Irresponsible, but now terrified

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Oldcoachb
 
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Irresponsible, but now terrified

Postby Oldcoachb » Fri Dec 05, 2014 12:01 am

I am not a good manager of my account - I just noted that the small balance on my AMEX had been paid each month. I rarely use the card, my wife does occasionally, so the charges got paid off every month - or so I thought.

We do not open the paper billing statements - bad habit, yes. Until this week we began to organize our stuff - we found that someone had opened the "pay over time" option back in June 2011, ran up 10k in charges until Feb 2014, then cancelled the option. I am left owing 10k.

Ignorant and negligent I am, do not dispute that, embarrassed mostly.

What the hell can I do now?

I now have all the statements dating back to Jan. 2011 and am going through them line by line. Some charges are mine, most are not.

Amex is aware of this situation, and told me to get the old statements and begin looking.

Any advice?


takeshi
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Postby takeshi » Fri Dec 05, 2014 3:45 pm

You'll have to look at their policies regarding fraud reporting as the time has probably run out for some of the expenditures. Work on the expenditures where the window has not expired. Definitely monitor all of your accounts closely going forward.

How were you making payments without being aware of the balance?

Battery111
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Postby Battery111 » Fri Dec 05, 2014 3:49 pm

Frankly it sounds like you're already doing what you need to do. You've notified Amex and it sounds like they're working with you. I don't think there's much more you can do unless you happen to own or plan to invent a time machine to go back and change the past. Remember Amex likely wants to get to the bottom of this as well. They don't like fraudsters because it costs them money. I'm not saying they're going to waive the charges, but it's in their best interest to catch the perpetrator as well and in the past I've only heard good things about them taking care of their cardholders where fraud is concerned.

All that being said, you're correct. You do share at least some responsibility for not being more diligent. I myself can be bad about reading the paper statements. However I watch my accounts like a hawk online so it's not a huge deal.
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lobbythis
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Postby lobbythis » Fri Dec 05, 2014 4:57 pm

takeshi wrote:
How were you making payments without being aware of the balance?


Yea...would love to know how that is possible.

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Dec 05, 2014 5:32 pm

lobbythis wrote:Yea...would love to know how that is possible.


The OP can hopefully answer, but one possible explanation is that the charge card had automatic payments set up for everyday small purchases. The pay-over-time feature only applies to certain unusual large and some travel-related charges, so it would be almost like having a separate account.

I have no intention of ever using the pay-over-time feature (do to the 30-something percent effective APR), and my knowledge of it is limited. I do know, though, that it is not the same as having a charge card act like an ordinary credit card. With pay-over-time, some kinds of charges need to be paid with the first bill, and other kinds can be paid off over time. It's not like making a minimum payment on a credit card, where the purchases are all treated the same way.
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Oldcoachb
 
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Postby Oldcoachb » Fri Dec 05, 2014 7:49 pm

yep - card set up with automatic, small payments - I get a text each month that would say, for example, $350 paid to Amex via bank account, thank you!

I am being extra diligent, now.... thank for the advice - support is appreciated

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lobbythis
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Postby lobbythis » Fri Dec 05, 2014 8:21 pm

Ok, I see what you're saying. But, from June 2011 to February 2014? That's an insane amount of time to never look at your account at least once.

Mitch
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Postby Mitch » Thu Dec 11, 2014 10:45 pm

lobbythis wrote:Ok, I see what you're saying. But, from June 2011 to February 2014? That's an insane amount of time to never look at your account at least once.


My Father Paid for a $12 a month Online Support Subscription from 2007, a Netflix Subscription he never setup from 2009, and a Vacation Point Program $7 a month for 8 Years (once again, he never set it up)... all until January of this year, when I offered to look over his statement.

Trust me... Americans seem to be notorious for not opening statements. Me on the other hand, I make a habit of signing in to online banking every single morning, and I check my credit card accounts every night. I even setup email alerts, to tell me when my card is used online from my bank. It makes me feel secure, and it's a habit, I plan to keep forever :)

On Another Note - Why is it, that American Express never changes people's card numbers?
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