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Hi,
I made a balance transfer at the beginning of December (paying Discover and paying HSBC, formerly Direct Merchants Bank). I do understand that balance transfers take up to 30 days to process, but I am curious why Discover was paid off a mere 10 days after my call yet HSBC has not been paid more than 20 days later. I only gave the credit card numbers to the bank issuing the balance transfer (they said they had the addresses for payment on file) but I'm concerned maybe the HSBC card isn't receiving the payment since it was recently converted from Direct Merchants Bank.
I'll continue to wait the 30 days before I start to panic, but has anyone else experienced something similar?
Thanks!
Sounds odd. I've heard of BTs taking up until 14 bus days to complete but not 30. Have you called HSBC to find out if they've received the payment? Most merchants now accept electronic payments so in my experience the balance transfers take less than 5 business days to reach the creditor that is being paid off. I transferred a balance from an HSBC card (not Direct Merchant first time I'm hearing about them) to another bank recently and it took 3 business days for the entire process to complete i.e. from requesting the BT and HSBC receiving and posting the payment.