I have noticed something new in the credit card world. Seems like online payments are now taking approx 10+ business days to clear. I noticed this on my Discover Business card a few weeks ago. They told me its been their policy. Not true. Normally you pay online and see the available credit show the full limit within the next day or maybe 1 extra day at max. I just had this happen on a Chase card as well. I am wondering if this was noticed by others and what companies are doing this. Its like they want to slow your ability to do business? They claim its for their security so they have the money.
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posted: Sep. 3, 2009 @ 1:22p
urage
Addicted Member
posted: Sep. 3, 2009 @ 7:11p
I haven't noticed anything different on my accounts(not business account though). I just paid my AMEX yesterday and the money is already out of my Checking account.
Chase usually post ACH payments a day or two after the money is out from my checking account. I ACH push from my bank to Chase; used to have Chase ACH pull the money, but after some reading decided to change things around.
urage said: I haven't noticed anything different on my accounts(not business account though). I just paid my AMEX yesterday and the money is already out of my Checking account.
AMEX is clearing payments immediately as always. I have found this problem with Chase and Discover Business so far. No issues with Citibank either for me.
Cheapoking said: Chase usually post ACH payments a day or two after the money is out from my checking account. I ACH push from my bank to Chase; used to have Chase ACH pull the money, but after some reading decided to change things around.
Ok so you have found it better to push from your bank to chase rather than have Chase pull it? Very interesting. On ocassion I have used my billpay from my bank to pay this card. I will try this shortly and pay both inter cycle to see if there is a difference. That would be pretty incredible. I never thought about it this way.
Cheapoking said: Chase usually post ACH payments a day or two after the money is out from my checking account. I ACH push from my bank to Chase; used to have Chase ACH pull the money, but after some reading decided to change things around.Why change to ach push v chase pull?
Pull from chase and you will find out why. I had a 10 day hold before they cleared the charges from the previous cycle. This has never happened to me. If you dont care about the clearing then pull from chase. I will test this in a few days to see if it works.
gwu1986 said: Cheapoking said: Chase usually post ACH payments a day or two after the money is out from my checking account. I ACH push from my bank to Chase; used to have Chase ACH pull the money, but after some reading decided to change things around.Why change to ach push v chase pull?
I control the game, not Chase.
rusmilinyet
Member
posted: Sep. 5, 2009 @ 9:03p
I’m glad you started this thread. I thought it was just me having issues with payments on Chase credit cards.
This past month: When the statement cut, I pulled payment from 2 different deposit accounts on the same day to pay my bill. (I always pay when the statement closes. I might lose a little deposit interest but I like my bills paid right away.)
The first payment posted within a few days & more than covered the minimum amount due. The second payment pulled at the same time as the first actually posted after the due date. Since the 2nd payment posted after the due date, I was going to have to pay interest on that amount.
I was livid as I haven’t paid credit card interest in decades. I always pay my balance in full. I’m still pissed at Chase. I went to our local office so I could speak to someone in person. They made a phone call & they could see I pulled from both accounts at the same time & well before the due date. They agreed to adjust my account to reflect payments by due date & I didn’t have to pay any interest.
Chase is playing some massive games & I’m about ready to cancel all my accounts with them. They are the only bank that I ever have issues with deposit and credit card accounts.
A few months back Chase never posted the statement for one of my cc on their website (I do not receive paper statements, just digital copies), yet the amount due (small amount) was posted; I requested the statement to be posted and a paper copy to be mailed, I'm still waiting for either. Meanwhile, I did made a payment for the amount due, just in case.
Chase plays hard, so should you. Pay attention and ensure payments are made with plenty of time prior to the due date, and be on guard by regularly checking their website and your accounts.
I know everyone likes to bash Chase CC, but my experience in very different. Could it be your experience is based on the type of card you have with Chase?
I have an AARP and an United Visa Signature Cards. Both allow unlimited charges, and do not report the CL. When I make a payment to either of them, the payment is posted the next day, a/o payment date.
peteypablo
Senior Member - 1K
posted: Sep. 6, 2009 @ 12:04a
My experience with Citi is a push from the paying account makes credit available far sooner than a pull from Citi.
gwu1986 said: I know everyone likes to bash Chase CC, but my experience in very different. Could it be your experience is based on the type of card you have with Chase?
I have an AARP and an United Visa Signature Cards. Both allow unlimited charges, and do not report the CL. When I make a payment to either of them, the payment is posted the next day, a/o payment date.
I have a pretty wide vareity of products from chase (had) I rarely bash any one credit card company. If I bash somebody its for pretty good reason. I can say that they also been pretty nasty on the phone except for this last rep that I spoke to. What was funny is I called and closed a few cards. Reviewed some items at my desk, called chase back and got the same rep. Previously they cleared funds immediately. Something is definitely going on over there.
rusmilinyet said: I’m glad you started this thread. I thought it was just me having issues with payments on Chase credit cards.
This past month: When the statement cut, I pulled payment from 2 different deposit accounts on the same day to pay my bill. (I always pay when the statement closes. I might lose a little deposit interest but I like my bills paid right away.)
The first payment posted within a few days & more than covered the minimum amount due. The second payment pulled at the same time as the first actually posted after the due date. Since the 2nd payment posted after the due date, I was going to have to pay interest on that amount.
I was livid as I haven’t paid credit card interest in decades. I always pay my balance in full. I’m still pissed at Chase. I went to our local office so I could speak to someone in person. They made a phone call & they could see I pulled from both accounts at the same time & well before the due date. They agreed to adjust my account to reflect payments by due date & I didn’t have to pay any interest.
Chase is playing some massive games & I’m about ready to cancel all my accounts with them. They are the only bank that I ever have issues with deposit and credit card accounts.
Nice tactic by them on your payment. Now that things have changed I would not have been surprised if they told you that paying your bill from two diff accounts was considered risky therefore they allow more time to clear. It is amazing how previous behaviors are now labeled as risky. When I spoke to a discover rep and asked him the number for the main office that manages the card (Dicover Sams business) administered by GE he told me there was only a building in el paso TX and there was no phone number there.
Rob
EugeneV
Ancient Member
posted: Sep. 8, 2009 @ 12:59p
FNBO places 7 day holds on 80% of payments over X (not sure what X is and whether it is fixed, varies from card to card, or is a certain % of CL).
sethdallob
Senior Member - 1K
posted: Sep. 9, 2009 @ 9:42a
I'm not 100% sure, but I think FNBO treats your payment like a check - the first $1000 posts immediately, the rest 5 business days later. It's a real PITA.
peteypablo said: My experience with Citi is a push from the paying account makes credit available far sooner than a pull from Citi.
This is the case for everyone FI due to the way ACH push transactions settle.
TheRealRayCharles
Member
posted: Sep. 10, 2009 @ 3:57p
sethdallob said: I'm not 100% sure, but I think FNBO treats your payment like a check - the first $1000 posts immediately, the rest 5 business days later. It's a real PITA.
Are we talking about payment to an FNBO CC? It may have something to do with your specific situation. I post payments over $1k to two different CC's every month and the entire amount always clears both accounts in about 1 day(doing a pull from FNBO)
albertshults
New Member
posted: Sep. 10, 2009 @ 5:20p
robertw477 said: I have noticed something new in the credit card world. Seems like online payments are now taking approx 10+ business days to clear. I noticed this on my Discover Business card a few weeks ago. They told me its been their policy. Not true. Normally you pay online and see the available credit show the full limit within the next day or maybe 1 extra day at max. I just had this happen on a Chase card as well. I am wondering if this was noticed by others and what companies are doing this. Its like they want to slow your ability to do business? They claim its for their security so they have the money.
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