U.S. Bancorp Credit Card Complaint

U.S. Bancorp Credit card department,

Transaction issue Connecticut

A double payment was made to my credit card account in the amount of the outstanding balance resulting in a negative balance. The company was contacted to request refund of balance. I was originally quoted 14 business days for return of payment. After discussion, 3-5 business days was quoted if I could provide proof of the double payments clearing my bank account. Proof was sent within 1 hour of request and the fax was transmitted successfully. 5 business days later, I called and was told that the refund would be sent after 8 business days following the original request. After further questioning, the company agreed to expedite the process, approving payment within 24 to 48 hours ( from the call on the 5th business day ) plus 1 business day for transmittal of payment and then 3-5 business days for my bank to credit the refund. In all cases, this will result in refund beyond the requirement within the Truth in Lending Act ( specifically 12 CFR 226.11.a.2 ) to return excess payment WITHIN 7 business days. The credit card company quoted another regulation ( although could n't give me the specific code ) stating they


They claim they need to verify the payment has cleared, however, there is a double standard that comes to light. They say they do n't know if the payment has cleared my bank account so they ca n't refund it yet. However, they have no problem showing the payment as credited to my credit card account, presumably before it has cleared my bank account. They ca n't have this both ways. Either it has cleared my bank account or not. If it has, they can credit my credit card account with the payment, if not, they must wait. Therefore, if it is credited to my credit card account, they should be able to issue a refund immediately.