Avail credit with Chase not reinstated after payment

[primechicken]

The rep made it sound like once it's verified it should be good to go from here on out. At least when paying from that particular account.

[enharu]

It might be a 1 time thing, but it might happen again if you're trying to make a payment much larger than you did this time round. 

Over time such occurances will be very rare unless you had returned payments.

[Burned2manybridgesB4]

Same place as you? Play nice....

[primechicken]

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@enharu wrote:

It might be a 1 time thing, but it might happen again if you're trying to make a payment much larger than you did this time round. 

Over time such occurances will be very rare unless you had returned payments.

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I appreciate the willingness to be a helpful and contributing member of the forum!

[zeusta20]

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@primechicken wrote:

On my Freedom card I had a balance of $750+ on a 1k limit. Friday I paid it down to zero with one payment. Since then, the payment has been received, the money withdrawn from my bank account, and my available credit has remained in the $200 range, even though my credit limit still says 1k and the payment was received. I called today and the CSR explained that my payment has been suspended for seven days to be reviewed and investigated. He says it's because the payment was a large one on a newer account (opened in March). I have used only one bank account to make payments since I've had it, and I've made several, but because of the amount of this one, they flagged my account. He says I can call during business hours on Monday to expedite the process of validating the payment information and having the available credit reinstated. I could understand this reaction to me making a charge for that amount, but a payment? You'd think it wouldn't be so difficult to give these people money. Anyone have any insight or experience on this?

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I've experienced this. Don't worry. Its because its a large payment that if they release the available credit to you, and all of a sudden the payment gets rejected, then the bank can take a loss. I made a 2800.00 payment on one of my credit cards as well. They were going to hold it, but once I called, and did a three-way with my bank, and my bank verified that it cleared my account. Then the rep released the hold.

You're fine.

[zeusta20]

 

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enharu wrote:

It might be a 1 time thing, but it might happen again if you're trying to make a payment much larger than you did this time round. 

Over time such occurances will be very rare unless you had returned payments.

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There's some really intelligent people out there, I think enharu is one of them!

edit by webhopper

[DaveSignal]

I make large payments on all of my cards, and haven't had a hold put on a payment.   I have, however, had cards put on hold.  BoA has put my card on hold twice for random international transactions.  Both times I had to explain that I am living in a different country for the time being and this is how it is.

SDFCU, however, lets me do anything with the card.  I can use it multiple countires, purchase anything, and pay any amount when the bill is due (I usually make $1800 payments, which are credited almost instantly).  They don't even bat an eye.

I think credit unions are more lenient.

[LS2982]

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@primechicken wrote:

The rep made it sound like once it's verified it should be good to go from here on out. At least when paying from that particular account.

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And that is what it is, just new account and large payment made a flag go up in the system. 

[TimeToRecover]

I have found that if I am going to do anything not my normal spending or paying habbit i jus t either give a quick call or press the "talk to rep" button the web site and tell them ahead of time what I am doing.  They note it ahead of time and don't flag anything since I have told them what to expect.

for example I was making a large charge on my cap one to take advantage of the 0% (paid off a loan with horrid interest)  I called them before told them who the charge would be to and the approx amount.  they noted it and i had no issues

ALSO NOTE I have found enharu's information always quite accurate and informative.  I work with many people who are not US citizens and I highly respect them and I often take financial advice from them.  One even got me into playing around with the stock market a bit.

[Revelate]

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@primechicken wrote:

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@09Lexie wrote:
Sorry this happened to you. IMO, it was the large pyt + the new account. Although this has never happened to me, it has been posted by others and not just Chase.

They are making sure the payment has cleared before giving you that balance. If, your payment s returned and they allowed you to charge your account could be over the limit. I assume that you do not bank with Chase.

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No, with the local credit union.

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I've never had to do this, but I think there's a period of time where the source account doesn't release the funds, and you can dispute the transaction in that time period.  Once you have a solid history established with this account, it likely won't be an issue.  This is especially true with new accounts and new payments, banks on both sides get a little finicky about those. 

Looked at it from our vantage point in normal transactions, it's highly irritating; however, in the event of an actual fraud scenario, where someone else initiated an ACH against your account and routing number pair, this would be a very good thing indeed for us .