cancel
Showing results for 
Search instead for 
Did you mean: 

Balance Transfer to Cash with 0% APR Question

Member

Balance Transfer to Cash with 0% APR Question

I have several 0% balance transfer offers for accounts that charge no fees but do not give balance transfer checks to bank accounts. Has anyone tried putting their company as the account payoff for a manual balance transfer check to be generated?

Message 1 of 6
5 REPLIES
Community Leader
Valued Contributor

Re: Balance Transfer to Cash with 0% APR Question

That is a very easy way to have your account closed by the lender, or much worse.  Don't do it.  Which lenders are these accounts?  Some will issue convenience checks upon request even if they don't just send them out unsolicited.


$500k+ club. | FICO 08 [Nov 2017]: EQ 743 EX 741 TU 743 | World's worst gardener.
Message 2 of 6
Moderator

Re: Balance Transfer to Cash with 0% APR Question

@saiyanjo

 

I deleted your duplicate post in the Credit Cards forum.  Please not cross post in different forums as this is confusing for those trying to assist you and is against forum rules, Thank you for your understanding and cooperation.

Message 3 of 6
Member

Re: Balance Transfer to Cash with 0% APR Question

 


K-in-Boston wrote:

That is a very easy way to have your account closed by the lender, or much worse.  Don't do it.  Which lenders are these accounts?  Some will issue convenience checks upon request even if they don't just send them out unsolicited.


Thank you. That is what I was wondering. I have Navy Fed CU, Alliant CU, and a local CU. I will call and see. I do have some offers on cards that offer 2-3% with checks. Was just wondering if I could get cash without paying the fee, and legally of course.

Message 4 of 6
Community Leader
Valued Contributor

Re: Balance Transfer to Cash with 0% APR Question

With the credit unions it can be very hit or miss.  Worth a call, certainly.  Some lenders may think you are skirting their cash advance policies; Bank of America and Discover immediately come to mind as lenders who have no problems with you just depositing a balance transfer directly to your checking account from their website. And convenience checks are almost universally okay to deposit to yourself. The crossing personal and business accounts is just dangerous territory due to money laundering regulations. 


$500k+ club. | FICO 08 [Nov 2017]: EQ 743 EX 741 TU 743 | World's worst gardener.
Message 5 of 6
Highlighted
Member

Re: Balance Transfer to Cash with 0% APR Question

Ah, yes that makes sense re: money laundering regulations. I do have a Discover but the balance transfer offer I had on that one has expired for now. I just didn't need it then. lol.


K-in-Boston wrote:

With the credit unions it can be very hit or miss.  Worth a call, certainly.  Some lenders may think you are skirting their cash advance policies; Bank of America and Discover immediately come to mind as lenders who have no problems with you just depositing a balance transfer directly to your checking account from their website. And convenience checks are almost universally okay to deposit to yourself. The crossing personal and business accounts is just dangerous territory due to money laundering regulations. 


 

Message 6 of 6