Overpaid Chase Credit Card? Receive Credit Balance Refund via ACH Bank Transfer Instead of Check

Good morning everyone.  A few days ago, my Chase Sapphire Reserve Credit Card statement closed and I ended up with a credit balance of $349.34 because I redeemed 1/3 of my Chase Ultimate Rewards Points for several Pay Yourself Back transactions.  I called Chase to see if I could move the credit balance from my Chase Sapphire Reserve to another Chase credit card (to act as a payment), but the rep said that the Pay Yourself Back transactions were not eligible to be moved to another Chase credit card.  She then asked if I would like to receive a check in the mail for the credit balance.  Before I said yes, I asked if it were possible to get a bank transfer instead.  She said yes – Chase recently started offering bank transfers for credit balances.  She told me I would receive an email from Chase in the next day with instructions on how to set up my Chase Payments account and receive a bank transfer.  I thanked her for her help and waited for the email to arrive.

A few hours later (at 12:37am PT), I received the following email from Chase.  If I set up my Chase Payments account before July 11, I could receive my credit balance via bank transfer.  If I did not set up my Chase Payments account by that date, I would receive a check in the mail.  I clicked the Accept Money button to get started.

I then set up my Chase Payments account by filling in my phone number, password, security questions, agreed to the terms and conditions, and clicked the Sign Up button.

Once I was in my Chase Payments account, I saw that there was a payment of $349.34 waiting for me.  I then clicked on the View Payment Details link.

After reviewing the payment details, I then clicked the Transfer to Bank Account button.

I entered my checking account routing number, account number, and clicked the Submit button.

I confirmed the checking account details and clicked the Confirm and Transfer button.

My payment was processed and I should receive the $349.34 in my checking account in the next 1-3 business days.

There were no more payments in my Chase Payments account, but I went to the Payment History section to review the payment.

My recent payment was processed successfully and I clicked the > button to view the payment details.

The payment details were correct and now I needed to wait for the payment to arrive.

Shortly after completing the payment process, I received a confirmation email from Chase.

Later that day, I logged into my Chase online account and saw that my Chase Sapphire Reserve balance was back to $0 and there was a Credit Balance Refund transaction for $349.34.

The next day, I received the $349.34 payment from Chase in my checking account.  The whole process was very simple, easy, and quick.  Since my Chase Payments account is already set up, receiving future payments from Chase should be very easy.  If you have any questions about the Chase Payments process, please leave a comment below.  Have a great day everyone!

11 thoughts on “Overpaid Chase Credit Card? Receive Credit Balance Refund via ACH Bank Transfer Instead of Check

  1. Brant

    Hey Grant,

    Not that anyone would want to do this, but is this arrangement available to have a cash advance against you card to be directly deposited in you checking account?

    Reply
    1. Grant Post author

      Yes, I think you’re right. I think with Citi they can just send the money back to the checking account that was most recently used to pay your Citi CC bill. That is even easier than Chase’s process.

      Reply
  2. Hoang

    I had a large refund from Princess and Expedia for flights, I called BOA to transfer some to my BOA checking, it took about 3 days. Not sure they have online transfer.

    Reply
    1. Grant Post author

      That is a pretty fast turnaround time for Bank of America. I think if you have a checking account linked to your credit card account, the credit card company can transfer the funds to your bank account.

      Reply
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  4. THOMAS

    Happy to find out this isn’t a scam. I just went through this process an hour ago and then wondered if it was a scam. Every page I filled out was just as you posted. I’ve had that credit on my card for months.

    Reply
    1. Grant Post author

      I’m glad I could help. The process is a little tricky the first time you do it, but once it is set up, accepting future ACH transfers is really quick and easy.

      Reply

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