Reply
Frequent Contributor
7PM789
Posts: 263
Registered: ‎08-20-2012
0

Write off balance?

I just got my mastercard statement and listed under Payments, Adjustments and Others was...

WRITE OFF BALANCE $0.01 -

What is this?

I overpaid by a penny and somehow it looks like I owed them a penny then they wrote it off?

Is this going to hurt my score?

Amex B.C.E. - $2.5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover More - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k -
W.M.TU-776(Oct/14/) EQ-726(July/12) EX-782(Oct/14)
Audi, Vide, Tace. . .


Valued Contributor
SnackTrader
Posts: 1,567
Registered: ‎09-15-2012
0

Re: Write off balance?

Never seen this before - call and ask. See what the CSR says. 


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Frequent Contributor
bostonte
Posts: 263
Registered: ‎10-04-2009
0

Re: Write off balance?

Most creditors do this if your balance is under a certain amount, say $1.00. It's to save them from the expense of processing a payment exceeding the payment.

 

What you are seeing is the other side -- some creditors do it if you over pay too. I overpaid Kohls by $0.29 and they took it. They zeroed out the balance and the statement was $0 balance and the credit that should be there of $0.29 written off.

 

I don't think they should be able to do it when it's a credit, but perhaps they can. Or maybe its just rare enough and small enough no one has ever said anything.

 

other than loosing your penny, it shouldn't effect you.

Frequent Contributor
7PM789
Posts: 263
Registered: ‎08-20-2012
0

Re: Write off balance?

I know it's just a penny and I'm sure someone is shaking there head as they read this, but I don't see why they would do this. I've overpaid them in the past to cover pending charges that hadn't yet posted and this never happened before.

For example, summer before last I purchased a car battery at a small shop and it took two months for the transaction to post. I had a "credit" of approximately $85.00 the entire time to prevent the card from posting a balance.

I suppose I won't be overpaying anymore because I wouldn't want to get taken for my "over payment credit" be it a penny or more...

I will be going to my branch tomorrow morning to get an explanation and I will share what they have to say with everyone here.

Amex B.C.E. - $2.5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover More - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k -
W.M.TU-776(Oct/14/) EQ-726(July/12) EX-782(Oct/14)
Audi, Vide, Tace. . .



myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}