Statement Cut with Negative Balance

[Anonymous]

I used my Chase card last month for ~$100. Since then, the statement cut and I PIF'd. Since then, I returned the item. When I login to Chase it shows a negative balance on the account. What happens if I don't spend the amount before the next statement? Will it just stay there or do they return it somehow? Thanks!

[Adkins]

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@Anonymous wrote:

I used my Chase card last month for ~$100. Since then, the statement cut and I PIF'd. Since then, I returned the item. When I login to Chase it shows a negative balance on the account. What happens if I don't spend the amount before the next statement? Will it just stay there or do they return it somehow? Thanks!

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The last time I had a negative balance on an account it just stayed there until I put purchases on the card, which eventually cancelled out the negative balance. If you close the account before this, they'd just cut you a check is all. 

[Adkins]

(chase might have specific rules on how they handle this; you might hit them up in chat or call them to find out.)

[Anonymous]

Send them a SM online and ask.

Capital One loves to send me $4.99 checks for my negative balance when my $9.99 Spotify clears and the $5 credit comes through days later.  I always just pay the $9.99 so I end up with a $4.99 credit.

This month I am going to pay for the $4.99 with my banked cashback rewards and avoid the stupid check.

[Kforce]

Depends on the CC institution !

Some want to balance the books and send a check, others let the credit stay in the account balance.

A negative balance, reports the same as zero to the credit bureaus.

Bank or the West, and FNBO do not send you a check.

Have no info about Chase, maybe other Chase users can give you a better idea.

[Anonymous]

Never had a negative balance to worry about. Doh!

[DeeBee78]

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@Anonymous wrote:

I used my Chase card last month for ~$100. Since then, the statement cut and I PIF'd. Since then, I returned the item. When I login to Chase it shows a negative balance on the account. What happens if I don't spend the amount before the next statement? Will it just stay there or do they return it somehow? Thanks!

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I have this happen with my Amazon Prime Visa all the time. I've left a negative balance there for two statement periods before, and they've never issued a check to zero it out.  Inevitably I'll need to purchase something, so I always end up using it eventually. 

[Anonymous]

Apparently the rules for all issuers are covered by regulation Z: https://www.federalreserve.gov/boarddocs/caletters/2008/0805/08-05_attachment1.pdf

22. Determine institution's treatment of credit balances. Specifically, if the account's credit balance is in excess of $1, the institution must disclose the items below. (§226.11) a. Credit the amount to the consumer's account; b. Refund any part of the remaining credit balance within seven business days from receiving a written request from the consumer; and c. Make a good faith effort to refund the amount of the credit to a deposit account of the consumer if the credit remains for more than six months.

So if you ask (in writing) they must return it quickly, but otherwise after 6 months.    (This explains why I sometimes get a check for a small balance I had ignored for ages)