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@ChargedUp wrote:BoA is YMMV when it comes to this. I had a BT offer which I used a few years ago where it stated in the fine print that if I wrote the check to myself it would be considered a cash advance and the fee's would rack up accordingly. This was the route I was originally going to take as I wanted to consolidate quite a number of cards, so I called and the BoA CSR confirmed what the small print said. The CSR also stated that this isn't always the case, but with my particular offer, it was. I had to sit on the phone reading card numbers off for 30 minutes to complete what I wanted to do and then everything was fine.
Yes, it is a little surprising that it isn't usually like this, as long as lenders distinguish between cash advance and BT. If I end with a check I can deposit in my own bank account, it is hard to see why this isn't a cash advance! But most of the time, as stated by others, it works just fine.
@Anonymous wrote:
@ChargedUp wrote:BoA is YMMV when it comes to this. I had a BT offer which I used a few years ago where it stated in the fine print that if I wrote the check to myself it would be considered a cash advance and the fee's would rack up accordingly. This was the route I was originally going to take as I wanted to consolidate quite a number of cards, so I called and the BoA CSR confirmed what the small print said. The CSR also stated that this isn't always the case, but with my particular offer, it was. I had to sit on the phone reading card numbers off for 30 minutes to complete what I wanted to do and then everything was fine.
Yes, it is a little surprising that it isn't usually like this, as long as lenders distinguish between cash advance and BT. If I end with a check I can deposit in my own bank account, it is hard to see why this isn't a cash advance! But most of the time, as stated by others, it works just fine.
CSR stated I could literally write it to anything or anyone but myself or my wife. I asked if I could write it to my ex wife and she said "absolutley!". Then I stated she could just write me a check in return so what's the point?... She didn't really have an answer except that it's just how the offer was set up. In not trying to press my luck, I just let them pay the creditors through their system and all worked out fine.
@ChargedUp wrote:
@Remedios wrote:If you are doing a BT and option to deposit money into checking is available, it's not considered cash advance. You'd be fine doing it that way.
BoA is YMMV when it comes to this. I had a BT offer which I used a few years ago where it stated in the fine print that if I wrote the check to myself it would be considered a cash advance and the fee's would rack up accordingly. This was the route I was originally going to take as I wanted to consolidate quite a number of cards, so I called and the BoA CSR confirmed what the small print said. The CSR also stated that this isn't always the case, but with my particular offer, it was. I had to sit on the phone reading card numbers off for 30 minutes to complete what I wanted to do and then everything was fine.
I've been with BofA for 30 years, and I've never seen this myself. I'm glad I told the OP to read all the terms and conditions of the BT offer they were interested in, just to make sure!
The way this thread is presented, it definitely does seem like OP is trying to BT TO DFS. But after reading through, it seems that there is some confusion as to how BTs work.
OP, as has already been mentioned, you need not ask/notify DFS of your intentions to BT their balance AWAY from them. You simply go to the bank/CU you wish to BT the balance over to and start the process. That bank/CU will handle the rest.
As @SoCalGardener mentioned, DFS won't know it's a BT; they'll just see a payment (either physical check or electronic payment), and I don't see why they wouldn't accept a payment.