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Credit card overpayment

  • 02-03-2018 6:01pm
    #1
    og2k7
    Registered Users, Registered Users 2 Posts: 415 ✭✭


    Hi there

    Since i cannot get hold of anyone in PTSB and they are closed over the weekend I wonder if anyone has had anything to do with a Credit Card overpayment?

    So i have, by mistake, instead of transferring funds to my savings account transferred to my VISA account. What will happen with the funds? I have to repay some of the funds but they are not due to April so just wondering can I just transfer the funds back or how to go about it?

    Thanks


Comments

  • #2
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    The funds will be used in two ways:

    1) pay the outstanding balance on your Visa account
    2) if there is an amount remaining from the lodgement, it'll be added as a credit to your account

    Your *should* (but I can't say for sure, contact PTSB) be able to transfer ant credit back to one of your other accounts. I don't know if this is treated as a cash withdrawal or not though, or whether you'll be charged for that


  • #3
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    If, after the transfer, you still haven't cleared off the CC balance* and you transfer money out it will be treated as a cash withdrawal.

    I was with AIB and I did something similar, and they initially charged me the credit card fee for transferring money out the account even though it was in a positive position. I got them to refund that charge though.

    * By overpaid, not sure you mean greater than minimum amount or by more than clearing the debt.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    og2k7 wrote: »
    So i have, by mistake, instead of transferring funds to my savings account transferred to my VISA account. What will happen with the funds?

    Take the balance on your last bill and add all recent (unbilled) purchases to get your current balance. Now deduct that money that you mistakenly credited to the account, are you now in credit? If so, go to an ATM and withdraw it.

    But can you clarify exactly what you mean by this ....
    og2k7 wrote: »
    I have to repay some of the funds but they are not due to April so just wondering can I just transfer the funds back or how to go about it?

    If you have an bill that has to be paid in April, the money you lodged will be set against that and you cannot take it back but if you have lodged more than will settle the bill and cover any unbilled transactions, you can withdraw that from an ATM if you have a PIN.


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    Spocker wrote: »
    The funds will be used in two ways:
    1) pay the outstanding balance on your Visa account
    2) if there is an amount remaining from the lodgement, it'll be added as a credit to your account

    Money that you pay against your CC account is allocated as follows.......

    1. Cover any outstanding interest
    2. Settle any cash withdrawals
    3. Pay outstanding balance from previous bills
    4. Pay most recent bill
    5. Set against any unbilled transactions

    Only after all those categories are covered will you end up with a credit balance.


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