Overpayment of Car Loan

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My wife was attempting to payoff an auto loan with a company but instead sent the electronic transfer to a bank that held our previous car loan. This happened 3 weeks ago and they are still holding our money. How can I go about getting this back?

The amount in question is $5000 and the previous car loan was paid in full October 2010. The old account was closed and I do have the title for that vehicle in hand.

When she contacted the bank, the day the transfer occurred, the rep stated they would return the money via transfer since they had no place to post it. The second time the bank was contacted, 3 days later, they stated they would wait 10 days for the transfer to clear and since they had no place to post the money, send it back by check. The third time, this Monday, they stated the check was in the mail. If the check was in the mail, we would have already received it (the bank is a local bank in the state).

I figure this would be a nice learning experience for her, maybe she will stop being so damn careless.

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BluVeinThrobber said:    How can I go about getting this back?

Your wife needs to stop calling and go speak with the bank manager.

BluVeinThrobber said:   I figure this would be a nice learning experience for her, maybe she will stop being so damn careless.

Better learning experience to you - don't let her handle finances.

do some research and find out who regulates that bank.
write up the facts include dates/times and person she spoke with and what they promised.
Continue logging every interaction with them in case you decide to file a compliant with the regulator.

talk with the bank manager and send a certified letter with the details in your log with proof the the over payment. Make a demand to have that $ returned to you by a specific date otherwise you will take additional legal action.

talk to a local tv reporter...get this story out there

xit said:   talk to a local tv reporter...get this story out there

This is a story the OP wants out there?

BluVeinThrobber said:   

. The third time, this Monday, they stated the check was in the mail. If the check was in the mail, we would have already received it (the bank is a local bank in the state).
.

If their system shows it as being sent, how about you just be patient a bit? There are many steps involved in the sending of such checks and they do take extra time, even after they are printed, to actually make it to the USPS.

I recently negotiated a settlement of a lawsuit with a major bank and even their senior counsel was unable to expedite a check

SUCKISSTAPLES said:   BluVeinThrobber said:   

. The third time, this Monday, they stated the check was in the mail. If the check was in the mail, we would have already received it (the bank is a local bank in the state).
.

If their system shows it as being sent, how about you just be patient a bit? There are many steps involved in the sending of such checks and they do take extra time, even after they are printed, to actually make it to the USPS.

I recently negotiated a settlement of a lawsuit with a major bank and even their senior counsel was unable to expedite a check

Sounds like a more skilled negotiator was needed.

SUCKISSTAPLES said:   BluVeinThrobber said:   

. The third time, this Monday, they stated the check was in the mail. If the check was in the mail, we would have already received it (the bank is a local bank in the state).
.

If their system shows it as being sent, how about you just be patient a bit? There are many steps involved in the sending of such checks and they do take extra time, even after they are printed, to actually make it to the USPS.

I recently negotiated a settlement of a lawsuit with a major bank and even their senior counsel was unable to expedite a check


This is a little different. This is not a settlement of a lawsuit. The bank has had the $ for a while and they are not paying any interest to the people involved. The bank is getting FREE use of the money until they feel like giving it back. The bank knows it is not their money and they are deliberately holding on to it while claiming they are following their internal procedures. That is just BS. The bank should compensate these people for hanging on to the money longer than they should have.

Complain louder. Get hauled away by the police because you're in a bank manager's office so much. If this happened to me, I'd have my money back already. I suspect you sound like a chipmunk when you complain. Sound like a lion. RAWR.



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