QUESTION
Can I sue a bank for putting a transfer through without my permission and for the wrong amount that could effect my credit score
Asked on Aug 29th, 2015 on Legal Malpractice - Ohio
More details to this question:
I applied for a new credit card that has 0 percent interest for 18 months to transfer my other credit card onto that one to get it paid off without interest. Without my permission the bank associate put a balance transfer through for 13,500. Nothing was supposed to be transferred until I received my new card and went into the branch and that was only gonna be for 1,700. My limit on my new card was 15,000. When I received my new card I called and dropped the limit to 5,000 then the transfer went through. I need to know what I can do about this. It has been fixed but I think it may have messed up my credit.
1 ANSWER
The issue is the cost to pursue a claim versus the potential damages.
You first need to confirm what, if any effect the transaction had on your credit. Likely a pre and post transfer comparison of your credit scores would be an indicator.
Lets assume that you can prove an injury to your credit record. Then, you need to weigh the cost of litigation -- legal fees & expenses, expert witness costs, time off from work to attend hearings/deposition, etc. -- with what you can hope to collect.
From what you describe, IMO whatever claim you may have likely is worth far less than the cost to pursue the claim.
Answered on Sep 02nd, 2015 at 6:24 AM
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