Consumer SOS: Credit card company finally refunds senior’s $12,000 overpayment
Ben Tanti is not your average credit card customer.
Instead of making a minimum payment or paying the full account balance as usual, Tanti overpaid her Capital One Costco Mastercard last October.
The 79-year-old from Toronto slipped an extra digit when paying his bill online.
“It’s a $12,000+ problem,” Tanti told Global News in an interview.
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Tanti thought it would be easy to convince Capital One bank to repay the overpayment. Instead, he said, it was impossible.
“I spoke to over 12 agents,” Tanti said, pointing to handwritten notes with the names of customer representatives and managers he contacted by phone in an attempt to get a refund.
Everyone, he said, was sympathetic; some promised that he would recover the overpayment to his bank account. But the promises have not been kept, he says.
One day, after more than six weeks of trying, Tanti phoned Global News for help.
“I told one of the officers that I had had enough. You were my last resort,” Tanti said.
Accidental credit card overpayments happen for a variety of reasons. If the amount is relatively small, many customers don’t bother asking for a refund because if they use their credit card for purchases, the amount will be applied to their next statement.
On the CapitalOne.com site, the bank reminds anyone of its obligations who asks for a refund after having made an overpayment.
“If you overpay your credit card by more than $1 and request a refund, your credit card company must send you a refund within seven days of receiving your written request,” advises Capital One.
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This did not happen, even when Tanti made several requests. But hours after Global News emailed the bank on Tanti’s behalf, Capital One responded.
“We apologize for any inconvenience and sincerely regret that Mr. Tanti was unhappy with his experience,” a spokesperson wrote.
“We recognize Mr. Tanti’s frustrations with this situation and are actively investigating,” the representative added.
The next day, Tanti had been contacted by Capital One and $12,117.34 had been returned to his bank account.
Capital One also promised to pay $55.20 interest on the overpayment and send him $250 for his inconvenience. Tanti insisted that the money be sent by check.
Tanti credited the eventual credit card refund to Global News.
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“Thank you,” Tanti said, relieved to have his money back and not have to call the company multiple times a week.
In October 2020, Costco and Capital One mutually agreed to end their credit card relationship.
Beginning March 2022, anyone with a Capital One Costco Mastercard will have their account transferred to CIBC, which is now the exclusive credit card service provider for the retailer.
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