Legal Question in Banking Law in California

This is a financial question and I am stumped! I did an online bill pay from my joint bank savings account to my credit union's credit card (Visa) account by mistake in the amount of $3,000. I was trying to pay off my MasterCard, but accidently grabbed the wrong credit card. This Visa card has a credit limit of $500 with zero balance to make matters even more confusing. When I called the bank to try and stop the bill pay, they said they couldn't do it because the credit union had already posted the amount. When I called the credit union to try and get them to issue me a check in the amount of $3,000, they said they couldn't because it was done electronically, and not by a physical check. I asked the credit union what I am supposed to do next, and they told me to contact the bank who originated this transaction. These 2 financial institutions have me running back and forth with no answers! What is the simplest way to get this fund back in my hands without any penalty fees, transaction fees, or any other fees? Thank you!


Asked on 7/15/10, 1:30 pm

1 Answer from Attorneys

Why would you expect them to undo your mistake for free? Ultimately the credit card issuer is obligated to issue a refund of a credit balance, but not for a long time.

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Answered on 7/15/10, 4:49 pm


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