Balance transfer shows different Payee.

Anonymous · ‎03-30-2022

So I did a balance transfer to my checking account from FNBO, after entering the checking account and the bank name, it showed “Chase Commercial Term Lending” instead of “Chase bank”. I called FNBO and they said the fund has been sent on 3/28, but I still haven’t received it in my checking account.

I’m just wondering if my checking account number unique across all JP Morgan portfolio? Like will I still be able to get the funds because it might went to commercial lending department?

I’ve called Chase customer service and been told to wait.

Please help me. A bit freaking out here.

FinStar · ‎03-30-2022

@Anonymous wrote:

So I did a balance transfer to my checking account from FNBO, after entering the checking account and the bank name, it showed “Chase Commercial Term Lending” instead of “Chase bank”. I called FNBO and they said the fund has been sent on 3/28, but I still haven’t received it in my checking account.
I’m just wondering if my checking account number unique across all JP Morgan portfolio? Like will I still be able to get the funds because it might went to commercial lending department?
I’ve called Chase customer service and been told to wait.

Please help me. A bit freaking out here.

Hi @Anonymous, welcome to the forums.

Whenever any FNBO balance transfers are remitted to a deposit account it may take a bit longer. Since the funds have been disbursed/sent on 3/28, I would give it about a week or so. It's possible they may have sent a check vs ACH.

Anonymous · ‎03-30-2022

Thank you for the quick reply.

I looked the status of the transfer and it shows payment sent electronically.

I called them and they said it should bounce back because they don't deposit into checking account, but it might take a week.

I guess I'll just wait and hopefully the funds are not lost.

FinStar · ‎03-30-2022

@Anonymous wrote:
Thank you for the quick reply.

I looked the status of the transfer and it shows payment sent electronically.

I called them and they said it should bounce back because they don't deposit into checking account, but it might take a week.

I guess I'll just wait and hopefully the funds are not lost.

Definitely wait and see before you call anyone back or you'll get different answers from multiple agents. The funds shouldn't be 'lost' per se, but if ample time passes and no deposit arrives into your checking account, then you may need to call FNBO to recover the funds. But, definitely give things time since this is not a traditionally fulfilled BT request.

K-in-Boston · ‎03-30-2022

@Anonymous wrote:
Thank you for the quick reply.

I looked the status of the transfer and it shows payment sent electronically.

I called them and they said it should bounce back because they don't deposit into checking account, but it might take a week.

I guess I'll just wait and hopefully the funds are not lost.

I was going to suggest that you double-check that the routing number matched that of your checking account in the payments account tab (Chase has numerous routing numbers but I believe all are the same in each state where an account originated and they don't have disparate ones for different types of banking), but then realized that you actually just entered your checking account number for a traditional balance transfer. It sounds like the formatting of your checking account number matches that of commercial loans from Chase, and loans are often allowed as payable accounts under balance transfer offers.

The funds will definitely make it back as non-payable, but as it appears that FNBO doesn't allow direct to checking deposits with their BT offers as some others (BOA, Citi, and Discover come to mind) do, be aware that you may experience adverse action as a result of this as it would be a violation of your cardholder agreement in skirting their cash advance policies. Unless a BT offer or convenience check explicitly states that it allows depositing into your own non-credit accounts, one should never do so with a debit card or deposit account number.

Anonymous · ‎03-31-2022

Thanks for the reply. That was my mistake indeed, was used to that Discover let me transfer to a checking account.

FNBO's balance transfer page does not have anything that indicates that a checking account number cannot be used. Still, I admit it's my fault as I was just trying to combine the balance of two different cards and have them pull out of my checking, since those accounts are already connected and stuff. Now it's just a waiting game, was hoping to get it done before statement date so my credit score can be boosted. But oh well, Lesson learned.

longtimelurker · ‎03-31-2022

@Anonymous wrote:
Thanks for the reply. That was my mistake indeed, was used to that Discover let me transfer to a checking account.

FNBO's balance transfer page does not have anything that indicates that a checking account number cannot be used. Still, I admit it's my fault as I was just trying to combine the balance of two different cards and have them pull out of my checking, since those accounts are already connected and stuff. Now it's just a waiting game, was hoping to get it done before statement date so my credit score can be boosted. But oh well, Lesson learned.

Well... maybe a good reason not to call any more as well. You want FNBO to think that you attempted to BT to one of your actual (real) loans, and maybe misentered the account number. Silly you, but we all make mistakes. Then the money comes back and you either use it properly or just no more BTs. Calling may make it very clear that you were deliberately trying to move it into checking! So just give it time.

Anonymous · ‎04-04-2022

Hi there,

I just got the confirmation letter from FNBO and in the "Chk#" section it shows "RPS", do you have any idea what does it mean? Really appreciate it!!!

i searched around it might mean "retail payment system"?