Here is the situation: In March of 2006 I made a $500 purchase using my Check Card (as Credit, so it went through VISA). The money has never come out of my checking account. I checked with the retailer several times last year; they said their books balanced and they did not notice the money having not been received (it's a small store and they would have noticed $500). I actually work for the bank which the Check Card and checking account are with. My employer can't explain the situation and have been of no help to me. The money has sat in my account for a year now doing nothing (except earning a few pennies of interest). My question is this: is there any kind of statute saying there is only a specified amount of time VISA can legally take the money from my account? Is there any point at which the money becomes mine again and I can spend it without fear of a charge coming through that will send me into overdraft? I'm not looking for a "They're probably not going to take it out after such a long time", I am trying to find out if there is any kind of permanent closure to this situation. Thank you if anyone is able to help!
You might ask this at www.bankersonline.com It might depend on if the error was a result of the merchant failing to run in the charge correctly, or whether the bank debited the proper account. If the latter, you might still find yourself paying it even past any SOL, if the error was later found, even if you might be legally entitled to claim SOL, since you work for that bank.
