SBI Auto debit credited but didn't debited? Interesting!

webie

Member
Messages
478
So, I have got this SBI elite card, and my CC limit is 1.6L. My bill get's generated on 2nd of every month and due date is 22nd of every month. Auto debit is linked with my savings account. I used my CC limit last month of 1.6L entirely. Now, I was short of funds and exactly on 22nd (due date) I made the payment from my current account with my debit card for 1.6L and immediately used my limit again for 1.6L (wallmart/best price). Now my limit should be 0 right ? and my bill will get generated on 2nd dec and I have to pay the dues on before 22nd dec right ?

Here's the interesting part.

Now since then(5days) since I made the payment from my current debit card , my limit is still 1.6L. I thought initially that it might be bcoz it isn't updated and as it's a sbi cc(govt) it might take time asusual. However I called a friend of mine and he said it might not be updated and if I call TOLL FREE, they will give me real time stats for which I wasn't interested at that time as bank is a bank, they will take their money anyhow. Now today, I checked my limit again and it's still 1.6L however it should be 0, then I thought i should take a look on my payments (unbilled tracsactions and payment history) and over there I see 2 credits done by SBI of 1.6L. One for which I made the payment from my current account debit card and the other was the auto debit that happened from my savings account. Well sounds like I am at loss? Nope! my savings account has like 1.2L in it and they are still there. I mostly save in HDFC anyways.

so TL;DR

bank made a mistake for a credit of auto debit which never got debited in the first place and I have an interesting idea as t why not i do a swipe at instamojo (My online gateway) or my SBI POS or PINELABS POS and make a transaction of 1.6L and bank or online gateway will take 2% so I will get 1,56,800 rs to myself.

I mean let's say in future I do find out or bank somehow tries recovering that amount, what do I have to lose anyways no? like 2% fee? that's like 3200, and if this is really a bank bug which they don't realize it will be the easiest 1,56,800 rs I ever make.
 

webie

Member
Messages
478
How do I handle ACH or Direct Debit payments that are reversed?

I just read this.

One might be inclined to believe that a direct debit transaction is not truly processed until you are positive that the payment was successful and has settled. However, this is not correct. For example, if you go to your ATM and deposit a check, your account balance will immediately reflect that transaction. If the check bounces a few days later, the payment does not settle and there there is a reversal, your account balance will reflect the reversal and will be decreased.
I guess it's best to not do anything.
 

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