Bank error in your favor...

[jourdo]

Collect $680??

Here's this history: I have a second credit card I never ever use. The only charge that would go through it was my life insurance premiums. Last summer I cancelled that policy and went with someone else. The insurance company in all of their wisdom still put through the charges. I called them and they admitted their mistake and that they would be refunding the amount. I also spoke to the credit card company and they said to ignore the payment and wait for the refund.

A month goes by and nothing happens. I get my statement with interest charges this time. I'm not mad at the credit card company. I call the credit card company again and discuss things. They tell me to start a claim and not to worry about the interest charges as they will be reversed. I have a copy of all the letters and dates of telephone conversations with the insurance company so I am covered.

Fast forward a couple months and for some reason, the amount was refunded on two separate occasions. I figured the credit card company would figure this out so I just ignored it. It has been about 3 or 4 months now with the credit on my statement.

How long before I can spend it on hookers and blow?

[Bruticus82]

Hmm...you're in Alberta right?

The legal limitations period (after which they can't sue you) in your province is two years after the time they first "discover" the error, or 10 years after the date it happened, whichever comes first. :-p

[Team Jetfire]

They won't sue you for anything; it is their error. Usually is there is a discrepancy of a small amount they will just write it off. I would think that this type of thing would take a number of months to actually come up as a discrepancy so I would hold off on the H and B for a little while longer.

[Deemar]

I'd wait a year.

[Nocturn]

Donate it to a good cause. It's $679 more than they ever gave to charity

[Team Jetfire]

Well... not really true, but, not a bad idea there Nocturn.

[Dragon Knight]

Originally Posted by jourdo

How long before I can spend it on hookers and blow?

For all we know, you could have hookers in your room right now as we speak.

[jourdo]

Nocturn!!! I thought you discovered girls were more fun than toys and moved on. Welcome back little guy.

Originally Posted by Nocturn

Donate it to a good cause. It's $679 more than they ever gave to charity

Does buying toys for needy jourdos count?

Originally Posted by Dragon Knight

For all we know, you could have hookers in your room right now as we speak.

They must be really tiny hookers then. I see nothing here but piles of paper.

[Dark Rage]

I thought you were gonna post about this story: http://www.citytv.com/toronto/cityne...and-legal-fees


Sorry to be curious...but what bank/credit card company is this? I'd be a bit more vigilant about the issue rather than just leaving the credit card to continue earning interest and being unpaid (which may affect your revolving credit score/rating). So the balance is positive now, or a bit less now due to the the interest?

I can't imagine a credit card company easily willing to just reimburse interest charges that fast and quickly change/correct the status of defaulted/unpaid installments. I also don't know how your equifax/transunion credit score/report would be affected; to correct/update it with them would take about 30-90 days.

Frankly, I just would have "lost" and cut up the credit card and get issued a new one so you can block the cancelled insurance payments entirely.

[Nocturn]

Originally Posted by Team Jetfire

Well... not really true, but, not a bad idea there Nocturn.

Fine, fine... $678

Originally Posted by jourdo

Does buying toys for needy jourdos count

No, but you can donate to the needy Nocturn Uni fund