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I was recently trying to transfer balance from Bank of America's credit card to my checking account from same bank. I started the process and was asked for Account Number. I entered my checking account number. But some reason it was showing up JC Pennney Card. I double checked the account number and submitted thinking it would be some kind of middle man. I was hoping to receive balance on my checking account. But I later realized that I should have done some other steps, may be cash transfer with routing number and all stuffs, after the submission. I called the the customer service and asked for cancelling it saying what happened. They said it will mostly get rejected but It was accepted for some reason. I don't have JC Penny Card and I don't know where it is gone. So I was wondering how that could be possible? Does JC Penny credit card matches with checking account of bank of america?

Binny
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  • Does the transaction show up properly on your checking account? – glibdud Dec 16 '22 at 21:39
  • No it does not but it was showed up in my bank of america's credit card as I owe them including service charge which was 3%. – Binny Dec 16 '22 at 21:47
  • Where was "JC Penney" displayed? In the bank's website or application, or in a personal money manager like Quicken? The latter can sometimes associate the wrong name with a transaction; the bank shouldn't be able to. – keshlam Dec 17 '22 at 02:13
  • It was displayed on application while I was going through the process. – Binny Dec 17 '22 at 04:31
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    What does it mean to "transfer balance from Bank of America credit card to my checking account"? Credit cards balances are what you owe to the credit card company while bank balances are money that you have for spending. One pays one's credit card balance by transferring money from the bank account to the credit card company, thus reducing the both the amount in the bank account and what one owes the credit card company; one doesn't transfer the balance in the credit card account to one's bank account unless one is a mathematician and says the negative balance in the credit card... – Dilip Sarwate Dec 17 '22 at 05:02
  • (continued)... account reduces the bank account balance when it gets transferred over into the bank account. Most ordinary people would think of it as a money transfer from the bank account to the credit card company to pay off (wholly or in part) the amount owed to the credit card company. – Dilip Sarwate Dec 17 '22 at 05:05
  • Dilip sometimes banks offer to pay your another bank's credit card balance aka transfer balance. Same banks can also send that money to your checking account instead of another credit card. Usually 0% apr for few months with 2-5% one time fees. – DavChana Dec 17 '22 at 10:14

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