Credit card payments

CenturyChild · ‎10-23-2014

I have a silly question.

I need to make a credit card payment today to cover an emergency charge. The pending charge will put me over my limit when it posts tommorow night.

So if I make a payment today, it will post tonight and all will be fine. Tommorow the emergency charge posts and everything is Ok.

The issue is the money isn't in the bank right now. It will not be there until 6am.

So if i make the payment now, will it still be OK? Even though the money wont physically be in the bank until 6am tommorow.

Anyone know if this will work?

davidsawsparks · ‎10-23-2014

If you make a payment now, it will go to the CC company and process before it reaches your bank. That's only if you make the payment directly from the CC website. By the time it reaches your bank, your money should already be present. At least, that is how it is with all the payments I've made via the CC website. It usually takes about 24 hours before it post to my bank account.

Anonymous · ‎10-23-2014

That is how it works with my bank and CC payments as well, takes 1-2 days for the money to come out but i'd be really careful about making a practice out of that. Floating money is always a gamble.

jon22guitar · ‎10-23-2014

I would recommend doing a wire transfer. Yes, there is usually a fee to do this, but it transfers money between insitutions pretty much immediately (or extremely quickly), hence the fee for the service.

This is, of course, if your money is coming from another institution. Not sure exactly where yours is coming from.

Good luck.

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CenturyChild · ‎10-23-2014

Thanks!

And No. Certainl;y not anything I would make a habit out of or recommend. This is just a one time deal. I was caught off gaurd and a day shy.

I know its usually 2 days before the funds are actually taken from the bank account, or at least mine always are, but I wasn't sure if the request is sent the night it posts with a chance of being returned.

Never done anything like this before and never want to again.

CenturyChild · ‎10-25-2014

Update for anyone curious about this.

It works, yet doesn't.

what I mean is this.

All my payments typically take 2 days to go through and be pulled from my checking account when paid from the website. But apparently what happens is when you make the payment, it immediatly gets requested. No delay. the delay is in actually paying.

My bank showed a NSF fee for the card early that morning. When I called, she said the computer automatuically flags and charges the fee, and they look manually that morning. Fortunatelly, Ive been with my Credit Union for a long time and know them well. She paid it it for me anyway, and removed the NSF fee since the request came in just 30 minutes before my money did.

So, YMMV obviously, but I would NOT do this. If you do find yourself uin a situation like I did, an emergency and just a few hours short, make sure you know your bank and how they will your handle finances for you. They could easily just return it and make things much worse. Im fortunate in that Ive been with my CU long enough they would likely took care of it regardless, and call me later, but your bank may be different in how they handle things.

Anyway, the point is,the withdrawl does take place after midnight. Pretty much immediately after it posts even though it looks like a 24-48 hr delay.

Anonymous · ‎10-25-2014

^ Good info.

I was in a similar situation a long time ago with WF. To my surprise, also got hit with an NSF, despite the fact that every other payment I'd ever made (to this day) always took 2 days to show up on my WF checking account activity. That was the last time I played that game.

I think it's always safe to assume that the bank (or CU) will do whatever they can to extract fees from you if you give them that outlet. (Actually not demonizing institutions for this btw... They have the right to try to generate revenue.)

MarineVietVet · ‎10-25-2014

@CenturyChild wrote:
Thanks!

And No. Certainl;y not anything I would make a habit out of or recommend. This is just a one time deal. I was caught off gaurd and a day shy.

I know its usually 2 days before the funds are actually taken from the bank account, or at least mine always are, but I wasn't sure if the request is sent the night it posts with a chance of being returned.
Never done anything like this before and never want to again.

Don't beat yourself up too badly. All of us make mistakes. I've had some big ones over the years.