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Regular Contributor
vollybal
Posts: 119
Registered: ‎12-05-2007
0

Barclay Credit card and Payments Holds

Hello All,

 

I have an interesting situation that I have not seen and was wondering if I could get you opinion or take on it. OK, so I always pay my BJ's Credit card in full every month, They are backed by Barclays bank and This month I made a payment that paid in full. on the 28th of this month. I am going away on a trip over the weekend and was going to use this card while I am away. Well Checked the 29th and the 30th and the credit limit still after the payment has been received is still 50 cents. Again I paid in full on the 28th. It has cleared my bank as well as on Barclay's website it states that it processed it and received the payment. I called yesterday to talk to someone and they told me that that it would be available today the 1st. I checked today and nothing has changed. I was pissed. I called the card services back up and the first line told me I have to wait 7-10 business days for my credit limit to be back to normal because of a large payment. I informed her that I pay in full every month and that this is not the largest payment I have made with them. She told me that it is a federal bank law that it be held because my bank can request those funds be returned. I still told her that this has never happened to me before, she told me there is nothing they can do. I asked to talk to her supervisor and she told me it would be a while, I told her fine I can hold. Less than a minute later I had another person(supervisor) on and she told me the same thing but then I was like OK I need to know where that guideline is so I can accept your explanation. She told me it was on the federal banks website. I asked what section or web page since I image it is a huge site. She told me that they did not know. Now I have had issues with other cards before but they were able to guild me to exact sections and paragraphs of explanation at least. Ok, So then I asked for that information again and she told me that I needed to request it by mail request. I told her that was absurd as I am needing instant information. I then asked to talk to you manager and she told me that this was the end of the line and no one else is going to get on the phone to help me. That did it, I asked who the president of her division was and she told me that I was not allowed that information for the safety of the president...ha what a joke! So I then ask for the highest publicly know officer in her company and she told me the same thing. I told her that her excuse was poor at best and that I will be able to find that info very shortly and that a letter to them and anyone in between her and that person will receive it with her name mentioned and her 1st level lackey in it as well.

 

So here is my issues or concerns"

 

1. Has anyone heard or has had this happen to them before?

2. If my payment has been processed by my bank and Barclay, why do I have to wait for my credit limit to be restored?

3. Anyone know what they are talking about with the 7-10 large payment hold that the federal bank's guidelines request they do?

4. Is there anything I can do to remedy this situation as I am going out of town and that is the card I would prefer to use as it is a great rewards card for me.

 

 

Thanks for reading !

 

Michael

Frequent Contributor
ArisGreek
Posts: 477
Registered: ‎09-24-2010
0

Re: Barclay Credit card and Payments Holds

How large of a payment are we talking here? I've paid $5100 in full once on a card and my credit line was immediately available afterwards, not on the card you have but on other cards.  I've made numerous large payments and have never had this happen.   Sounds like garbage to me.

===========
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Regular Contributor
UpNUp
Posts: 139
Registered: ‎08-20-2008
0

Re: Barclay Credit card and Payments Holds

This has happened to me with my new PenFed Visa. I paid in full on the 22nd. The payment posted immediately and the money withdrawn a couple of days later from my bank account. But the available balance was not updated. I inquired about this and this is what they said:

 

Thank you for contacting Pentagon Federal Credit Union.
Certain credit card payments will be placed in a payment float process.
The payment float process was created to protect PenFed against potential losses
resulting from returned payments on credit cards. The payment float process
means that ALL payments (regardless of their source) made to (1) credit cards
that have experienced a non -sufficient funds (NSF) payment or (2) new accounts
(open less than 6 months) will be ?floated? for 10 business days to ensure that
the payment clears the sending institution.

This process means that all payments made to the card will have a 10 business
day hold. The credit card will be credited with the funds on the date of
payment, but the available credit will not reflect the payment amount for 10
business days. This hold may remain in effect for up to 6 months.

If you need further assistance, please contact us.

Sincerely,
Pentagon Federal Credit Union

In the past, my new accounts have always posted the payment and updated my available balance within one day even before the money was withdrawn from my bank account.

 

 

Frequent Contributor
OnTheRebound
Posts: 431
Registered: ‎08-05-2009
0

Re: Barclay Credit card and Payments Holds

I just recently made my first payments to my new Citi MC and Home Depot accounts. Payment and available credit posted same day. Before they actually got their money.

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Regular Contributor
vollybal
Posts: 119
Registered: ‎12-05-2007
0

Re: Barclay Credit card and Payments Holds

THe payment for this card was 500 dollars. Not a big thing and not the biggest amonst other cards I have that I have paid off. Other cards I have do not hold me prisoner for making the payment in full.

 

I understand the reasons that were stated with PenFed. If those were a possibility I would understand. I have never had a NSF and my bank account has been there for over 5 years.

 

I guess I am just so super pissed off that I am making more out of this than it should be but I really wanted to use this card and this is my only rewards card and I use it for my daily stuff so really they are handcuffing me for 10 days and that is over a third of a billing cycle that I cannot use it. Nice huh!

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Barclay Credit card and Payments Holds

 


vollybal wrote:

 ..........

1. Has anyone heard or has had this happen to them before?

2. If my payment has been processed by my bank and Barclay, why do I have to wait for my credit limit to be restored?

3. Anyone know what they are talking about with the 7-10 large payment hold that the federal bank's guidelines request they do?

4. Is there anything I can do to remedy this situation as I am going out of town and that is the card I would prefer to use as it is a great rewards card for me.

 

 

Thanks for reading !

 

Michael


 

1.   I am in the rebuilding stage so the hold happens a lot for me.  

 

2.   Even though it cleared your bank, Barclay does not know that, and it could be returned.   That is the reason for the wait.

 

3    The amount of time a bank has to return the check is limited by federal guidelines.  There is no law that says they have to wait to restore your available credit.

 

4.   Most CC will call your bank on a conference call to verify the check has cleared if you ask

 

 

 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Barclay Credit card and Payments Holds

OP, the same happens with my Barclays SeaMiles (or whatever we call it now). I've never been late. Never bounced anything. Never went over my CL. I personally ignore it. If I pay up to the due date, then my statement date isn't until a few days later anyway. That's the zone in time I won't use that CC due to getting it to report the balance I want it to report.

Epic Contributor
Creditaddict
Posts: 20,121
Registered: ‎10-23-2007
0

Re: Barclay Credit card and Payments Holds

This happens a lot with HSBC, they say to make payments from your checking account bill pay because those payments can not be reversed like the electronic ones or something.... I was paying through HSBC website before and I got anywhere from 10-14 day holds!!!

if you get a nice supervisor, you might be able to get them to call your bank and verify the money is already been taken and release the hold... HSBC would only do this once for me.

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New Contributor
maponafa
Posts: 58
Registered: ‎12-26-2008
0

Re: Barclay Credit card and Payments Holds

Hello I just made a $750.00 payment sunday night 9/26 (non-business day) to pay off my choice privileges by barclay cards balance i haven't had it 30 days yet but I wanted to payoff before statement cut on Oct 4th. so I figured they would get it monday message said in progress on monday and tuesday they took funds out on tues and the funds were available on weds morning 9/29 after the funds were back available payment history say processed and it back dated to sundays date 9/26 not sure why there holding yours up it should be available tomorrow I would check back then and check the day it posted. 

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Established Contributor
andre181
Posts: 626
Registered: ‎07-29-2010
0

Re: Barclay Credit card and Payments Holds

The exact same thing happens to my mom whenever she pays more than $300 (which is often because she always PIF) on her Juniper card. Sometimes it takes Barclays/Juniper 2 weeks to process it. And their customer service sucks and is extremely rude when you call in to inquire about when the payment will be completely cleared.

 

Its really quite frustrating, especially when planning a vacation or going out of town.

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