My Bank Called With A $70,000 ‘Free’ Credit On A Card

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

It’s common for people to rack up large balances on a credit card. But it’s a lot less common to get a phone call saying you have a huge credit due to you on an old credit card.

In this Reddit post, a user says their bank contacted them about an old credit card account that apparently had a $70,000 credit on it. The poster said the card was in their name and that a business they used to work for had opened it on their behalf.

The poster wants to know what to do with the funds. But the poster has concerns.

First, the business in question no longer exists. So there’s no one the poster can contact to verify where the money should go.

The poster doesn’t want to take money that isn’t theirs. But they’re not sure what to do.

First, make sure you’re not being scammed

When I first read this post, something seemed fishy.

It’s very unusual for a $70,000 credit to accumulate on a credit card — even a business card. In the case of a business, someone is supposed to be monitoring the account, which includes making payments on time and checking for credits. The whole situation is just odd.

It would also be one thing if the poster used to own the business in question or was a partner in it. It seems like the poster was just a regular employee, which means it’s weird that they would have a $70,000 spending limit or higher on a business card.

Normally, I’d say this reads like a scam. And it may be.

But the poster says they went to the bank that contacted them in person, sat down with an employee, and verified that the situation is legitimate.

It would be pretty unusual for a bank itself to be scamming a customer. Sure, a single bank employee might try to run a scam. But if the poster discusses the situation with managers and multiple bank personnel, they’ll have a better sense as to whether it’s legitimate or not. 

It is conceivable that the poster’s old company got them a business credit card in their name and that a huge refund was applied to that account that never got claimed.

Even if the situation is legitimate, the poster is rightfully concerned about taking money that may not be theirs. That’s the part they’ll need to solve.

Do the right investigation

What the poster should try to do before taking any money from the bank is contact someone from the old business. The company itself may no longer be in operation, but the poster surely knows who owned it. They can probably find a way to reach out to the former owner and loop them in on what’s going on.

The poster should not just take the money if they’re convinced it isn’t theirs. If the original business owner finds out, they could sue.

All told, this is a strange situation. It’s not unusual to have a credit waiting for you on a credit card. If you have a credit card you don’t use often, make a purchase with it, and return it, you might end up with a $100 credit you forget about. The likelihood of forgetting about $70,000 you’re owed is slim, whether it’s a personal account or a business account.

But there’s a lesson to be learned here. Keep a list of your credit card accounts and monitor each one every month. That way, you won’t risk leaving money that’s yours on the table.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

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