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About Shane
Expertise
Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience
Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations
American Association of Medical Assistants
Education/Credentials
High School Graduate and Medical Assisting Diploma
Awards and Honors
Significantly exceeds expectations annual review from the bank I presently work at
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You are here: Experts > Real Estate > Banking: U.S. > Using Banks and Bank Accounts > Cash advances.
Expert: Shane
Date: 10/7/2008
Subject: Cash advances.
Question
QUESTION: Hey Alex. A friend of mines has been doing cash advances for months now and they have always fell off. He was made over 70k doing this but hasn't spent the money. Fortunately, the bank contacted him the other day and said that they are about to post the transactions on his account. He was doing the advances from Wachovia to his Bank of America account. And they fell off every 3 days. If he pays the money back when it post to his account will everything be over? And is there some kind of 30 day processing policy the merchant bank should have to follow or they are allowed to go back four months and get all there money back. Please respond as soon as possible. THANK YOU
ANSWER: Hi Travis,
Yes they are allowed to go back any amount of months to retrieve monies owed. The paperwork signed stating it would be paid back overrides any statues of limitations which would be one year. As long as his account is not negative after the transactions go thru then yes he will be ok, but he needs to make sure the account doesnt go negative.
Shane
---------- FOLLOW-UP ----------
QUESTION: Ok can you be a little more clear. The only document that was signed by him was the cash advance slip. After the approval code was given by the merchant to process the transaction it showed up on the account temp. He called merchant services and other departments. And they were telling him that the merchant was at fault for not putting the transaction in manually as a sale cause the cash advance to fall off all the time. The bank of america global fraud prevention called him and said they are waiting for the moneys to post that will put his account into a negative and will work out some form of payment plan with him. if he doesnt pay it will go to collections. So my question to you is, what are the possible outcomes of this? If it goes to collection will they hunt him down? Could legal agencies get involved? Is this a merchant error?
Answer
In essence, yes this is a merchant error, should they have billed this at the proper time? yes. However, again, he owes the money. A legal agency would pull the paperwork from the cash advance which states regardless of when it is collected, the money is still owed and the judgement would default in the favor of the merchant. It sounds like Bank of America is willing to work with you because of all the confusion, some banks wouldnt be willing to do that. Worst case scenario is he goes to collections, doesnt pay it, and then yes collections would take any recourse possible. He needs to make payment arrangements and stick to them otherwise that is a large hit on a credit report.
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