Bank error?

Question

my bank made a payment last year to my credit card , they have now told me they want it back ,i did nt know they paid it and because it was so long ago i can,t remember how i paid it do i have to pay the money back

Answer 1

If the bank sends you a front and back copy of a cleared check made payable to another credit card company and shows that "balance transfer" on one of your old credit card statements, then you don't have many options but to pay it.

Why?

Because as a cardholder, you are responsible for reviewing your credit card statements and disputing any unusual or unauthorized charges within 30 days of receiving your statement.

If the bank transferred funds without your permission ten months ago, that transaction and any related fees would have appeared on your credit card statement 10 months ago.

By not disputing the items then, you were legally saying that you agreed to the propriety of the transactions contained on that statement.

Your rights to dispute transactions are further described in the "terms and conditions" brochure the credit card company supplied you upon opening your account. You can request another one by calling your bank's customer service line.

Had you disputed the transaction 10 months ago, the bank would have "stayed" the transaction while they conducted an investigation. If the evidence obtained from their investigation showed that you had never given them authorization for the balance transfer, the bank would have posted correcting entries to your credit card account.

You can try to dispute the error now, but please understand that you too made a mistake by failing to notify the bank of this error 10 months ago.

Answer 2

if you don't pay if voluntarily they may just take it out of your account and charge you interest and admin, so pay it, then take it up with them then, you may get it back.

Answer 3

It is logical that the money which is not yours must be paid back.  It may be due to an error of the banker but you were not supposed to get that credit/payment.  You can claim damages later but first you should clear the amount to the bank.

Answer 4

Whatever money the bank puts on your account that is not rightfully yours, you have to report immediately and pay back