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I had an American Express credit card and went into and

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completed a "financial hardship program"...
I had an American Express credit card and went into and completed a "financial hardship program". This happened a several years ago and then today I received a letter stating that the interest rate did not automatically revert back to the preferred rate. Amex Bank of Canada apologized and applied a credit of $615.90 to my account. The credit represents the total amount of interest erroneously billed to my account. I have not received a statement for 1 1/2 years (according to them) The card has not been used and in fact was destroyed. I have talked to them and they will not issue a cheque to me until a statement has been printed on Fe.21/2016. They have told me they will NOT pay any interest on this amount as it is a credit on a credit card. My question is: Do they not have to pay me interest on the (my) money they have had for almost two years, money of mine they did not notified me about for that period - even if it is only simple bank interest?? Thank you for your time.
Submitted: 2 years ago.Category: Canada Law
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Answered in 8 minutes by:
2/2/2016
Lawyer: Debra, Lawyer replied 2 years ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 106,003
Experience: Lawyer
Verified

They should pay you interest and if you had to sue them for the money the court would also order they pay interest.

But if they are refusing and are giving you the money it is not going to be possible to sue them for this small amount of money.

The interest would be less than the court costs even to sue in Small Claims Court as interest rates are very, very low right now.

Do you see what I mean?

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