Elaine wrote a $25.00 check for payment of her monthly insurance bill. Imagine her surprise when she did an online check of her account and learned there was a $2,500 deduction. Did she forget the decimal point or did her insurance company make a mistake? We don’t know.
A call to the insurance company resulted in her being told it would take at least two weeks before the money could be returned to her. She wanted to know why the same electronic procedure used to transfer funds to the insurance company be used to place the money back in her bank account.
She emailed me about her problem. I am happy to say that we didn’t have to get involved. The insurance company did the right thing and expressed a refund check. I suspect their prompt action was due in large part to Elaine’s persistence and her call to the company president.
So watch the decimals and protect your bank balance.