Balance Transfer to Checking Account HELP - Payee Name?

[Anonymous]

Hi everyone,

I did a bunch of credit card apps this past weekend with the goal of getting some balance transfer deals to transfer to my checking account. I did this once before many years ago and did a bit of reading on here before submitting the requests. I know for the account number to put my checking account number and the address should be my bank's main deposit address.

The question I have is regarding the payee's name. I did not put my bank's name and instead put the name thats on the checking account. Now I am begining to question if I made a mistake here and should have put the bank's name as the payee? The transfers were just submitted on Monday so maybe it's too early to determine if they will get into my account but I am kind of getting worked thinking I made a stupid mistake. Also, the checking account name is under my company's name and some of the cards I applied for were just personal cards. 

Any insight would be greatly appreciated. If need be I could try to call the credit card companies although I'm sure there is a certain wait period as they have already taken the transfer amounts out of my available credit.

Any help would be greatly appreciated as I am going to be losing sleep over this. Thanks.

[dodgerslv]

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@Anonymous wrote:

Hi everyone,

I did a bunch of credit card apps this past weekend with the goal of getting some balance transfer deals to transfer to my checking account. I did this once before many years ago and did a bit of reading on here before submitting the requests. I know for the account number to put my checking account number and the address should be my bank's main deposit address.

The question I have is regarding the payee's name. I did not put my bank's name and instead put the name thats on the checking account. Now I am begining to question if I made a mistake here and should have put the bank's name as the payee? The transfers were just submitted on Monday so maybe it's too early to determine if they will get into my account but I am kind of getting worked thinking I made a stupid mistake. Also, the checking account name is under my company's name and some of the cards I applied for were just personal cards. 

Any insight would be greatly appreciated. If need be I could try to call the credit card companies although I'm sure there is a certain wait period as they have already taken the transfer amounts out of my available credit. Also, check and see if your checking account has a pending deposit.

Any help would be greatly appreciated as I am going to be losing sleep over this. Thanks.

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i would call the bank for which you did the balance transfer deposit/check and check the status. Usually those transactions can take up to 7 days so just call them up tomorrow and let them know if the information you gave was correct. Btw, welcome to the forums!

[Anonymous]

Thanks for the help dodgerslv. I'm hoping that since the account number is correct that it should be fine. I guess the way I was looking at it was that the check should be made to my checking account's name just like any other check being written to that account. My only worry is that usually you have to sign the back of the check to deposit it. My other train of thought would be that the check would be made to "ABC Bank" and the account number would tell ABC Bank which account to deposit the money to. I am not familiar with writing a check this way though.

I should probably stop worrying and call the bank tomorrow. Worst case I assume the checks would be returned and I would just have to resubmit the balance transfer done correctly.

[Anonymous]

If this helps, the credit card companies I am waiting on are Chase, Amex & Discover.  BOA let me deposit right into checking account without having to use the balance transfer method. Barclays sent me a BT check with my card.

Previous Card:

Barclays Business $12k 

New Cards Opened Last Week:

Chase Ink $15k

Amex Blue Cash $12k

Bank of America $6k immediate CLI $4k = $10k

Barclays Personal: $5k

State Farm: $5k

Discover: $2.8k

I'm quite happy with the credit I got. My FICO was a 740 but now with all these inquiries and utilization I know it will plummet temporarily. I'm 27 y/o, no late payments, and have an auto loan & mortgage.

Any other input would be much appreciated!