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  1. #1
    Join Date
    Aug 2011
    Posts
    4

    Default Security Deposit Refund for a Secured Credit Card

    My question involves personal finance in the State of: LA


    I closed my credit card account on July 2011. They told me that I will get my refund on two cycle which means I will receive it on September 2011. I waited until September but I don’t receive anything. I called them again and they told me you will receive it on October 12, 2011. I still don’t receive my check, so I called them yesterday, and they told me the agent who closed your account he didn’t submit the request. Therefore, they are going to submit the request and I will receive my money on December 2011.
    I can’t wait until December because I’m broke and I need my money back. I explained to the agent yesterday and he told me we can’t do anything because this is the process in the bank.

    This is more information about the case:When you open the bank usually they ask you for the security deposit and when you close your account they will return your security deposit in two cycle which is two month. In my case, I wait more than 3 months and they ask me to wait two months extra. The deposit is more than $2000. The card type is secured card.

    The question is: Is there any way to get my money back as soon as possible? Do I need to go to court so they might be afraid and send the check quickly.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Security Deposit Refund for a Secured Credit Card

    I'm sorry your bank is giving you a hard time.

    The problem with suing is that you run a chance of moving the file from the department that keeps messing up the issuance of your refund into the legal department, which could potentially cause additional delays. Add to that, odds are it will be at least two months before you get a binding, final judgment. (On the other hand, if you don't sue, you could find yourself in December with no refund and yet another excuse.)

    Will the credit card company commit to its promise in writing?

  3. #3
    Join Date
    Aug 2011
    Posts
    4

    Default Re: Security Deposit Refund for a Secured Credit Card

    Thanks for your reply,

    No actually, I don’t have any written documents from them which indicate they are going to refund me on December.

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