RSSRefunded too much money on my credit card, can I keep it?
Dec 07
Credit Card Review Credit Card Statement, Mistake, Much Money, Obligation, Sit 5 Comments
In a recent transaction where I was paying by credit card I was overcharged by the vendor. She realized it on the spot and refunded the money. However, when I reviewed my credit card statement I found that they’d issued two additional refunds to me which amount to several thousand dollars. This is all in excess of the amount the needed to refund to me. What am I supposed to do? What is my obligation? Can I just sit tight until the company figures out its mistake?
Dec 10, 2008 @ 09:29:19
Just sit tight. Don’t spend it. Sooner or later, it will be resolved.
Dec 11, 2008 @ 08:54:24
I would call and tell them. Sooner or later they will figure it out but you do not want that money sitting around tempting you to spend it.
Dec 13, 2008 @ 06:17:51
don’t spend it – if you do, when they discover it, you will have to pay it back with interest and probably penalty – may also face criminal charges – call the credit card company and tell them about the error
Dec 16, 2008 @ 00:29:29
I work for a merchant processing company that handles credit card payments and in reality there is nothing that the merchant can do. They may try to charge you again to offset but since you did not authorize that transaction you can technically dispute it. They could try other methods to get it back but there is nothing to guaranty they get the money back from you. They will probably try to contact you and ask for permission to charge you again to offset.
The only thing that could make a difference is which association issued the card. They all have their own little rules so depending on if it is Visa, MasterCard, Amex or Discover could make a difference on what the outcome could be. Ultimately the more money it is the more likely you are to not be able to keep the money and they will get it back some how.
Dec 17, 2008 @ 04:00:45
Don’t spend it, don’t say anything.
If you have a strong relationship with the vendor, you may want to let them know.
If not, keep a low profile and let someone else figure it out.
If you know a lawyer (I wouldn’t pay them for this), ask them if they can tell you how long it is before the money’s YOURS, b/c the vendor and financial institution are definitely under a time limit to correct the mistake.