Question about cash advances on credit cards - Chicagoland Sportbikes
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post #1 of 19 (permalink) Old 04-14-2009, 08:35 AM Thread Starter
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Question about cash advances on credit cards

Does anyone know with certainty if one can walk up to a bank teller, give her your credit card and obtain a cash advance without using a pin number?

I am doing a little investigation at work about situation that happened on one of our corporate cards and I am getting so many conflicting messages. It just seems not reasonable to be able to do that, but I need it confirmed.

Thanks!

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post #2 of 19 (permalink) Old 04-14-2009, 08:41 AM
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i am almost sure that the person name needs to be on the accounts to be able to do that. if it a company card, am not sure if they have cash advance.

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post #3 of 19 (permalink) Old 04-14-2009, 08:50 AM
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Call the credit card company and get a real answer.

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post #4 of 19 (permalink) Old 04-14-2009, 08:58 AM
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Quote:
Originally Posted by jimmeigs View Post
call the credit card company and get a real answer.
+1

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post #5 of 19 (permalink) Old 04-14-2009, 08:59 AM Thread Starter
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Quote:
Originally Posted by jimmeigs View Post
Call the credit card company and get a real answer.
I am working through the food chain here and the people that make much more then me are giving me the conflicting information. Eventually I may end up doing it, but for now just trying to get to the bottom of things without making too many waves. Corporate politics, got a love it.

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post #6 of 19 (permalink) Old 04-14-2009, 09:35 AM
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If it were the issuing banks cc and you had id (forgotten pin#), why wouldnt they give you up to the daily cash advance limit. The pin# is used to establish identity and is protocol for ATM withdrawals. Folks forget them all the time and do what you just described to reset one and/or withdraw money.
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post #7 of 19 (permalink) Old 04-14-2009, 09:39 AM
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Only the CC company know what the policy really is, that call should be anonymous.


Would think pin or matching DL / photo ID would be required.


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post #8 of 19 (permalink) Old 04-14-2009, 09:44 AM
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ID is required for any type of transaction at a bank. And yes, you can go up to a teller with your CC and do a cash advance. Now, if it's a corporate card and their name isn't listed on it, that's something you should just call the cc company about.
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post #9 of 19 (permalink) Old 04-14-2009, 09:56 AM
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I'll be at Heavenly Bodies when you're done with the transaction (just in case you need help spending that Cash Advance) .....a little economic stimulus for single moms is exactly what this country needs!

But, to answer your question, yes, just go to the issuing card's bank with proper ID and they'll give you a Cash Advance, no PIN required.
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post #10 of 19 (permalink) Old 04-14-2009, 10:06 AM Thread Starter
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Thanks for the information. The bad, I did not know that it is that easy to get a cash advance from a credit card. The good, the person's explanation of mistakinly using the corporate card (yes, their name is on the card) for the cash advance holds water. Now I'll have to make sure to have cash advances blocked from all of our accounts, which they supposedly have been from the beginning.

Thanks again.

Greg

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post #11 of 19 (permalink) Old 04-14-2009, 10:39 AM
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If the persons name is on the CC then yes, without any problem.

If their name isn't on the CC the technically no but depending on how stupid the teller is, it could happen.

(8.5 years at branch level, ending as a Teller Manager)

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post #12 of 19 (permalink) Old 04-14-2009, 10:44 AM
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You can also do it at restaurants if you know a waiter or bartender.

Ring up a drink with a 100 tip CC only sees it as a food purchase not an advance.

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post #13 of 19 (permalink) Old 04-14-2009, 11:00 AM
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Quote:
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You can also do it at restaurants if you know a waiter or bartender.

Ring up a drink with a 100 tip CC only sees it as a food purchase not an advance.
Yup.. I wasn't going to say this, but yes, there are plenty of places that will do it that way.

Everyone Exaggerates

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post #14 of 19 (permalink) Old 04-14-2009, 11:34 AM Thread Starter
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All expenses are reviewed and detailed support is required, so things like that would get picked up pretty easily. The problem I was having with was the clear cash advance, basically a loan on the company.

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post #15 of 19 (permalink) Old 04-14-2009, 11:40 AM
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Quote:
Originally Posted by gsd656 View Post
All expenses are reviewed and detailed support is required, so things like that would get picked up pretty easily. The problem I was having with was the clear cash advance, basically a loan on the company.
Most of the 'mistakes' are simply excuses made up when they get caught.

My Dad's company went round and round with this multiple times with multiple people. Look for a pattern of behavior and trust your gut. You can always simply opt to pull the card entirely from people you are not sure about and have them submit their expenses for repayment.

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post #16 of 19 (permalink) Old 04-14-2009, 11:46 AM Thread Starter
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Quote:
Originally Posted by Arch View Post
Most of the 'mistakes' are simply excuses made up when they get caught.
Agreed. There are some folks that you can confront directly and effectively stop problems. Then there are those that are so high up, that the only thing you can do is listen to the excuses and make sure there is no loss to the company and no laws broken.

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post #17 of 19 (permalink) Old 04-14-2009, 11:55 AM
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Quote:
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Agreed. There are some folks that you can confront directly and effectively stop problems. Then there are those that are so high up, that the only thing you can do is listen to the excuses and make sure there is no loss to the company and no laws broken.
CFO's are good people to make friends with; unless it's them doing it...

All one has to do is hand over the information and trust their judgement from there.

Shows loyalty to the company, and respect for the ranks to let the CFO make the call and you retain respect back downward for not personally going further with it. It's their problem now...

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post #18 of 19 (permalink) Old 04-14-2009, 09:32 PM
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I worked at Chase in the credit card fraud division for 20 months, and yes, you can. When you call the CC company, they can take a look at the transaction identifying number and tell you how and where the transaction was made.

HOWEVER- they will charge you a hell of an interest rate on it- substantially more than your normal APR. By law, the most they can charge is 29.99% annual percentage rate.

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post #19 of 19 (permalink) Old 04-14-2009, 09:37 PM
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Quote:
Originally Posted by Project Mayhem View Post
I worked at Chase in the credit card fraud division for 20 months, and yes, you can. When you call the CC company, they can take a look at the transaction identifying number and tell you how and where the transaction was made.

HOWEVER- they will charge you a hell of an interest rate on it- substantially more than your normal APR. By law, the most they can charge is 29.99% annual percentage rate.
It's cheaper to see a loan shark who will charge you 20% interest than to get it from a bank that will charge you 30%

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