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Credit Card Dispute - Wishing to Close Card Account

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nemoryer
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Credit Card Dispute - Wishing to Close Card Account  Reply with quote  

In June I was in a foreign country and was victimized by a ruthless merchant who "doctored" the bill, that when I saw my statement, I immediately called the bank to report it. First, I thought it was a fraudulent transaction but it was not because I met the merchant face to face, so then it got re-classified as a "Billing Dispute."

This matter is alledgedly "still under investigation" everytime I call the bank and so far they have not reversed the charges, although every time I call, some clerk at their Billing Disputes Dept. reassures me it will be reversed within 7 business days.

The amount is dispute is $40. The merchant doctored the bill to make it look like $408. I technically only owe $40. I have faxed copy of original bill to the bank and they have all the copies they need and even they all conceded that the bill had been clearly doctored and altered.

It's almost October and everyday I am "sickened" to my stomach of this and I just want to pay them the entire amount and close my account just to be rid of them for once in my life.

My question is: After I close this account and they for some miraculous reason decide that they owe me the money, what happens after an account has been closed? Is the bank liable to send the customer the excess amount paid, or are they entitled to keep it?

I could keep the account open for a year and I had not used the credit card since June. But there is a measure of peace of mind that I am so lacking right now, that I just want to get rid of them. Is my reasoning understandable?

Thank you.
Post Fri Sep 14, 2012 3:48 pm
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Wino
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If you have given the evidence, the bank must put a hold on the charge ASAP. If it is shown "in dispute," then the charge is on hold. There is nothing stopping the merchant from continuing to add the charge every month even after you get it off your card. I had Houston Cellular continue to add a bogus charge every month, and I would send the contract, also every month, for maybe six months. I finally closed the account as you are planning to do, but I did it because of the re-charge, not because of Amex.

My advice to you is to wait through the dispute process until it is resolved. Once resolved, just cut up the card or otherwise stop using it. Do not close the account. Part of your credit score is based on "credit utilized divided by credit available." By closing an account, you hurt this factor (even if only slightly).
Post Sat Sep 15, 2012 2:30 am
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coaster
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If you close the account and the dispute is resolved in your favor, they will send you a check for the balance due. But ... don't close the account ... for the reasons cited above. You'd only be hurting yourself to spite the bank; not a very prudent move, financially, dispite what it might do for your own emotional state.

~Tim~
Post Sat Sep 15, 2012 6:16 am
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