topic Re: Balance Transfer Time Length? in Credit Cards

Balance Transfer Time Length?

Anonymous — Fri, 15 Apr 2016 01:42:47 GMT

Hi Community,

Need input on the length of time it takes for a balance transfer from Walmart to Cap One card (or transfers in general).

It's been 17 days since Capital One sent the check to Walmart and they still haven't posted the pay off.

I contacted Cap One and they said they mailed the check on the 28th of March (Walmart doesn't accept electronic transfers I guess?). I contacted Walmart and they said it usually takes 10 business days, which it's been. No one at Walmart can tell me if they have even recieved the check.

Now I'm carrying the same balance on both cards and worried it will hit MyFico with both balances since both are due next week for payment.

Any input on whether I should be worried and if there is anyone in particular I should contact? I just got my scores above 700 and I am not going to be happy if both cards report the same balance.

Thanks in advance for any advice!

Re: Balance Transfer Time Length?

UncleB — Fri, 15 Apr 2016 03:03:34 GMT

@Anonymous wrote:
Hi Community,

Need input on the length of time it takes for a balance transfer from Walmart to Cap One card (or transfers in general).

It's been 17 days since Capital One sent the check to Walmart and they still haven't posted the pay off.

I contacted Cap One and they said they mailed the check on the 28th of March (Walmart doesn't accept electronic transfers I guess?). I contacted Walmart and they said it usually takes 10 business days, which it's been. No one at Walmart can tell me if they have even recieved the check.

Now I'm carrying the same balance on both cards and worried it will hit MyFico with both balances since both are due next week for payment.

Any input on whether I should be worried and if there is anyone in particular I should contact? I just got my scores above 700 and I am not going to be happy if both cards report the same balance.

Thanks in advance for any advice!

Hmm... that's interesting. I've done a BT from Discover to Synchrony and Capital One to Wells Fargo, and both were electronic and only took a couple of days.

My experience with BTs is that the receiving bank will "see" the transfer as a regular payment, so when calling Synchrony/Wal-Mart it might be simpler to only inquire about a 'payment' and not use the term "balance transfer", especially if you're dealing with a foreign CSR who might not be familiar with the concept.

Since Capital One sent a check in your case, if it doesn't arrive soon I would have them stop payment on it, and either reissue the check or send the check directly to you (so you can then forward the payment electronically to Synchrony/Wal-Mart). A Capital One CSR can fill you in on the time requirements for them to reissue the payment.

I'm sorry to hear you're having problems with your BT... I've actually had really good luck lately with my own, and I hope your situation is resolved soon!

Re: Balance Transfer Time Length?

Anonymous — Fri, 15 Apr 2016 07:52:29 GMT

I know your scores may take a hit if both balances report, but it's temporary. I would be more concerned about the check reaching the right destination.

Hopefully, Cap 1 will start offering a direct deposit option. Please come back and update your thread with the outcome. Best of luck to you!

Re: Balance Transfer Time Length?

takeshi74 — Fri, 15 Apr 2016 13:39:59 GMT

@Anonymous wrote:
Need input on the length of time it takes for a balance transfer from Walmart to Cap One card (or transfers in general).

They can and do vary. Be prepared to continue to make payments on the account you're transferring from until you've confirmed that the transfer is complete.

@Anonymous wrote:
Now I'm carrying the same balance on both cards and worried it will hit MyFico with both balances since both are due next week for payment.

Stop worrying. It doesn't really matter unless you're applying for new credit. If that's the case then that should have been considered before initiating the BT as it is always a possibility. Even if they both report the same balance it will sort out on the next cycle.

@Anonymous wrote:
Any input on whether I should be worried and if there is anyone in particular I should contact?

It can take several weeks for BT's to finalize. 17 days is nowhere near the point of worrying.

Re: Balance Transfer Time Length?

Anonymous — Fri, 15 Apr 2016 16:32:34 GMT

Thank you everyone for the input and great advice. Just to clarify, no new credit, I already have the cards. First time I've used the BT option and Cap One was offering 12 months interest free, so I jumped on it. I had a zero bal on the Cap1, so I guess that's why I'm worried it will hit with both balances. But I'll do as advised and call a rep and see where that gets me. Then follow up with Cap1 if I have too. I will update when I have something new to report and when the BT hits so others can use the info. Thanks again!

Re: Balance Transfer Time Length?

Anonymous — Sat, 16 Apr 2016 15:12:54 GMT

Update One:

Called Walmart and the rep said they have not received a check from Capital One. Nothing is pending.

I called Cap1 and they confirmed again that the check was sent out on 3/28/16 and that the normal turn around time is generally 10 business days. Since it has been 15 business days they gave me an option to cancel the check and issue a new one or to wait until Monday and give it a few more days to hit the account. I choose to wait until Monday (hoping it will).

I asked again why they couldn't perform the transaction electronically and the CSR said due to security issues, Capital One does not use use electronic transfers for balance transfer payments.

I then asked if they could cancel the check and let me send the check myself using one of the many balance transfer checks they send me in the mail, or to issue me a check and I can make the payment myself electronically and she said that is not an option.

So, waiting untill Monday and I will update again.

I know I shouldn't worry about both accounts reporting the balance ($415) and my score taking a small plummet, but when I finally hit the 700 mark (I started 4 years ago in the mid 400's), the joy it gives me each time it goes up as I pay my debt down and age my accounts, is a boost to my financial confidence. Since my divorce, it's been a long, hard journey to get both my finances back in shape and my self confidence back to normal!

At least its beautiful weather here in southern Michigan hope everyone enjoys their weekend.

Re: Balance Transfer Time Length?

JSS3 — Sat, 16 Apr 2016 17:45:56 GMT

Transferred $500 from Wal-Mart to Capital One (online) and it took 3 days to see Wal-Mart zero'd out.

They DO do electronic transfers.

Re: Balance Transfer Time Length?

UncleB — Sun, 17 Apr 2016 00:11:56 GMT

@Anonymous wrote:
Update One:

Called Walmart and the rep said they have not received a check from Capital One. Nothing is pending.

I called Cap1 and they confirmed again that the check was sent out on 3/28/16 and that the normal turn around time is generally 10 business days. Since it has been 15 business days they gave me an option to cancel the check and issue a new one or to wait until Monday and give it a few more days to hit the account. I choose to wait until Monday (hoping it will).

I asked again why they couldn't perform the transaction electronically and the CSR said due to security issues, Capital One does not use use electronic transfers for balance transfer payments.

I then asked if they could cancel the check and let me send the check myself using one of the many balance transfer checks they send me in the mail, or to issue me a check and I can make the payment myself electronically and she said that is not an option.

So, waiting untill Monday and I will update again.

I know I shouldn't worry about both accounts reporting the balance ($415) and my score taking a small plummet, but when I finally hit the 700 mark (I started 4 years ago in the mid 400's), the joy it gives me each time it goes up as I pay my debt down and age my accounts, is a boost to my financial confidence. Since my divorce, it's been a long, hard journey to get both my finances back in shape and my self confidence back to normal!

At least its beautiful weather here in southern Michigan hope everyone enjoys their weekend.

I'm glad to hear they are working with you on the missing payment, and that if it doesn't arrive by next week they are willing to assist you with canceling the check and having it reissued!

I do want to clarify one thing, though. I'm not saying you're wrong, but the CSR who told you that Capital One doesn't do electronic payments for balance transfers is incorrect... I had one just last week. It could be that there's an issue with sending the payment electronically specifically to Synchrony (?), but they definitely have that method available in many cases.

Keep us posted on how it goes!

Re: Balance Transfer Time Length?

NRB525 — Sun, 17 Apr 2016 01:06:38 GMT

OP, as a process check, did you type in the name and address where the payment was to go? With many of the BT transactions I complete on-line, the bank I am BT to nearly always has another address, different from the "Send Payments To" address I see on the statement I am trying to pay.

So I always just retype the correct address, based on the "Send Payments To" on the statement, just because the CCC are so large, and have so many possible addresses where random paper goes, that I'd prefer to at least get it to someone where they might recognize my payment.

For future reference there is also the "if you are eligible we may be able to send a no-hassle check directly to you" so that would enable payment through the regular online Make a Payment on the Walmart card.

Things should get sorted out. Good luck!

Re: Balance Transfer Time Length?

JSS3 — Sun, 17 Apr 2016 02:44:32 GMT

NRB,
I've done BTs to Capital One where I put the address from my statement and one where I left what was already there....both made it to the correct places within 3-4 days.

It's the account number that matters most.

Re: Balance Transfer Time Length?

Anonymous — Mon, 18 Apr 2016 23:59:06 GMT

Great advice everyone, I do thank you!

The check still didn't hit Walmart today, so I called Cap1 and asked that the orginal check be cancelled and a new one sent out. No problem, however, they will not send the new one out until the old one is completely cancelled (?) and that should take 5 - 7 business days to cancel at the bank. Once that time frame is cleared I should expect it to take 3 - 10 business days.

I then asked them to confirm the payment address for Walmart and it was different than the payment addy on my statements. She updated the address for me. I then asked were they got the first address and she said I would have been the one to put it in the payment info online. I'm not sure I remember putting in an address, because I thought I had an option to pay electronically, but it is possible that I looked up the address online and entered a different one. She could neither confirm or deny which address I may have entered, she said she didn't have access to what I actually entered during the balance transfer.

My thought is that it went to the wrong processing center for Walmart MasterCard, not the store card and it's either sitting in a pile somewhere or back to Cap1. Can't say if it's my error or theirs. So lesson learned, in the future, I will use the balance "no hassle" transfer checks that are issued to me. That way, I'll know who is responsible for it making it to the right spot .

Regarding electronic transfers; I asked again why I wasn't able to do an electronic transfer as I had been told they were available and the CSR told me that "they" Capital One, do not determine who gets to use an electronic transfer online. I said, "So a computer program chooses who gets to electronically transfer a balance or how does Cap1 determine that? Her response was she didn't understand what I was asking, so I dropped the matter.

I'll update again when the darn thing hits and what kind of hit I take on my score. Walmart has already reported my balance as of today (I made a payment last week to be safe), so I imagine when Cap1 reports this week I will lose some points because my CC balance will show a $410 increase. I know, I know it will even back out lol, so...I'm not going to worry about it. I'm in the garden and working on aging my accounts and getting my CC debt to 3-5% (it's at 15% now) so I can buy a home in 10 months.

Thanks again for all the help, encouragement, and calming my nerves! Hope this helps someone in the future. Happy Monday!

Re: Balance Transfer Time Length?

Anonymous — Tue, 19 Apr 2016 09:33:38 GMT

I think mine from Chase to Citi took roughly 10 days, and the fee took about another 5 days to process on Citi's end.

Re: Balance Transfer Time Length?

Anonymous — Tue, 26 Apr 2016 01:41:01 GMT

Last update: The BT hit today at Walmart. I called Cap1 to let them know and find out if it was a reissued check or the orginal check. According to the CSR it was the original check, and there was no stop payment placed,

Total amount of time for the BT was 16 business days (28 days all together).

I hope this info helps others in the future. And again, I appreciate all the feedback and support during my first balance transfer! Thanks again community

Re: Balance Transfer Time Length?

Anonymous — Tue, 26 Apr 2016 01:54:47 GMT

@JSS3 wrote:
Transferred $500 from Wal-Mart to Capital One (online) and it took 3 days to see Wal-Mart zero'd out.

They DO do electronic transfers.

Agreed. I've done several transfers both in and out of Capital One and all were electronic. Maybe certain recipient banks (i.e., Walmart/ Synchrony?) require a paper check to be sent?