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Hey guys. I initiated a Balance Transfer so I could pay off my CITI account with my Chase Slate. I initiated the BT on 03/16 and it was "completed" on 03/20 from Chase's side. However, I didn't receive the funds into my CITI account yet. How come I was charged before CITI even had the chance to deposit the money on my account?
Is this normal? When can I expect to see the money post?
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Pay at least the minimum as above poster mentioned to avoid any late payment. As I am a "control freak" I always write out the check to myself first and then pay the card down from my bank account so I can see the status of the BT and expedite the transaction. It took less than 3 days so far to complete the whole process.
Thanks for the replies guys. I still find it freaky that Chase charged me the money before it was accepted by CITI. What if the check that's mailed to CITI gets lost? What if its deposited to the wrong account? This stuff freaks me out.
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I would look for it to post tomorrow sometime, they usually send the payoff thru the ACH system if the receiving bank is able to accept such payoffs and Citi is able.
@Kostya1992 wrote:Thanks for the replies guys. I still find it freaky that Chase charged me the money before it was accepted by CITI. What if the check that's mailed to CITI gets lost? What if its deposited to the wrong account? This stuff freaks me out.
If you read the fine print on the BT offer, it says you will pay interest from the day of the BT request. This is normal operating procedure.
This is why you need to triple check the card number, address, bank info etc you are paying off, then go back and check it again, to ensure accuracy prior to requesting the BT. Cardholder beware, in other words.