this. I am trying to get my credit cards paid off and now I am stuck with another 1000.00.

Lisa
post #2 of 37
12/5/08 at 12:57am
BoA does ues electronic payments, its possible that for this particular payee they do not accept EP? i dont know. However as a past employee of BoA i can say they royally screw up anything and everything and had you posted this in october i would have told you to at least make the min payment to avoid the late fee. If anything you will need to get someone, manager or higher from BoA to call Care Credit and explain what happened with dates, check ## etc and see if care credit will remove the fees. Its a long shot, if you bank with BoA try going in to the branch and talking to the branch manager.

You may also want to check out creditboards and see if they have advice. But since BoA 'screwed' up they have to fix it, Care Credit unfortuanetly is only following the terms of the contract. (late fees interest etc)
post #3 of 37
12/5/08 at 2:16am
Quote:
Originally Posted by Georgetown HB Mom View Post
I have two credit cards. One is a Care Credit card that I used to pay for my daughters braces. The other is a zero interest card through Bank of America. I was on a promotional period with Care Credit. The balance was 2000.00 and it was due October 9th. If I did not pay the balance I would get stuck with the finance fee of over 1000.00. So, I decided to transfer the balance to my Bank of America card since it is zero percent interest. I called Bank of America on October 1st. The guy on the phone said I could transfer that balance and it would take up to five days to tranfer it. I said it had to be paid by October 9th. He said it for sure would be done by then. When my November statement from Care Credit came I noticed the payment from Bank of America did not reach them until October 15th and I was charged not only a late fee but the over 1000.00 finance charge. I called Care Credit and they were not helpful at all. They told me that Bank of America mails their checks instead of putting them through electronically. That is why it took so long to get it. I told them I called Bank of America on October 1st and was told they would get the payment to Care Credit in plenty of time. Care Credit told me to take it up with Bank of America but they would not refund the fees. I then called Bank of America and talked to several people who all told me that Care Credit will not accept payments from them electronically and that Care Credit probably held the check until the 15th. So, I am caught in this war between these two companies and neither one of them will help me. I have even written a letter sent by certified mail to Care Credit asking them to take this fee off. They have not responded. What do I do? How can these huge companies get away with screwing people? And if I can sit in my house and pay my bills electronically why does a huge billion dollar bank like Bank of America send their payments via snail mail? I could just cry over this. I am trying to get my credit cards paid off and now I am stuck with another 1000.00.

Lisa
1. Not to kick you while you are down, but - you should have done the BT in September.

2. You sit in front of a computer and do "online" bill pay, but that doesn't mean that they are all electronic payments. I have several bills that I pay online through my CU, and some are paid electronically, while some are paid via snail mail by check. I even have one that won't accept e-payments, but then takes the paper check and converts it into an electronic check.
post #4 of 37
12/5/08 at 2:19am
Unfortunately, you really don't have any recourse.

BoA is just doing what you authorized them to do, unfortunately it didn't occur as fast as you like.
CareCredit is just executing the terms of your agreement with them.

Neither of these companies are at fault.

Yes, it's a sucks, but I really think this is just going to be an expensive lesson for you that you shouldn't wait until the last minute to surf a balance.
post #5 of 37
12/5/08 at 2:33am
Thread Starter 
Quote:
Originally Posted by Denvergirlie View Post
Unfortunately, you really don't have any recourse.

BoA is just doing what you authorized them to do, unfortunately it didn't occur as fast as you like.
CareCredit is just executing the terms of your agreement with them.

Neither of these companies are at fault.

Yes, it's a sucks, but I really think this is just going to be an expensive lesson for you that you shouldn't wait until the last minute to surf a balance.
The problem I have with this mess is that BOA told me the payment would be there on time. They never told me there was even a chance it would be there late. If they had I could have done something different. I called nine days in advance. I hardly think that is waiting until the last minute. I did not wait until the day before. I was trying to take care of it in a timely manner. And yes, I believe BOA is definitly at fault. When a company tells you something will be done and it was not they are for sure at fault.

Lisa
post #6 of 37
12/5/08 at 2:37am
Can you go into BOA and speak to a manager? There will be a record of when you spoke to someone and asked for the transfer.
post #7 of 37
12/5/08 at 2:47am
Oooo, this is a tricky one! On one hand, I have to agree with Denvergirlie, because, in "the land of balance transfers"... they do take some time. I have done many. They aren't very speedy. So yes, for future reference, you would want to transfer sooner. On the other hand, it just feels like someone, somewhere, is at fault here besides you. So I feel for ya. Why would a big company like Care Credit not take electronic payments? That seems strange to me.
post #8 of 37
12/5/08 at 3:47am
Quote:
I called nine days in advance.
you called 7 days in advance, they don't count weekends. The 5 days is 5business days. They most likely didn't process it until late in the day on the 1st making it really the 2nd.

For anything electronic you NEED to plan for at least 10 business days.

IMO this is one of those learning experiences & there isn't anything that either company will do.
post #9 of 37
12/5/08 at 3:54am
Oh wow, that is a tough situation. Did you get the name of the guy you talked to at BoA? If I ever have to do something important I try to get the persons name that I talked to. Also they usually do record phone conversations and they should have it on record (unless it was deleted which unfortuantely happens too) that the guy did tell you it WOULD be done. Get a manager, and if needed, report on BBB.
post #10 of 37
12/5/08 at 4:00am
I think you should talk to BoA. I don't know, I've gotten horrible people there before, but then I've gotten a couple of really nice ones as well. The nighttime people in my experience have been worse and the daytime people have been better, but YMMV of course. I imagine they're also slightly more likely to be helpful to you because they're the ones that have your business going forward, unlike Care Credit.

I don't understand though, how a $2000 balance could have $1000 in fees. That's 50%! Was interest being calculated but not applied for a long time? I can't imagine that would be 50% over the course of a year, even, though. If there's anything odd in the calculation of fees and you think it might be predatory or illegal, you might also be able to take it up with your state's banking department.

Good luck!
post #11 of 37
12/5/08 at 11:58am
Wow, what a terrible situation. I think I'd be crying too

I think they are definitely at fault if the rep told you specifically that it would definitely be done in time. But getting them to actually PAY $1,000 won't be easy. It's not like it's their own fee that they can just waive...

I'd call and talk to a supervisor or whoever you can. Keep the emphasis on the fact that you were LIED TO when you specifically asked how long it would take. Let them know that the charge occurred because of this, and if the rep had told you they couldn't guarantee that timeframe, you would have made other arrangements to avoid the fee. Most call centers record all of their calls, so if you are insistent they should be able to find the call (if you know the date & time, if you know who you talked to even better). Be sure to let them know that they were dishonest with you, and you will not be doing business with them again if they do not help you correct this mistake.

I'm really sorry you're in this position
post #12 of 37
12/5/08 at 12:32pm
I feel for you, but I'm not sure what BoA can do for you. They already told you that they mailed the check in a timely manner because Care Credit will not accept electronic payments from them. It's not BoA's fault if Care Credit held the check before depositing it.

This is such a hard situation.

But I also agree that 9 days, or 7 business days, is a pretty short period of time to accomplish a balance transfer, especially when the stakes are this high.
post #13 of 37
12/5/08 at 1:05pm
I worked for a CC in college and from my experience there really isn't anything you can do with either of the companies. There would be no way that we would give you $1000 because the check showed up late and no way that if we were the ones that charged the fee that it would be waived.

Your best bet is to ask for a copy of the phone call. If in the call the representative does in fact guarantee that the payment will be received by the 9th you might have some leverage.
post #14 of 37
12/5/08 at 4:06pm
I think you're going to be out of luck on this one. My guess is that Bank of America will claim that they did mail they check in a timely manner and that it was delayed in transit by the post office or by Credit Care. They can't be held responsible nor can Credit Care if they decide to blame the post office or say that you did not allow enough time for processing.

Also, I doubt Bank of America promised that the check would be there on time. I had a paralegal type job at one point and we never made any promises. If someone really, really pressed us to move faster, we would try to expedite, but would tell the person asking that we SHOULD be able to make their deadline. We never promised that we WOULD. "Should" got people to go away. "We'll try to make your deadline" encouraged people to keep calling. Any promises made would open the door to litigation if we couldn't follow through.
post #15 of 37
12/5/08 at 4:21pm
s: I'm so, so sorry. Are you planning on closing the care credit card? See if they will take the charge off if you keep the card.

Also, I would keep calling and arguing with them. Also, get all of the papers from bank of america and the care credit card and see if there's any technicality you can get them on.

(For example, if they say in the fine print that payments must post within a certain time).

I'm so sorry this happened to you.
post #16 of 37
12/5/08 at 5:34pm
Quote:
Originally Posted by texmati View Post
s: I'm so, so sorry. Are you planning on closing the care credit card? See if they will take the charge off if you keep the card.

Also, I would keep calling and arguing with them. Also, get all of the papers from bank of america and the care credit card and see if there's any technicality you can get them on.

(For example, if they say in the fine print that payments must post within a certain time).

I'm so sorry this happened to you.
First up, I'm from the UK, not the US, although I'm living here temporarily.

I've had great success simply asking, nicely, if credit card companies will waive the fee - though I admit it's never for anything like $1000. I'm guessing that's what happened here is the balance was much larger than $2000, most of it has been paid off - but every single cent needs to be paid off before the end of the promotional period, or the finance charges kick in. So it's not the 50% charge it looks like - it's the accrued finance charges on whatever the balance used to be.

$1000 is clearly an unfair penalty for getting the payment in late, given you paid most of it off already (if you didn't, andthey are really charging $1000 on a $2000 balance, that stinks).

My inclination would be to phone up, be nice, explain that the payment unfortunately got their late through no fault of your own, point out all the other payments you've made, and ask them to waive - or reduce - the financing charge, which is clearly inappropriate. And if they say no, wait 6 hours, phone up and speak to someone else and try again!

I'd always start this way, because you can always be nice before you start looking for technicalities in the T&Cs, or threatening other stuff. Going from nasty to nice is much harder!

In parallel, you should also try and find out from Bank of America when the check was sent. You may be able to show that it was sent in plenty of time for them to receive it. Maybe they sat on it for a day or two?
post #17 of 37
12/5/08 at 7:44pm
Thread Starter 
Quote:
Originally Posted by SummerDad View Post
First up, I'm from the UK, not the US, although I'm living here temporarily.

I've had great success simply asking, nicely, if credit card companies will waive the fee - though I admit it's never for anything like $1000. I'm guessing that's what happened here is the balance was much larger than $2000, most of it has been paid off - but every single cent needs to be paid off before the end of the promotional period, or the finance charges kick in. So it's not the 50% charge it looks like - it's the accrued finance charges on whatever the balance used to be.

$1000 is clearly an unfair penalty for getting the payment in late, given you paid most of it off already (if you didn't, andthey are really charging $1000 on a $2000 balance, that stinks).

My inclination would be to phone up, be nice, explain that the payment unfortunately got their late through no fault of your own, point out all the other payments you've made, and ask them to waive - or reduce - the financing charge, which is clearly inappropriate. And if they say no, wait 6 hours, phone up and speak to someone else and try again!

I'd always start this way, because you can always be nice before you start looking for technicalities in the T&Cs, or threatening other stuff. Going from nasty to nice is much harder!

In parallel, you should also try and find out from Bank of America when the check was sent. You may be able to show that it was sent in plenty of time for them to receive it. Maybe they sat on it for a day or two?
My original charge was for about 4300.00. I had it paid down to 2000.00. The 1000.00 fee was for the acrued interest and finance charges. In the past when I have done a promotional deal like this I have always been able to pay it off before the deadline. I was laid off from my job in June so this time I was unable to pay off the balance in time. One of the times I talked to BA I asked when they mailed it out. They told me they mailed it on October 3rd. I then called the post office to find out how long it would take for mail to get from the Bank of America address it was sent from to Care Credit. They told me it would take 2-3 days. So, at the latest it should have been there would have been October 7th or 8th. Care Credit did not post it to my account until October 15th. I called Care Credit and asked them if they held the check and they told me no they don't do that. So, I don't know which company is lying to me but I feel one of them is.

Lisa
post #18 of 37
12/5/08 at 8:04pm
Honestly, Care Credit is probably lying. They sat on it and got $1000 as a result. I've had CC do it before. I'm not sure that you can prove that in any way though. Sorry.
post #19 of 37
12/5/08 at 8:40pm
Quote:
They told me they mailed it on October 3rd. I then called the post office to find out how long it would take for mail to get from the Bank of America address it was sent from to Care Credit. They told me it would take 2-3 days.
BOA mailed it on a Friday. The po was right it would take 2-3 days, but that is BUSINESS days so those 2-3 days from major cener to major center, if you're in a smaller town or city it will take longer. What time did BOA mail it, there are certain cut offs that would keep it from being sent out until Monday. If it was not sent until monday then it most likely got there late.

There is also the risk that the po is running behind & it would take longer than their stated 2-3 days especially if there were any holidays in there at all.
post #20 of 37
12/6/08 at 9:09pm
Quote:
Originally Posted by Georgetown HB Mom View Post
My original charge was for about 4300.00. I had it paid down to 2000.00. The 1000.00 fee was for the acrued interest and finance charges. In the past when I have done a promotional deal like this I have always been able to pay it off before the deadline. I was laid off from my job in June so this time I was unable to pay off the balance in time. One of the times I talked to BA I asked when they mailed it out. They told me they mailed it on October 3rd. I then called the post office to find out how long it would take for mail to get from the Bank of America address it was sent from to Care Credit. They told me it would take 2-3 days. So, at the latest it should have been there would have been October 7th or 8th. Care Credit did not post it to my account until October 15th. I called Care Credit and asked them if they held the check and they told me no they don't do that. So, I don't know which company is lying to me but I feel one of them is.

Lisa
It might be worth asking BoA what service they use to send the mail - i..e first class, standard, and check what USPS say for expected delivery times, to see if the time Care Credit claim it took is reasonable or not.

That aside, I did some digging and found this, on a similar topic.

http://www.complaintsboard.com/compl....html#comments

There are several other complains on the same board about Care Credit, and many many more about GE Money (same company). Now Bank of America have a lot of complaints too - but the ones about GE Money are really bad.

Doesn't sound like you'll get anywhere by talking directly to Care Credit. If you can show that the check in all likelihood did arrive on time, and you can collect some previous complaints from the website about Care Credit holding checks (not worth much, because it's anonymous, but might be a start) then you might be able to complain to someone. I've no idea how it works here (as I mentioned, I'm from the UK), but do you have anything like a Citizen's Advice Bureau - i.e. somewhere you can go for free advice?

I would also now read every item in the Terms and Conditions that Care Credit (hopefully) sent you, to make sure you don't fall foul of any of them - and get your balance with them cleared as soon as possible! I don't hold out much hope of getting your $1000 back - certainly not any time soon - but DO seek advice about it from someone in real life.

I don't honestly hold out much hope of you getting your $1000 back - certainly not any time soon - but DO seek advice, and I hope things work out for you. I think some people who have been replied have been a little harsh - 6 business days to do a bank transfer you thought would happen electronically seems perfectly adequate to me, though now we both know better. The banking systems over here are both more advanced in some respects (automated counting of deposits at ATMs) and ridiculously primitive (dependence on checks - they are barely still in use in the UK) in others.:

You have my utmost sympathy. I think it's outrageous that companies do business like this, with excessively high interest rates designed to penalise people who get things wrong by one day. Make sure you post about this on consumercomplaints.com, and here. Presumably you got a leaflet or something about this company from your healthcare provider, so let them know too. I hope that things work out for you in the future
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