About 12,000 customers across the United States are now dealing with the effect of a processing error on the part of a credit card company. Jerry Moye of San Antonio is one of those people.
Moye was woken up Monday morning by his wife's panicked voice. She had just learned both their checking and savings accounts had been wiped out, and they were now facing overdraft charges on top of that.
Moye began looking into it. He discovered the problem was with his State Farm Visa credit card. He had made a $9 charge on the card on Friday. But it was processed as a payment to the company for $20,101.
Moye thinks someone must have meant to enter the year 2010, and instead entered a payment amount of $20,101.
State farm says they have 900,000 Visa credit card customers, and the mistake impacted about 1% of them. That 1% equals about 12,000 customers.
A phone call on Monday to the State Farm Visa credit card customer service number was met with this message: "State Farm bank is currently experiencing higher than normal call volumes due to a processing issue impacting State Farm bank visa credit card customers."
Representative Ryan Guana told KENS 5, "It was a processing error on the part of the vendor (which is Visa). We discovered the error... We're sorry this did occur. We're taking every step to resolve this as quickly as possible."
State Farm says all customers should have all their money back in their accounts by Tuesday evening.
But Moye fears he's about to face compiling overdraft charges from all that time there was no money in his account. He says, "I've got checks out. I've got auto debits out that will happen, and I'm worried I'm going to have all these extra charges that will hit me now."
He wonders why it was so easy to make such a big processing error. He asked, "How can one person do something like that to mess up so many people? Before you hit enter, you need to know what you're hitting enter to."
Anyone with concerns should call 877-734-8472.