Balance transfers are canceled when a payment to a creditor fails. Payments to creditors may not process because of incorrect account information or because a payment was sent to the wrong creditor. If a balance transfer plan has more than one creditor, any creditor payments successfully processed will remain in the balance transfer plan, and the minimum monthly payment will change based on the adjusted balance due. If payments to all creditors in a balance transfer plan fail, the entire balance transfer plan is canceled, and funds are returned to your CleanSweep available credit. You should continue making any required payments to your designated third-party creditors per the applicable account terms.
I got a notice that one of my balance transfers was canceled. Why did that happen?
Additional Balance Transfer FAQ
- What can I do if a payment to a creditor is returned?
- What is a CleanSweep Balance Transfer?
- Why is the button on my account dashboard to initiate balance transfers disabled?
- How do I initiate a balance transfer?
- If your creditor is not on the list of creditors while making the Balance Transfer
- What is the minimum and maximum balance transfer I can initiate?
- How long does it take for a balance transfer to process?
- I initiated a balance transfer by mistake. Can I cancel the balance transfer?
- How many creditors can I add to a balance transfer at once?
- What is the minimum creditor balance I can transfer as part of a balance transfer?
Keep more of what you earn and earn more on what you save.
Check your rate. It won’t impact your credit score.2
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Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal plus any accumulated interest. Due to the interest-on-interest effect, compound interest grows faster over time.
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Related FAQ's
If a creditor payment is returned because of incorrect information, you can initiate a new balance transfer for that creditor.
You can add up to 12 creditors to a single balance transfer request.
It generally takes up to 7 days to process the request.
The minimum balance transfer amount is $200.
When you initiate a Balance Transfer on your CleanSweep account...
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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