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GDayMateAZ

Open Sky Secured Visa Question - How Long to Wait Security Deposit Back ?

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In November 2014, I was approved for two secured credit cards: Open Sky Visa (Capital Bank) and Capital One Mastercard.

 

Comparing their charges and fees's schedules, I decided to cancel Open Sky and keep Capital One MC (which I like and using cautiously).

 

On December 1st 2014, I promptly notified Open Sky's Capital Bank by phone that I would not activate their card

destroying it instead. So I did.

 

They told me that I would not owe them anything, and I should expect my security deposit $200.00 back within 4 weeks.

 

Later they said about 4-6 weeks.

 

Couple days ago, they already said about 10 weeks.

 

What is correct time of waiting ?

 

My first and last statement (redacted) dated by 12/03/2014 is attached here.

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Edited by GDayMateAZ

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Is that Open Sky the American indian company?  Read lots of bad things about them...

 

Anyway, check the "terms and conditions" you got when you opened the card.  Other than that, I don't think there's any law that sets a time frame for returning your deposit.

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As of today nothing. After 02/15 I will send them Demand Letter.

Update 02/13/15: faxed them my demand letter (attaching their card statement)

with "or else.." options: going to AZ Attorney General (Consumer Issues) and/or CFPB.

 

It worked.

Edited by GDayMateAZ

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I've just received the check $200.00 in mail.

 

It took 2.5 months to get it:

 

12/02/14 - cancelled the card without activating it;

 

02/17/15 - received back the security deposit.

Edited by GDayMateAZ
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