Yesterday, I withdraw some money from the ATM machine since the bank is closed. I have a WAMU bank account. Since now they are all changed to Chase, I accidentally used my credit card to withdraw $800 instead of my wamu bank card. I know I was stupid, I don't even have a Chase bank account in the first place. But I wasn't thnking. They will charge me $24 (3%) which I wouldn't complain since it's my own fault.
But I don't want to get charge for interest every single day, so I went back to the bank this morning to pay back the money. The guy in the bank told me he doesn't know anything about it and I have to call and ask. I dropped off $1000 into the account anyway just in case. I call Chase just now, and the representative told me that they haven't post the $800 in my account and so I cannot pay for it yet. But they will still charge me interest starting Sunday!! So now I am stuck to keep paying interest every single day!!! Even better, she said the $1000 I deposited into the account will not be post until Wednesday because it WAS a WAMU bank. Come on, if the bank is not ready to work on the same system, please don't put Chase all over the place.
Is there anything I can do about it now? I can't believe a big cooperation like this cannot even help me on such a simple issue!!
Keith
Message edited by: keithccn on 2009-09-28 17:38:40 CDT
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How did you know what your pin number was for your credit card? You're actually lucky that you know what it is because otherwise you might have ended up like that poor murdered teenager in Los Angeles who was kidnapped by a homeless junkie who wanted her to withdraw cash. She didn't know her pin number so the crazy parolee killed her.
IAskStupidQuestions said:How did you know what your pin number was for your credit card? You're actually lucky that you know what it is because otherwise you might have ended up like that poor murdered teenager in Los Angeles who was kidnapped by a homeless junkie who wanted her to withdraw cash. She didn't know her pin number so the crazy parolee killed her.She (or rather her father) didn't have a pin number for the card. It had never been set up.
I hope you pay off your full balance on that particular credit card every month. I just looked in my crystal ball, and I see a future post in this thread in which you complain that the $1000 payment was applied to your previous balance and therefore, the cash advance, at the higher interest rate, is still being charged interest. Banks always do that - they apply payments to the lowest interest debt first. If you have substantial old debt (anything more than one cycle old that is beyond the grace period) on that credit card, you should definitely make sure the bank knows the entire situation so they can hopefully make an exception in this case, because it was a one-time mistake.
Message edited by: DTASFAB on 2009-09-28 23:30:42 CDT
DTASFAB said:Banks always do that - they apply payments to the lowest interest debt first.Credit Card Act has outlawed that practice. Beginning in Feb 2010, Payments must be applied from highest APR to lowest. Many creditors have already changed their terms ahead of time.
keithccn said:I call Chase just now, and the representative told me that they haven't post the $800 in my account and so I cannot pay for it yet. But they will still charge me interest starting Sunday!! So now I am stuck to keep paying interest every single day!!! I'll be interested to see if this is really the case - as far as I've ever known, they charge interest based on the average daily balance, and the balance is not affected until each transaction posts.
And FYI, you can always use your bank's billpay service to push a payment to a credit card, which will typically post as soon as the next day.
Thanks for the input guys. Luckily I paid my bill every month and so the $1000 is definitely enough to cover all my balance. I initially set my pin to be the same as my bank because I thought I may need it for real emergency, maybe its better if I used another pin. I learn my lesson... Hopefully the interest will not be that much for 3 or 4 days as some of you guys said.
SUCKISSTAPLES said:DTASFAB said:Banks always do that - they apply payments to the lowest interest debt first.Credit Card Act has outlawed that practice. Beginning in Feb 2010, Payments must be applied from highest APR to lowest. Many creditors have already changed their terms ahead of time.
keithccn said: Hopefully the interest will not be that much for 3 or 4 days as some of you guys said. Its simple math... are you worried its going to be some crazy big #???
Just do a rough calculation - $1000 at 30% APR is $300 per year ($25 per month, less than $1 a day.). So in the worst possible case, the interest will be under a buck per day. In actuality it will likely be far less.
keithccn said:Yesterday, I withdraw some money from the ATM machine since the bank is closed. I have a WAMU bank account. Since now they are all changed to Chase, I accidentally used my credit card to withdraw $800 instead of my wamu bank card. I know I was stupid, I don't even have a Chase bank account in the first place. But I wasn't thnking. They will charge me $24 (3%) which I wouldn't complain since it's my own fault.
But I don't want to get charge for interest every single day, so I went back to the bank this morning to pay back the money. The guy in the bank told me he doesn't know anything about it and I have to call and ask. I dropped off $1000 into the account anyway just in case. I call Chase just now, and the representative told me that they haven't post the $800 in my account and so I cannot pay for it yet. But they will still charge me interest starting Sunday!! So now I am stuck to keep paying interest every single day!!! Even better, she said the $1000 I deposited into the account will not be post until Wednesday because it WAS a WAMU bank. Come on, if the bank is not ready to work on the same system, please don't put Chase all over the place.
Is there anything I can do about it now? I can't believe a big cooperation like this cannot even help me on such a simple issue!!
KeithStupid Chase. Last time I went to SD and, man, they even did not have any idea about my chase acount. I was told to disregard the Chase language and read the small print of them being the Washington Mutual bank.
SUCKISSTAPLES said: Its simple math... are you worried its going to be some crazy big #???
Just do a rough calculation - $1000 at 30% APR is $300 per year ($25 per month, less than $1 a day.). So in the worst possible case, the interest will be under a buck per day. In actuality it will likely be far less.
Good point. The OP may have stressed himself out and wasted gas for no more $3 to $4 of interest.
Message edited by: hkgfnt on 2009-09-29 14:31:31 CDT
If OP has a credit card balance of purchases at $400 on Saturday 9/26/2009, and on 9/27/09 has cash advance of $800 +24 3%transaction fee (lucky it's not the changed 5%), and this balance gets paid on Wednesday 9/30/09, his new balance on Sunday is $1224. If cash advance rate is like mine at 22.24%, interest really is only 0.502 per day. On Wednesday, the balance will be $1225.51 minus $1000 cash deposit credit = $225.51 balance. This balance will be assumed to be cash advance (since Chase has not changed the way they apply payments, yet, since the CARD Act isn't effect until February 2010. So, interest will be 0.137 per day until the entire New Balance is paid in full. It all depends on your balance on the day of the Cash Advance transaction mistake, how much purchases you put on your card from now to the time you make your entire full-balance payment,. Your interest will be at least $1.50, but could be as high as $5.31 (depending when your entire new balance is paid in full for this current billing period.)
Does it matter if those $400 of purchases are still within the normal grace period? I'm getting the impression from your post that the answer is no, and I tend to agree with you. Although, there's no telling how a stupid bank is going to react when something weird happens.
This is why I suggested the OP should make a call to Chase to clarify the mistake and to make sure the full $800 cash advance is paid in full as soon as his $1000 payment is posted.
OP, if you have a long (day >3 years) relationship with Chase/WAMU, call and ask politely for a reversal of the cash advance fee. Explain clearly what happened. There is a reasonable chance they may agree. Chase reversed my fee for late payment. Do not complain about the finance charge because it is minor, as several people have explained. Good luck.
denbo32 said:SUCKISSTAPLES said:DTASFAB said:Banks always do that - they apply payments to the lowest interest debt first.Credit Card Act has outlawed that practice. Beginning in Feb 2010, Payments must be applied from highest APR to lowest. Many creditors have already changed their terms ahead of time.
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