What is with Dillards Amex/Wells Fargo???🤔🤔😤😤

Anonymous · ‎11-27-2015

I was approved for a Dillards Amex, my first Wells Fargo account, October 1. I have received 2 statements thus far. I pay 2 to 3 times a month. After the first payment, it literally takes them a 10 to 21 business days before they will post a second or 3rd payment updates. The payments clear my bank within 1 to 2 days and while Wells Fargo will subtract it from my balance due total, my available credit is not updated. Right now I have a zero balance but my available credit is minus 250.00. Most of my lenders love multiple payments, but I'm starting to believe Wells Fargo wants only one payment per statement, definitely more opportunity for balances and APR fees. I owe them nothing now and I think I'm going to keep it that way, don't particularly care for how they do business.

Anonymous · ‎11-27-2015

@Anonymous wrote:
I was approved for a Dillards Amex, my first Wells Fargo account, October 1. I have received 2 statements thus far. I pay 2 to 3 times a month. After the first payment, it literally takes them a 10 to 21 business days before they will post a second or 3rd payment updates. The payments clear my bank within 1 to 2 days and while Wells Fargo will subtract it from my balance due total, my available credit is not updated. Right now I have a zero balance but my available credit is minus 250.00. Most of my lenders love multiple payments, but I'm starting to believe Wells Fargo wants only one payment per statement, definitely more opportunity for balances and APR fees. I owe them nothing now and I think I'm going to keep it that way, don't particularly care for how they do business.

Sorry your having such a hard time with them. Rosey. Not exactly a good way to do business. Like you said, it seems like they are trying to end your billing cycle with a balance present. Hope your successful in keeping them at bay.

FinStar · ‎11-27-2015

I've never had any issues with the way they reflect payments either pushed by any of my banks or doing it directly online. They tend to reflect within a couple days. While it does take some time to see available credit fluctuations and not displaying pending transactions, payments have been no issue regardless of the source IME.

On the other hand, my actual WF cards do not exhibit the same pattern and their systems reflect everything pretty much as expected and without delays.

taxi818 · ‎11-27-2015

@Anonymous wrote:
I was approved for a Dillards Amex, my first Wells Fargo account, October 1. I have received 2 statements thus far. I pay 2 to 3 times a month. After the first payment, it literally takes them a 10 to 21 business days before they will post a second or 3rd payment updates. The payments clear my bank within 1 to 2 days and while Wells Fargo will subtract it from my balance due total, my available credit is not updated. Right now I have a zero balance but my available credit is minus 250.00. Most of my lenders love multiple payments, but I'm starting to believe Wells Fargo wants only one payment per statement, definitely more opportunity for balances and APR fees. I owe them nothing now and I think I'm going to keep it that way, don't particularly care for how they do business.

AFterall it is a store card and they love balances. So i would not be using that with your profile regardless of the Amex logo. Not with a 25% interest rate.

My Macys Amex saw a couple of Ice cream cones before i moth balled it. and that is where it will stay. I thought it would be cool from reading these forums and realize no way in hell do i want that card. i will not cancel it but if they decide to do so from non use. So be it. No tears lost.

UncleB · ‎11-27-2015

If your account is relatively new some banks will put payment holds on payments if you make more than one per month... I had that problem with HSBC when I was new with them.

Once I started using my bank's bill pay to make the payments, there was no hold. Even when they would place a hold on the payment, it would still be 'credited' on the day it was received for interest purposes, it just wasn't available for new purchases. (For somebody with a tiny limit like I had at the time, it was a real pain.)

Edit: typo

Anonymous · ‎11-28-2015

@UncleB wrote:
I your account is relatively new some banks will put payment holds on payments if you make more than one per month... I had that problem with HSBC when I was new with them.

Once I started using my bank's bill pay to make the payments, there was no hold. Even when they would place a hold on the payment, it would still be 'credited' on the day it was received for interest purposes, it just wasn't available for new purchases. (For somebody with a tiny limit like I had at the time, it was a real pain.)

Now that you mention it, Walmart initially held a couple of payments because it was a new account. I just find it annoying, lol! The account has a zero balance and it may stay like that. Thanks for your input!

Ron1 · ‎11-28-2015

Sorry to hear!!! I don't have any problem with them (WF). I also have their Visa and store cards. They posted the payment on the following day. Some banks don't like multiple payment because they're afraid you mght max out the card. That's why they put a hold. I talked to one of the bank a long time ago. They told me most people don't make more than one payment. They considered it is not normal.

Ron.

longtimelurker · ‎11-28-2015

@Anonymous wrote:
@Anonymous wrote:
I was approved for a Dillards Amex, my first Wells Fargo account, October 1. I have received 2 statements thus far. I pay 2 to 3 times a month. After the first payment, it literally takes them a 10 to 21 business days before they will post a second or 3rd payment updates. The payments clear my bank within 1 to 2 days and while Wells Fargo will subtract it from my balance due total, my available credit is not updated. Right now I have a zero balance but my available credit is minus 250.00. Most of my lenders love multiple payments, but I'm starting to believe Wells Fargo wants only one payment per statement, definitely more opportunity for balances and APR fees. I owe them nothing now and I think I'm going to keep it that way, don't particularly care for how they do business.
Sorry your having such a hard time with them. Rosey. Not exactly a good way to do business. Like you said, it seems like they are trying to end your billing cycle with a balance present. Hope your successful in keeping them at bay.

It doesn't sound like they are ending with a balance, just not all available credit is restored. Discover warns about this (above a certain number of payments a month.

They just want to make sure the payment really clears before resetting available credit