swampwiz wrote:Here's my situation. I have a TD Card Services with a big balance and painful interest rate. I have the ability to do a balance transfer of a big chunk of that to Wells Fargo at a much nicer rate. Wells Fargo says that they had an issue with doing the payment. TD Card Services claims that it cannot accept electronic payment. This sounds like a violation of USA banking law to deny acceptance of payment. Of course, the folks running the customer service @ TD Card Services sound clueless, so I'd like to speak with someone at the Executive Office of TD Bank (or whatever is the USA entity that does business as TD Card Services.) I also think I have a complaint case that I could get the new Consumer Financial Protection Agency involved.
Oh, and don't tell me that I should simply get a "balance transfer check", as I am away from my home (for a long time), so that will not work.
Any ideas as to how I should proceed? Thanks
They are not denying acceptance of payment; they state they cannot accept electronic payment. There's a difference. Though antiquated, it's not illegal. Hence there is no violation of USA banking law.
While nearly every major institution can accept electronic payments, there is no requirement to do so. Over the years, I've had multiple accounts that would not accept electronic payment transfers. In those cases I had to mail them a check. Most of them have come around to accepting electronic payments. And here, in 2016, I still have an account that will not accept any electronic payments, I have to send a check or money order.
Regarding your unique situation, contact Wells Fargo and see if they can mail TD Card Services a transfer check. There may be a service charge to WF that you'd have to pay, but it should not be substantial, and the end result would be that you get the better rate with WF.