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socrateaser, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 38507
Experience:  Retired (mostly)
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How long can a credit card company hold my funds when they

Customer Question

How long can a credit card company hold my funds when they have made a mistake in attempting to do a balance transfer; consequently causing the transfer to be in a "limbo" state. Following this, the client, (me) requested a complete transaction cancellation which the credit card company states has been completed. However, they will give no time frame as to when they will reinstate my account for the funds they have debited and charged.
Submitted: 7 years ago.
Category: Consumer Protection Law
Expert:  socrateaser replied 7 years ago.

There is nothing in the Truth in Lending Act that provides any regulation over the timing of a balance transfer. Every credit card agreement that I have ever reviewed states that the cardholder cannot depend upon the transfer until it is actually completed. Thus, the contract would control the rights and duties of the parties.


To the extent that the money was actually transferred, then the transfer is complete and you cannot reverse it.


I must admit that I don't entirely understand your facts, because it's not clear to me how you are damaged here. That's generally the critical issue in any legal action, i.e., a person who suffers no injury, other than annoyance, has no cause of action.


So, how has this transaction, or the failure thereof, actually harmed you?




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Edited by socrateaser on 1/9/2010 at 9:51 PM EST
Customer: replied 7 years ago.
What is your question.
Expert:  socrateaser replied 7 years ago.

If you plan to sue for an injury, you must be able to describe damages which are foreseeable, unavoidable, causal and certain. Nothing in your stated facts, demonstrates any injury in fact, caused to you by some defendant, for which a court could provide a remedy.


So, my question is: "How have you been damaged in this transaction?"

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