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Valued Contributor
Duncanrr
Posts: 2,841
Registered: ‎06-08-2012

Chase jumps on Hold bandwagon

I have a $612 payment to Chase that cleared my bank on 11/15.  They still had a hold on it.  I had to talk to supervisor to get it released.  They gave me crap and speculated that maybe my account was a problem account or I bounced checks to them before.  Nope sorry, never happened and this account is only 2 months old.  Seems that card companies really dont like you paying large payments on new accounts.  I think the PIF confuses their computers.

 

Frustrating as hell as I wanted it to be cleared up so I can use at Best Buy tomorrow.



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Valued Contributor
Epcot
Posts: 2,783
Registered: ‎10-10-2012

Re: Chase jumps on Hold bandwagon

Sorry to hear. I hope that doesn't happen to me next month when I pay a rather large payment on my one month old Chase card to PIF what I have charged so far.

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Valued Contributor
rootpooty
Posts: 1,714
Registered: ‎10-28-2011

Re: Chase jumps on Hold bandwagon

They just aren't showing you any luv are they? First cap one now this?
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Established Contributor
cashnocredit
Posts: 959
Registered: ‎07-18-2009

Re: Chase jumps on Hold bandwagon


Duncanrr wrote:

I have a $612 payment to Chase that cleared my bank on 11/15.  They still had a hold on it.  I had to talk to supervisor to get it released.  They gave me crap and speculated that maybe my account was a problem account or I bounced checks to them before.  Nope sorry, never happened and this account is only 2 months old.  Seems that card companies really dont like you paying large payments on new accounts.  I think the PIF confuses their computers.

 

Frustrating as hell as I wanted it to be cleared up so I can use at Best Buy tomorrow.



This is really an anti-fraud measure and is pretty common on new accounts. It's kinda like how quickly a bank will make available a check you deposit. There are regulatory limits but after you have been a customer and they have a track record their computers will generally make new deposits immediately available. It's pretty automated these days. CCs are somewhat different but there is significant growth of fraud involving CCs that are pif but the payments, which initially go through, are revoked days, or even weeks later. With CCs this tends to be temporary as most fraudsters open accounts but don't use them until the fraud occurs then it's with big, pif amounts followed by near max purchases, rinse and repeat as much as possible inside a billing cycle.

 

FICO.COM's banking analytics blog provides a lot of insight into what banks are dealing with and how they try to limit this kind of fraud but as one technique gets closed down fraudsters just find other cracks. Us customers have to deal with the side affects and policies they impliment in this evolutionary process..

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so my moniker is, well, rather out of date.

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Valued Contributor
Duncanrr
Posts: 2,841
Registered: ‎06-08-2012

Re: Chase jumps on Hold bandwagon

So my spending patterns mimic those of a criminal. Great /sarcasm


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Valued Contributor
trumpet-205
Posts: 2,177
Registered: ‎11-11-2010

Re: Chase jumps on Hold bandwagon


Duncanrr wrote:
So my spending patterns mimic those of a criminal. Great /sarcasm

Large payment with new account can be a sign for credit card fraud or money laundering. A lot of people experienced this, not just you.

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Valued Contributor
navigatethis12
Posts: 1,881
Registered: ‎01-24-2012

Re: Chase jumps on Hold bandwagon

Maybe there is something wrong with the bank you use? The first payment I made to PNC was over 5000 and there was no hold. Chase was around 2000 and no hold. Most of the first payments I made to all of the issuers were in the thousands and no holds were placed.

 

 You could try pushing the payment from the bank, instead of pulling it from the website, if that is what you are doing.

Valued Contributor
Duncanrr
Posts: 2,841
Registered: ‎06-08-2012

Re: Chase jumps on Hold bandwagon

Its not likely my bank as they all have cleared my bank within a day of posting payment.  My bank doesnt have a good push payment system.  I just started checking with NFCU and left my bank so I need to see what options they have.  Regardless, I shouldnt have to push a payment through to get it to clear and properly post to my account.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
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