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