I had an account with a $500 monthly payment at Valley First that was set up to auto-draft from my Golden 1 account. I recently paid off the account early and forgot to cancel the automatic payment. Golden 1 still sent the payment, which caused an overdraft since I only had $400 in the account at the time. I called both banks, and they told me I’d get the money back in about three days. It’s now been two weeks, and both banks are refusing to return the money. Valley First says they never received it, that there’s no tracking for it, and that it should have bounced back since the account was closed. Golden 1 says they sent the payment and didn’t get a return, so there’s nothing they can refund. What can I do? This money can’t just disappear.
From what you’re describing, the money is likely in a holding account at the receiving bank.
Taliesin said:
From what you’re describing, the money is likely in a holding account at the receiving bank.
I went to both banks in person, and now Valley First has found a tracking record of it being sent back, but Golden 1 says they can’t locate it when they search the tracking number.