Capital One payment issues. HELP.

[Anonymous]

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@taxi818 wrote:

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@Anonymous wrote:

Use a checkbook or something to balance your accounts then. It isn't Capital One's fault or problem, it's just the way things work. You are responsible for making sure the money is there, ya know? 

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Wow exactly what I said. 

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Lol, great minds..

[jbishop1001]

I guess I just don't understand why I'm even able to use my capital one card since a transaction hasn't occurred in my checking account. Makes no sense to me.

[Anonymous]

The whole process of ACH & Lock box interchange with banks takes a couple of days. Capital One will make the payment posted amount available to you & they do it in good faith that your payment will get cleared by the bank. It is your responsibility to make sure that the amount is available in your checking account when CapOne send the transaction to your bank. As mentioned by others previously, you need to balance the books. I have my checking account with Wells Fargo, as I have seen some bills take 2 days for it to clear from my checking account. This is the norm.

[Anonymous]

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@Anonymous wrote:

The whole process of ACH & Lock box interchange with banks takes a couple of days. Capital One will make the payment posted amount available to you & they do it in good faith that your payment will get cleared by the bank. It is your responsibility to make sure that the amount is available in your checking account when CapOne send the transaction to your bank. As mentioned by others previously, you need to balance the books. I have my checking account with Wells Fargo, as I have seen some bills take 2 days for it to clear from my checking account. This is the norm.

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+1

[Anonymous]

I like the way AMEX does it, where they credit your CL as soon as you initiate a payment.

[xtdefy]

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@jbishop1001 wrote:
I guess I just don't understand why I'm even able to use my capital one card since a transaction hasn't occurred in my checking account. Makes no sense to me.

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Again, this is done in good faith and as a convenience to you.

If you have an android phone look up an app called loot - it's a very simple ledger app that allows you to track your spending and available capital without being intrusive because you enter everything manually.

[Anonymous]

I'm sorry but this just seems ridiculous. You are talking about personal finance 101. You know how much you made your payment for so when you look at your checking account balance just take that amount out. If you're balance is $1000 and your payment was $500 and it hasn't cleared then guess what. ..... your available balance is $500. If you try withdrawing money before the payment clears knowing it hasn't come out yet then I'm sorry but you deserve to pay any overdraft fees and returned payment fees

[Chris679]

Open a second checking account for all bill payments. Transfer money into that one for bills or for spending cash however you want to do it. What I do is transfer all but a couple hundred bucks out of the direct deposit account into a second account and all bills come out of that. Any surplus from that account goes to savings, investments, loan pay downs, etc.

[Imperfectfuture]

The other day, OP complains about how quickly will payment post, so they can pay their utility bill.

Then, they afraid overdraft account.

Bishop, I used ny PayPal debit card, grandfathered in at 1.5% cash back since 2008 until Oct 2014 (that's six + years) as my primary cash back credit card. I blew myself up when lost job 2007/2008 during financial crisis. I funded the account with cash, and found that budgeting helped with not only paying bills, but saving up for medical/vet/big spends/clothing/etc. I was also able to set up brokerage account, and start saving for future.

In 2013, obtained credit report because moving (didn't need it, but used it anyway to start my rebuild, scores around upper 500's). Obtained secured card may 2013. I used it for 2 months, paying in full, then discovered I liked the cash back from PayPal instead. In march 2014, received rebuilder offer for Legacy visa (only $75 af, but was worth it at time, starting limit well over usual for rebuilders)

Since the interest was 29.99, only set up new subscription to score watch, and used occasionally for other purpose. I STILL funded PayPal account, never using back up funding, which helped me to manage finances, and keep extra in bank.

Now, have capital one and Amex. Using cap one instead of PayPal (though will put a 90+ charge occasionally to keep paypal alive), and pay often throughout the month. I still set aside savings in both brokerage and instant for growth plus cash future needs.

Living on cash for 6 years taught me to balance everything. I am now in position to use the 0% financing offer coming with Amex. Could I pay it in full? Yes. But I want to keep earning 3 to 5% + interest on that money. I already know how much I will budget each month for the goodies, have it down to practically nothing in five months, and still have enough for investment and side savings.

My point being, if you are THAT STRAPPED FOR CASH, that you need the balance pulled out so you don't overdraft, maybe you should put less on the card (start SLOWLY), until you are used to using your rewards cards like debit cards. Otherwise, get a PayPal cash back account, and practice like I did, while just using your CC's for small purchases,

The training of budgeting and using cash for purchasing while gaining small rewards can't be over emphasized enough. I was never taught the proper use of credit, and budgeting within your means for savings and investments first is the beet thing I ever did before starting to use credit again.

JMHO, YMMV, etc.