How to Fill Out a Balance Transfer Check

A balance transfer check provides a way to move existing credit card debt from one account to another, often to take advantage of a promotional interest rate. These checks function similarly to cash advances from a new credit card account, but they are specifically designated for paying down balances on other credit accounts. Utilizing them can be a strategic financial tool for consolidating multiple debts or significantly reducing interest payments on high-interest balances, potentially saving money over time.

Preparing for Completion

Before filling out a balance transfer check, thoroughly understand the offer terms. Review the promotional annual percentage rate (APR), any associated transfer fees, and the offer’s expiration date. Transfer fees typically range from 3% to 5% of the transferred amount, influencing the total cost. Understanding these terms helps determine the financial benefit and suitability of the transfer.

Next, accurately identify the debt you intend to pay off for a smooth transfer. Gather the precise details of the credit card account(s) you wish to transfer from, ensuring you have the full and correct name of the creditor or bank. This information will serve as the “Payee” on the check. Also, locate the exact account number of the debt to be transferred.

Confirm the exact amount you intend to transfer, considering any offer limits and transfer fees. Check the current balance on the target account just before preparing the check to ensure accuracy and reflect the most recent balance, avoiding discrepancies. Balance transfer checks are typically included with the new credit card or sent as a separate mailing. Locate these checks before filling them out.

Step-by-Step Check Completion

Once all necessary information is gathered, accurately filling out the balance transfer check requires attention to detail. The first field to address is the date line, where the current date should be written clearly and legibly. This ensures the check reflects the day it was prepared.

Proceed to the “Pay to the Order of” line, designated for the payee’s name. Write the exact name of the creditor or bank whose balance you are transferring, as it appears on your credit card statement. This helps ensure the payment is directed correctly. Then, enter the numerical amount of the transfer into the small box provided, typically next to the payee line.

Below the numerical amount box, write out the transfer amount in words on the designated line. For instance, if transferring $1,000, write “One Thousand and 00/100.” Using “and 00/100” for whole dollar amounts is standard practice to prevent alteration. The memo line is where the target account number should be written, often in a format like “Account #[Account Number],” which is critical for the creditor to correctly apply the payment.

Finally, sign the check on the signature line, ensuring your signature matches what is on file with the credit card issuer. Using a pen for all entries and writing clearly helps prevent processing issues. Double-checking every detail against the information gathered earlier helps confirm accuracy before submission.

After Filling Out the Check

After completing the balance transfer check, submit it for processing. Mail the completed check to the address provided by the credit card company that issued the offer, an address often found on the check or in the accompanying offer letter. Before mailing, make a copy of the completed check for your personal records.

Following submission, actively monitor both your new and old credit card accounts. The transferred balance should appear as a charge on your new credit card statement, while the balance on the old account should decrease. Processing time for a balance transfer can vary, but it generally takes 7 to 21 business days for the transfer to fully post.

During this processing period, continue to make at least the minimum payments on your old credit card account. This helps avoid late fees or additional interest charges that could accrue before the balance transfer is fully confirmed and reflected. The transferred amount will eventually be reflected as a charge on your new credit card statement.