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Advice need - positive balance on a Santander Zero Credit card

18
Found 12th Jul 2011
Moved some money across (via a balance transfer) to my Zero card (0% fee for cash withdrawals)

When I tried to withdraw (MY!) money I got a message saying the transaction had been declined

Spoke to customer services, who informed me I wasn't allowed a positive balance (as they make no money) and the card is blocked until I go into debt on it

The only thing they said they can do is return the funds to the original card, which I am reluctant to do as it cost a fee to move it in the first place

If I had known I would have withdrawn the money prior, thus paying 22% PA interest for the 8 days it took the balance transfer to hit the card.

What's my best course of action?

Reading around the web card issuers claim positive balances are a sign of money laundering, so surely if I can prove the money came from a card (in my name) and I want to withdraw the money to a current account (in my name) that puts that out of the window and the only reason left is pure greed by the card company (who have done very well out of me in the past)

If I cancelled the card, would they send me a cheque for the balance?

Currently thinking about going down to the branch and demanding my money LOL, dunno how far it will get me though
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18 Comments
Original Poster

Reserved for links

http://www.lovemoney.com/news/credit-cards-current-accounts-and-loans/credit-cards/820/dont-let-this-happen-to-your-credit-card

Incorrect info?
http://answers.yahoo.com/question/index?qid=20090503183544AAO2id6
Incorrect?

I've done it before, paid extra cash so I'm actually in credit on my … I've done it before, paid extra cash so I'm actually in credit on my credit card. It then just means the company taking the money out of your credit card is taking the extra cash you put on it, so effectively taking your money not the banks credit. If you've the funds to do it then i suggest go ahead.


Edited by: "Johnboy_1975" 12th Jul 2011
Cant understand a reason for moving the cash in the first place.
Original Poster
transit

Cant understand a reason for moving the cash in the first place.



So I could withdraw it. Most cards charge a fee for cash withdrawals. I need the money in my current account and couldn't get a card which did current account transfers, only balance (to another card) transfers
Johnboy_1975

So I could withdraw it. Most cards charge a fee for cash withdrawals. I … So I could withdraw it. Most cards charge a fee for cash withdrawals. I need the money in my current account and couldn't get a card which did current account transfers, only balance (to another card) transfers




Oh i see now.
Johnboy_1975

So I could withdraw it. Most cards charge a fee for cash withdrawals. I … So I could withdraw it. Most cards charge a fee for cash withdrawals. I need the money in my current account and couldn't get a card which did current account transfers, only balance (to another card) transfers



Yeah but the idea of them offering you 0% on withdrawals, is that you take a cash withdrawal and they can then make money on it. It's for credit - you are looking to debit from a positive balance.
You can close the account and they will issue a cheque - but it may take a while (6-8 weeks I think).
Original Poster
TUSSFC

You can close the account and they will issue a cheque - but it may take … You can close the account and they will issue a cheque - but it may take a while (6-8 weeks I think).



Would they issue the cheque in branch do you think?

How much interest can I charge them? You'd think they would be grateful to get some interest free credit off me, instead of treating me like dirt.
Johnboy_1975

Would they issue the cheque in branch do you think?How much interest can … Would they issue the cheque in branch do you think?How much interest can I charge them? You'd think they would be grateful to get some interest free credit off me, instead of treating me like dirt.



The key word here is Credit Card. You're expecting them to enable you to use it as a Debit Card.

Unfortunately, you made the mistake, not them.
Johnboy_1975

Would they issue the cheque in branch do you think?How much interest can … Would they issue the cheque in branch do you think?How much interest can I charge them? You'd think they would be grateful to get some interest free credit off me, instead of treating me like dirt.



No - they won't issue it in branch. If it's a large sum, they will probably want to do inhouse checks to ensure it isn't money laundering. And they may even apply a charge - check your t&c's. Small positive balances would be returned a lot quicker.
so you have attempted to avoid cash advance fees by shifting money from one card to another, it was never going to work was it, they clearly know what you are up to. It was never going to work and if you close the account my guess would be that they would still insist on returning the money to the card it was issued from. Getting cash charge free from a CREDIT card is NOT possible. You tried, you failed, the reasons are pretty obvious. So how have they treated you like dirt?
Original Poster
juiceblaster

so you have attempted to avoid cash advance fees by shifting money from … so you have attempted to avoid cash advance fees by shifting money from one card to another, it was never going to work was it, they clearly know what you are up to. It was never going to work and if you close the account my guess would be that they would still insist on returning the money to the card it was issued from. Getting cash charge free from a CREDIT card is NOT possible. You tried, you failed, the reasons are pretty obvious. So how have they treated you like dirt?



Firstly Santander do not charge cash advance fees, so that's that argument out of the window - how can I attempt to avoid something they make a big thing of not charging for?

I have had positive balances on a number of cards at one time or another, and it has never been an issue. Granted, I didn't try to withdraw cash, maybe I would have met the same problems?

By "treated like dirt" I mean that I have no access to MY money (wouldn't have a problem if it was their money, they can do what they like with their own money) and then they spoke down to me (liek you have) about how you shouldn't go into credit on a credit card. All I have done is given them credit at 0% for a few days - hardly crime of the century

As I said in the first place, if I had any idea of the problems it would have caused I would have withdrawn the money first, and then BT'd funds over to clear the debt. I reckon I would have paid no more than a tenner in interest.

I was after some positive advice on this thread, (not a good slagging off ) - thanks to those who helped
Edited by: "Johnboy_1975" 13th Jul 2011
Johnboy_1975

Firstly Santander do not charge cash advance fees, so that's that … Firstly Santander do not charge cash advance fees, so that's that argument out of the window - how can I attempt to avoid something they make a big thing of not charging for?I have had positive balances on a number of cards at one time or another, and it has never been an issue. Granted, I didn't try to withdraw cash, maybe I would have met the same problems?By "treated like dirt" I mean that I have no access to MY money (wouldn't have a problem if it was their money, they can do what they like with their own money) and then they spoke down to me (liek you have) about how you shouldn't go into credit on a credit card. All I have done is given them credit at 0% for a few days - hardly crime of the centuryAs I said in the first place, if I had any idea of the problems it would have caused I would have withdrawn the money first, and then BT'd funds over to clear the debt. I reckon I would have paid no more than a tenner in interest. I was after some positive advice on this thread, (not a good slagging off ) - thanks to those who helped



Santander don't charge for cash ADVANCE fees however that isn't what you were after is it!
You wanted a cash advance from another credit card via the santander card. A positive balance is NOT a cash advance no matter how you dress it up. Not slagging you off just trying to point out what to me is obvious and that Santander have done nothing wrong in this instance.
Johnboy_1975

Firstly Santander do not charge cash advance fees, so that's that … Firstly Santander do not charge cash advance fees, so that's that argument out of the window - how can I attempt to avoid something they make a big thing of not charging for?I have had positive balances on a number of cards at one time or another, and it has never been an issue. Granted, I didn't try to withdraw cash, maybe I would have met the same problems?By "treated like dirt" I mean that I have no access to MY money (wouldn't have a problem if it was their money, they can do what they like with their own money) and then they spoke down to me (liek you have) about how you shouldn't go into credit on a credit card. All I have done is given them credit at 0% for a few days - hardly crime of the centuryAs I said in the first place, if I had any idea of the problems it would have caused I would have withdrawn the money first, and then BT'd funds over to clear the debt. I reckon I would have paid no more than a tenner in interest. I was after some positive advice on this thread, (not a good slagging off ) - thanks to those who helped




Just stick to their T&C's, you caused this problem, nobody else.
Original Poster

Just stick to their T&C's, you caused this problem, nobody else.



If I had been aware of this particular T&C I would have stuck to it!

Not slagging you off just trying to point out what to me is obvious and … Not slagging you off just trying to point out what to me is obvious and that Santander have done nothing wrong in this instance.



Ok - just a bit touchy at the moment. Got 5K sitting on a card I can't spend. At least it's still active for purchases.......Will spend it eventually I suppose

Best solution seems to be -

Spend the money on a bunch of pre orders from a company that takes the money up front, go into the red, take the cash out, and then cancel the preorder. 120 copies of MW3 should do it

Who takes payment up front?

Just stick to their T&C's, you caused this problem, nobody else.

Not slagging you off just trying to point out what to me is obvious and … Not slagging you off just trying to point out what to me is obvious and that Santander have done nothing wrong in this instance.



Not sure that anybody does, nobody genuine anyway, I do believe it is illegal to take payment until the item is dispatched.

Just stick to their T&C's, you caused this problem, nobody else.

Not slagging you off just trying to point out what to me is obvious and … Not slagging you off just trying to point out what to me is obvious and that Santander have done nothing wrong in this instance.



Or buy something online with a returns policy, and return it for a refund later?
i wou;d like to know how the chap got his 5k back
juiceblaster

so you have attempted to avoid cash advance fees by shifting money from … so you have attempted to avoid cash advance fees by shifting money from one card to another, it was never going to work was it, they clearly know what you are up to. It was never going to work and if you close the account my guess would be that they would still insist on returning the money to the card it was issued from. Getting cash charge free from a CREDIT card is NOT possible. You tried, you failed, the reasons are pretty obvious. So how have they treated you like dirt?



WRONG. Egg offer a product which facilitates this. In fact, the credit card firm are in the wrong for accepting the money. Why would they accept such a transfer? One couldn't electronically transfer a balance onto a window cil or the top lip of a ferret. Credit card firms allow this to happen, and they're happy to hang onto the cash until you make the effort to move it elsewhere.
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