No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Can someone explain this madness to me?
I am using a new bank, and recently tried to push a payment through to Capital One.
A day or so after the payment, I checked up to make sure everything was ok, and sure enough, the Capital One screen said "Paid" with a green checkmark.
However, today, I looked at my statement and it says "payment past due"..even though the payment screen says "Paid".
So I called Capital One, and they said that the issue was my bank "rejectedt the payment because I was using a business account and not a personal one".
I dont even know what this means because all of my other credit cards have been accepting payments from this bank.
Anyway, if the bank rejected my payment, fair enough....I would have paid from another bank if the status screen had just said "not paid". but even right now, it still says
"PAID".
When I called Capital One, they said "oh...the screen says 'PAID' as soon as you PROCESS a payment, whether it actually goes through or not".
WHAT IS THE POINT OF A SCREEN LIKE THIS!!?!? I don't need to be validated! I just need to know if my payment is cleared so I can keep a perfect payment history.
I'm so mad, I might actually close the card!
I'm sure I can get the fee reversed, but that isn't the point. I've worked hard to come back from credit rock bottom.
This is all covered in the T&C when you click submit and add any new payment accounts from your bank (Business, Savings, Personal, etc). Those provisions, as far as payment presentment goes, are covered in those sections. I fail to see how this is Capital One's fault?
Your CRA credit record won't be impacted if you pay before it is 30 days late so make that your first priority while deciding whether to close!
@charyot77 wrote:
Finstar the minor issue is that it isn't a business checking account, it's a personal checking account and no other bank has had this mixup. The major issue is that, by their own status system, I was told I was I good to go. Had the message been accurate I could have quickly made a payment again from another source.
The "PAID" status does not necessarily mean that your funds have been withdrawn. This is the same for other lenders. Payments can still reject for other reasons (NSF, incorrect account, closed account, etc.) until ACH has completed successfully and funds have been withdrawn/transferred from your bank to the lender. Again, covered in the T&C portion of the agreement.
I had a similar issue with Capital One. The only reason I had no problem in the end was because I pay my credit cards down on a daily basis and caught it very far from my due date.
I had a checking account with Chase, and in August it was closed immediatly due to fraud and the only choice I was given was to have a new account number. Then I paid my CapOne with my old information, and it showed as "Paid". I didnt realize my mistake until a couple days later when I got a "Returned ACH Payment".
It's not exactly CapOnes' fault. If you write a check for someone/something in person, they wont know it's valid until they process it - you'll still get what ever you "Paid" for at that time - until the police come knocking on your door. (ok, slight exaggeration )
edit: ACH transfers are not instant. as FinStar said, "Paid" does not mean "withdrawn". I understand your frustration, though.
TU: 818 EX: 809 EQ: 801
@charyot77 wrote:
Ksantagelo23 where did you see the "returned ACH". That's just it. I haven't gotten that and it's been more than a week. Had I seen that I could have corrected the problem.
I think our situations are different. Mine showed a "Returned ACH Payment" because it was once a valid checking account, it just bounced. It wasnt rejected by Capital One - like your situation.
It showed under my transactions like a regular purchase.
I only mean to clarify how "Paid" isnt a green light
TU: 818 EX: 809 EQ: 801
@charyot77 wrote:Can someone explain this madness to me?
I am using a new bank, and recently tried to push a payment through to Capital One.
A day or so after the payment, I checked up to make sure everything was ok, and sure enough, the Capital One screen said "Paid" with a green checkmark.
However, today, I looked at my statement and it says "payment past due"..even though the payment screen says "Paid".
So I called Capital One, and they said that the issue was my bank "rejectedt the payment because I was using a business account and not a personal one".
I dont even know what this means because all of my other credit cards have been accepting payments from this bank.
Anyway, if the bank rejected my payment, fair enough....I would have paid from another bank if the status screen had just said "not paid". but even right now, it still says
"PAID".
When I called Capital One, they said "oh...the screen says 'PAID' as soon as you PROCESS a payment, whether it actually goes through or not".
WHAT IS THE POINT OF A SCREEN LIKE THIS!!?!? I don't need to be validated! I just need to know if my payment is cleared so I can keep a perfect payment history.
I'm so mad, I might actually close the card!
I'm sure I can get the fee reversed, but that isn't the point. I've worked hard to come back from credit rock bottom.
That strikes me as drastic. I would just call in and calmly explain the situation and asked if it any late fees/reporting can be waived in this instance. It's a legitimate concern, and it's frustrating, but it's a learning experience. There's no need to close a perfectly good TL over it.