@Revelate wrote:Don't all lenders do this?
They have to legally credit your account as of the day you make the payment; however, they do not have to free up the available credit until the transfer clears. BOFA I know does this, and I think virtually all others do but I don't have enough of a personal statistical sample to make the assertion fully on other lenders' behavior; however, given the various anti-fraud mechanisms, and the fact some have probably attempted to exploit it if it were configured otherwise, I'd wager all do it.
Edit: Oh wait maybe I misread: was the account already maxxed out, or was it some intermiedate balance (like 300/900 or whatever) and they froze the card while the payment was processing? If that second case, then I don't know but I'd be pretty miffed too. I just always make the payment such that it clears beforehand and haven't had an issue with my C1 nee Orchard card, though I don't heavily use it anyway.
Rev;
It was the second case (red above). Cap 1 does things like that, well, a lot of lenders do among the sub-prime cards I think. As far as holding a payment, many lenders do that and it's common, but not where they get it and decline a purchase during the hold when there's room on the card for it. And Cap 1 will do this hold on "large" payments randomly, not just your first time PIF or over a few hundred.
I wanted to make sure Cap 1 reported a zero balance so I called (was the 4th day) and asked why the account wasn't credited, CSR told me about the hold. I politely reminded her it was electronic and the funds had been pulled from my bank 4 days ago. She apologized and said she'd take care of it right away, 5 minutes later, the account was credited on my account page.
For the first 6 months with PenFed, they hold a payment (any) 10 days before it would show on the account, though they would post it on the day received of course. I don't recall it ever being declined during the hold however. Usually, as far as other cards go, I see my online payments credited within 24 hours, regardless the amount of the payment, unless they state it will take longer in their terms (I think BB takes up to 3 days).
hmmm, interesting.
Starting Score: 722
@amkari wrote:I have a $300 Cap 1 and a $500 Orchard - both obtained fairly recently and only 1 or 2 statement cycles to date.
I've made multiple large payments to both since opening since I'm alternating them as my daily use card.
Cap 1 has held 3 or 4 payments so far, immediately released by cs when I call... I do wait until I see it cleared at the bank. I think I pushed most of these.
Orchard gave me the run around until I got pissed... then a supervisor got on an offered to call my bank and verify that the payment had cleared. Once she did that she lifted the hold on availbale credit. I understand the hold entirely... got the card, paid the AF off and then immediatly maxed it out paying the tags on my new car, then 3 wks later paid in full. Payment was 'pulled' from Orchard's side because I haven't been able to get them set up for a push on the USAA side. I've made a couple payments under $100 with no holds.
Cap1's customer service been great so far... Orchard not so much. lol
Yeah I couldn't set that up from any of my banks either including USAA and also BOFA. Orchard is pretty well known / popular on this forum, but overall I think they were a comparitively small portion of HSBC. Fortunately I haven't had to talk to Orchard's CS, though I'm guessing that's mostly Cap One now post acquisition.
@injustifiiable wrote:When I set mine up on BofA, I had to use "HSBC Card Services" as the payee...it seemed to work well that way. ACH payments, posts to account next business day. It's the same until CapOne starts taking their payments.
Hrm, perhaps I'm both stupid and blind. I looked for HSBC explicitly and Household Bank too, and didn't come up with squat in their onilne system in my California account at least (though I sort of doubt that matters). I'll have to go look again, thanks for the heads up on that one.
