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You are now chatting with Xavier
Xavier: Thank you for visiting Capital One. I'd be happy to help you with your account questions.
Xavier: Whom do I have the pleasure of chatting with today?
Xavier: Hello XXXXX.
Xavier: How can I help you today?
you: Long story short:
you: Made a payment on 12th, posted gone in my bank acct on 14th. Not applied to my card availability yet? Wondering what the holdup is?
Xavier: Let me check that for you.
Xavier: Please verify the following information to access your account: name (exactly as it appears in your credit card), zip code, date of birth and last four digits of your social security number.
you: also made another payment earlier this morning, seeing if that would kickstart the system.
Xavier: We have received the payment of $xxxxx , however, the available credit balance is placed on a hold for 6 days. The funds will be available as early as 08:00am EST on 04/20/2012. However, if you want we can go ahead and release the funds for you immediately.
Xavier: There are no fees or penalties to release it.
Xavier: Would you like me to make the funds available to you right away?
you: Ok. I was wondering since the XXX's payment was my third, and suddenly things are being held up. Don't need it right now. Just wanted an answer, as you are my daily use card, and when I hit the cap of the limit, I'm using my other cards. I want you guys to grow with me.. lol.
Xavier: Thank you so much for giving us this feedback.
Xavier: We'll try to be.
Xavier: Is there anything else I can help you with today?
you: No. I'll recheck the online statement on the 20th.
Xavier: If you'd like to provide feedback about your experience with us today, please click the button that reads End Chat at top right to answer a few quick questions.
Xavier: We appreciate your business. Thanks!
Xavier: Have a good day!
you: Thanks. Have a good one.
Xavier: You're welcome.
This was typical for me the first 6 months I had the card.
Pain in the arse. I've done four payments in the past month, chasing the charges I've done, and now they slow it down?
I would just "chat" with a CSR every time you make a payment to have it released.
I don't think I could tolerate having to deal with that type of behavior from a credit card company.
This has happened to me, and I have been with them for years. I paid a $450 payment they tried holding it, I called them
and they released it. My brother for some reason had the same thing happen to him and they refused to release it. YMMV
I had to call them a few days ago. I only have a $1000 limit and had to pay $750 towards my tuition for Fall and the school wouldn't let me use my joint debit card because my authorized user card has my husbands name on it instead of mine. Of course, already had $200 on it because I went grocery shopping. SO, long story short, paid $200 on it as soon as I got home and another $500 the next day when the transaction to my school finally popped up.
4 days later the payment had cleared but I had no available credit.
The customer service rep I talked to explained that they automatically hold funds for 6 days as that's how long it takes most banks to process the payment. She said that as long as it was cleared by my bank already though I could call and have the hold lifted.
I guess I can understand why Cap One does it. They primarily deal with customers that other creditors won't touch. They want to make sure the payment is actually from your bank account and isn't likely to be disputed by someone. It is annoying though, I wish they would correct it to automatically lift the hold as soon as funds are actually in from your bank.
Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000
Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009
Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)
Gardening since 9/22/2014
Complain to them? Ha Ha Ha.
They have a script for everything. (A fairly silly one in some instances, just ask for a CLI. Agent Orange: Capital One is a conservative lender..... Me: Ha Ha Ha, Conservative lenders do not lend to people with damaged, short, or no credit history.)
Agent Orange: We follow banking laws which allow for us to place holds on accounts for up to 6 days while it clears the bank.
Me: It cleared my bank at 12:01 last night.
Agent Orange: When it clears your bank you can call us back and we can contact them to verify that it has and release the hold.
Me: I guess English is not your native language, it cleared my bank last night at 12:01.
Agent Orange: So please wait until then to contact us.
Me: Last night it did, not tonight it will. Done clearing.
Agent Orange: I am so sorry to bother you with that mistake. Hold for a moment while we contact your bank to verify it. You will need to remain on the line to verify some information about the account.
Me: No problem
Bank: I need you to verify some information.... ...
Me: No problem.
Bank: Yes that is correct and your question about the deduction from you account of $300 to Capital One cleared last night at 12:01 and your remaining balance is $2,500, which means your balance with us is about ten times your credit limit with Cap One. Maybe you would like to open an account with a real bank.
Agent Orange: We show a payment of $300, not $2,500, there must be some mistake.
Bank: Not with my English, I only barely graduated High School, I did not get training in English.
Agent Orange: Yes, English money.
Bank: Oh I am sorry we only deal with Venusian money.
Agent Orange: Ok, so there must be a conversion rate.
Bank: If I said I had an MBA she would probably ask what kinda dog that is.
Agent Orange: I know what kinda of dog that is. It was the kind in that movie from Disney there were 101 of them.
Bank: Ha Ha Ha
Me: Ha Ha Ha
Agent Orange: Ok thank you for that information I will release the hold now. This will take a few minutes. While you wait would you like to sign up for Payment Protection Plan which covers you account balance in case you are unemployed.
(Sorry, I had to put this in some humorous aspect.)
You don't really think they care if you complain do you.
After two years with them they now send me a notice that says the payment will post that day and that the funds will be available the next day. They didn't do that last month when I made 4 payments to continue using my card!
Is this something new or did I reach some sort of plateau? I did notice that it came out of the checking account the same day. It didn't impress me in any way, the only thing that would impress me is if they gave the account a CLI.
I pushed a payment through my bank to my Amazon Store Card on the fifth, and they have not applied it to my available credit yet. (although I do show a zero balance) Ever since I started aggressively paying off my cards Amazon has taken to doing this to me as well. The last hold lasted over 2 weeks, until I finally wrote into to them to get it adjusted.
You may already know this but, the best way to avoid all of this is to use your Banks bill pay to push your payments through. I make 3 or 4 payments a month on my cap1 and the payments go through same day and funds are available the very next day. I've never had any holds on my payments by using my banks bill pay system.
Yeah, it never seems to post the same day from my bank. It usually takes at least 2 days, sometimes next day. If I am going to make a large number of purchases then I pay both the Capone online and my bank. I just hate having to make so many payments each month to them. After over 2 years of history with them I just wish that I could get a limit that is not holding my credit score back and something I can use. If I had a $1500 limit with them, I would not need other cards. (Oh, wait, I do hate the AF.)