How do I get my credit card company to refund my security deposit?
I closed my secured credit card account. I had a deposit of $3000. I was told by the customer service rep.that bank will refund my deposit in 30 days. Ever since, 47 days have passed but they do not give definitive answer as to when I will get my deposit back. I am in financial emergency and need my money back. How do I persuade this bank to refund my deposit ?
June 6th, 2010 at 6:38 pm
You threaten legal action. Other than that, your hands are tied.
June 6th, 2010 at 6:41 pm
You have just made an interest free loan to the credit card company with no due date. This is a great reason to avoid secured credit cards.
Assuming that this is a Visa or MC, it was issued by a bank. If it has National or NA in the name, it is regulated by the Office of the Controller of the Currency (part of the Treasury Department). Complain to them. Otherwise, it is state regulated and you have to find what state agency regulates state chartered banks and complain there.