Over payment in credit card

[willvill]

One time, I made a double payment in my credit card. I was supposed to pay around 10T pesos but I made an error of paying double i.e. 20T pesos.

When I asked my bank to return the over payment via online banking, the bank informed me that the over payment would just be credited for my ne
xt monthly payment.

I find it hard to understand why the bank will hold on to my over payment. To me this is unfair.

Can anybody explain why this non-returning of over-payment in credit card is practiced by some banks?

[impulzz]

all banks and big companies do that. pag na over payment ka credit to next bill na lang, para di siguro magulo sa accounting.

nangyari sa akin once sa smart, na doble bayad ako. so tinawag ko, sagot agad yung agent na credit to next bill cycle.

[tidus1203]

Charge it to experience na lang. Just pay to the last cent no more and hopefully no less than that to avoid interest. Atsaka I don't think this thread belongs here better transfer it to the Career and Finance section.

[1D4LV]

if you do not have a revolving amount, gamitin mo na lang yung 10k.
kung may revolving, ibabawas nga nila yun sa existing balance mo.

now sa mga cell and telcos , since under contract ka, i-credit na lang nila yun sa next billing mo. (mobile phone, landlines, internet)

[_Cathy_]

Yeah that's how it works eh.

[willvill]

Yeah that's how it works eh.

...really? but I thought all is fair in love, war and banking? he..he

When I over paid my hardware store and I went back and proved my point, they immediately returned my money. They don't say 'sir, we'll just reserve your money for your next purchase'.

Is online banking or credit card purchase different from my hardware store?

[skyglider]

just use your overpayment for other purchases like groceries, etc. pandagdag points din yun para ma-waive annual membership fee...

[v6dreamer]

One time, I made a double payment in my credit card. I was supposed to pay around 10T pesos but I made an error of paying double i.e. 20T pesos.

When I asked my bank to return the over payment via online banking, the bank informed me that the over payment would just be credited for my ne
xt monthly payment.

I find it hard to understand why the bank will hold on to my over payment. To me this is unfair.

Can anybody explain why this non-returning of over-payment in credit card is practiced by some banks?

The reason you got different answers is because not all customer service reps are created equal. Some of them will make stuff up if they don't know the answer just to get you off the phone. It may seem obvious but as soon as an operator picks up the phone ask to be transferred to a supervisor (they are not allowed to transfer you unless you ask). The supervisor will have more authority over your account and be able to give you more information. All creditors have that responsibility.

However, they can give you accurate information and tell you the status of the review.

You will get your money back, but also ask your creditor for interest on that amount while they are holding on to it, that should speed things along. I would ! Good luck.

[willvill]

...thanks v6dreamer. This overpayment is no big deal anyway. I just e-mailed the bank to credit me the interest which they charged me for that particular month but so far no reply yet. My gut feel is that my request would just be ignored.

[creepy]

One time, I made a double payment in my credit card. I was supposed to pay around 10T pesos but I made an error of paying double i.e. 20T pesos.

When I asked my bank to return the over payment via online banking, the bank informed me that the over payment would just be credited for my ne
xt monthly payment.

I find it hard to understand why the bank will hold on to my over payment. To me this is unfair.

Can anybody explain why this non-returning of over-payment in credit card is practiced by some banks?

How much was your total amount due anyway?

If it's more than P10,000, I really don't see why the situation would be "unfair".

[j_avonni]

The bank should return the overpayment. Ang credit card holder ang nangungutang at hindi sya ang nagpapautang sa credit card company.



:eat: [SIZE="1"]4134[/SIZE]

[uls]

return money?

those are two words i seldom see used together hehehe

e ung pag return palang ng merchandise sasabihin sayo ng tindahan replace nalang or palit ibang item

return money?

asa ka pa

[v6dreamer]

The bank should return the overpayment. Ang credit card holder ang nangungutang at hindi sya ang nagpapautang sa credit card company.



:eat: [SIZE=1]4134[/SIZE]

That's it! Short word, but it said well.

[CVT]

I remember paying twice the amount for my BPIMC using the bpiexpressonline facility some months ago (maybe a year ago). I usually "pay in advance" using a post-dated payment scheme. And normally, bpiexpressonline emails you 3 days before the actual payment just to remind you to fund your account. And then, they will email you again to confirm the actual payment on that date.

Well, bpiexpresonline failed to email me on those two occasion. Obviously, I got jittery on the last day that I was supposed to pay for the monthly due, so, I made another payment.

The following day I discovered that I paid twice, so I immediately filed a formal complaint with BPI and got my refund within the next few days..... Oh well, hiccups in the system.....

7404:laundry:

[willvill]

well, Bpi refunded me my overpayment after 7 days. A few e-mails with proper reasoning did the trick.

[Camgen6]

One time, I made a double payment in my credit card. I was supposed to pay around 10T pesos but I made an error of paying double i.e. 20T pesos.

When I asked my bank to return the over payment via online banking, the bank informed me that the over payment would just be [SIZE="4"]credited for my next monthly payment.[/SIZE]

I find it hard to understand why the bank will hold on to my over payment. To me this is unfair.

Can anybody explain why this non-returning of over-payment in credit card is practiced by some banks?

Uhmm makes me wonder how is that an overpayment? you suppose to pay 10k but instead you paid 20k. The bank said it will be credited on your next monthly payment. That means may utang ka pa sa kanila even after that 20k payment you have made.

10k is probably your minimum payment or you or your bank set up 10k as your monthly payment for your credit card.

Scenario 1: You owe 50k petot by using your credit card. 10k is your minimum payment. But instead you paid 20k for that month. So you still owe the bank or credit company 30k (+interest). That my friend is not overpayment. Its called power payment. And no, you can not get your money back as you owe them more than that amount.

Scenario 2: You owe 10k petot on you cc. You suppose to payback 10k but instead you paid 20k. Then that is considered overpayment since you paid more than what you owe. And then you can tell the bank to return your money.

[creepy]

Scenario 1: You owe 50k petot by using your credit card. 10k is your minimum payment. But instead you paid 20k for that month. So you still owe the bank or credit company 30k (+interest). That my friend is not overpayment. Its called power payment. And no, you can not get your money back as you owe them more than that amount.

Scenario 2: You owe 10k petot on you cc. You suppose to payback 10k but instead you paid 20k. Then that is considered overpayment since you paid more than what you owe. And then you can tell the bank to return your money.

My point exactly.

If it is Scenario 1, IT IS NOT UNFAIR.

[willvill]

Uhmm makes me wonder how is that an overpayment? you suppose to pay 10k but instead you paid 20k. The bank said it will be credited on your next monthly payment. That means may utang ka pa sa kanila even after that 20k payment you have made.

10k is probably your minimum payment or you or your bank set up 10k as your monthly payment for your credit card.

Scenario 1: You owe 50k petot by using your credit card. 10k is your minimum payment. But instead you paid 20k for that month. So you still owe the bank or credit company 30k (+interest). That my friend is not overpayment. Its called power payment. And no, you can not get your money back as you owe them more than that amount.

Scenario 2: You owe 10k petot on you cc. You suppose to payback 10k but instead you paid 20k. Then that is considered overpayment since you paid more than what you owe. And then you can tell the bank to return your money.

S.I.P bro. I am to pay 9,213 monthly for 12 months. For January, I paid via online the amount on the 24th. I paid earlier than my billing day on the 26th. But on the 26th, there was another deduction of the same amount...so double payment.

When I talked with the BPI credit card phone banker, he mentioned it would just be best effort for her and she's not sure if she could return to my account the extra payment.

I e-mailed the bank ( when I called the bank the next day, seems they hang up on me) that if they could not return the amount to my account, then they would not just charge me the interest for the month...but no response..so charge to experience.

My responsibility, as agreed with the bank, is just to pay 9,213 monthly not x2. Can the bank not wait for Feb 26 for my next payment? Puede be, I'll say to the bank, soli mo muna ang 9,213 kasi kailangan ko yan ngayun. Di ka naman agrabyado...

[j_avonni]

S.I.P bro. I am to pay 9,213 monthly for 12 months. For January, I paid via online the amount on the 24th. I paid earlier than my billing day on the 26th. But on the 26th, there was another deduction of the same amount...so double payment.

When I talked with the BPI credit card phone banker, he mentioned it would just be best effort for her and she's not sure if she could return to my account the extra payment.

I e-mailed the bank ( when I called the bank the next day, seems they hang up on me) that if they could not return the amount to my account, then they would not just charge me the interest for the month...but no response..so charge to experience.

My responsibility, as agreed with the bank, is just to pay 9,213 monthly not x2. Can the bank not wait for Feb 26 for my next payment? Puede be, I'll say to the bank, soli mo muna ang 9,213 kasi kailangan ko yan ngayun. Di ka naman agrabyado...

So, it's BPI. If I were you, I'd just considered it an advance payment for the next due date. It would take time and hassle to have the overpayment refunded. And by the time it is refunded, it may be your due date already for the next payment.

Just charge it to experience and be careful the next time.


:coffee: [SIZE="1"]4146[/SIZE]

[willvill]

So, it's BPI. If I were you, I'd just considered it an advance payment for the next due date. It would take time and hassle to have the overpayment refunded. And by the time it is refunded, it may be your due date already for the next payment.

Just charge it to experience and be careful the next time.


:coffee: [SIZE=1]4146[/SIZE]

Right. Time and hassle. But I don't understand and don't agree. he..he..

Let's presume for the sake of argument that I used my credit card for a Sony HDTV at 60t payable SIP for 12 months so that would be 12T pesos a month.

What if after one month I made an error of paying the entire amount of 60 T pesos?

Would the bank return the over payment? Based on the actuation of the bank on my overpayment, it would not return. Totally one-sided affair in favor of the bank!