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Valued Contributor
FinStar
Posts: 6,633
Registered: ‎10-21-2012
0

Re: citi now holding payments! **bleep**! oh and a chase fail!


swpopham wrote:

ive only had this card for a few months as most of you know. My first statement was 26xx dollars, second was 31xx dollars and this last statement was 1118.21 I always pay in full. well now they decided to place a payment hold on my accout. How is that for saying we trust you.... I don't like them already and this is their premier card too. That made me angry! so.... I said how about you double or triple my credit limit. Sir its against the law for us to raise or lower your credit limit within 6 months of account opening. No its not, yes it is, mam I have the law right here in front of me. Chase, NFCU, amex, gecrb all gave me increases at 30-60-90 day time frame. Well I dont know how the law applies to them but the law states citi cant do it. Can I speak to your manager? (on hold for 25+min I hung up) should I call back and tell them to close the card. or call back and get a manager on the phone?

 

I called up chase and said hey, citi is messing with me and you are our biggest credit card provider I want to open a freedom card for the 5% lowes that was just added. NO PROBLEM, sir the app was declined. No problem ill call UW, called them up and said hi, good afternoon, can you look at this for me. sure... Mr. Popham you have sufficent credit for your monthly spend.... I know but Im going to close citi out and move my lowes spending over here, okay let me look... nope you still have 10x the credit you use every month.... c'mon Im not taking 3 hard pulls for nothing, okay one min.... you can take credit off of one of your other cards... no thanks and NO I can't anyways, yes you can, are you sure? why wouldnt I be im a credit specialist, because our business, csp, jpm are joint cards me and my wife and this is an indvidual application...... oh damn your right. Well you still have enough credit, how about another year of history with us and call us back then we might extend more credit to you, after you use more of the credit you have,,,, mam I use 12-20k a month with you.... its still not enough to give you more credit k thanks call again... Bye....

 

Im not going to push the issue, ill tuck my tail between my legs on this one.


Looks like neither budged, and for good reason.  Sometimes ego and entitlement won't sway in your favor.  Essentially, you can only pick the battles that you know you can win.  Hopefully, down the road they can extend more credit if your overall spend criteria changes/increases, but since it appears you are well-leveraged from their underwriting perspective, then it's deemed sufficient.

 

While the whole payment hold issue with Citi is puzzling, I've never had any problems whatsoever pushing large or small payments within any given cycle for any of the 3 products I have with them.  Must be one of those "your own experience may vary" kind of things.

New Contributor
PCMedic
Posts: 68
Registered: ‎01-24-2009
0

Re: citi now holding payments! **bleep**! oh and a chase fail!

I would have to disagree with the 'protecting themselves' part of this. I have five cards and back in November one of them started doing the same to me. December it was 2 of them. This month it is up to three that hold EVERY payment, no matter if minimum or PIF for any where from 5-12 days. This n my opinion is a way they get to use YOUR money and nothing more. I make a payment via my bank to the card. The funds are almost immediately pulled from my bnk account... My CC account online shows the payment made AND posted, but the available credit on the card does not reflect this for days. More and more CC companies are beginning to do this and give you various excuses when you call and ask why. The biggest and most common is "we have to place the hold until we are sure the funds have cleared" Bull Crap! Have a friend that works the processing side of the business and I can assure you that these transactions are almost instantanious. If your bank shows the debit from your on your end, then the funds have been transferred. If this were not the case then my being requested by my CC company on two occasions to fax a copy of my Banking Info to them to show a $1000 and a $1300 payment had cleared my bank, would make no sense.

 

Scores Credit Karma TU=697 Vantage 727 | WalMart TU=709 | CreditSesame Exp=739 | Exp. FICO = 739 Barclays TU=706 Discover IT = 702

Discover IT $14,900 | BJ's Perks MC $3500 | TD Bank Visa Signature $5000 | Capitol One QuickSilver One $1600 | Capitol One Platinum Prestige $3000 | Merrick $3700 | Walmart $3300 | PayPal CS $500 | Fingerhut $1800 | OCCU Duck $5000 | SG Visa $2000
Valued Contributor
FinStar
Posts: 6,633
Registered: ‎10-21-2012
0

Re: citi now holding payments! **bleep**! oh and a chase fail!


PCMedic wrote:

I would have to disagree with the 'protecting themselves' part of this. I have five cards and back in November one of them started doing the same to me. December it was 2 of them. This month it is up to three that hold EVERY payment, no matter if minimum or PIF for any where from 5-12 days. This n my opinion is a way they get to use YOUR money and nothing more. I make a payment via my bank to the card. The funds are almost immediately pulled from my bnk account... My CC account online shows the payment made AND posted, but the available credit on the card does not reflect this for days. More and more CC companies are beginning to do this and give you various excuses when you call and ask why. The biggest and most common is "we have to place the hold until we are sure the funds have cleared" Bull Crap! Have a friend that works the processing side of the business and I can assure you that these transactions are almost instantanious. If your bank shows the debit from your on your end, then the funds have been transferred. If this were not the case then my being requested by my CC company on two occasions to fax a copy of my Banking Info to them to show a $1000 and a $1300 payment had cleared my bank, would make no sense.

 


Unfortunately, given the regulatory environment and scrutiny that financial institutions are in these days, it really doesn't matter if your "friend" works on the processing side of the business.  Banks have to adapt to new regulatory changes that impact AML and SAR governance - which also includes payments processed via ACH.  Unless your friend is very familiar with the actual reasons as to why payments are held then he/she really doesn't know the background for these changes.

 

An item to keep in mind, most cardholder agreements clearly spell out the possibility of payment/credit availability delays, especially when you sign up for any bill pay service through your financial institution or if you chose to make electronic payments directly with the credit card company.  Most people simply scroll down during this step without reading much into it and click "Accept".

Senior Contributor
Open123
Posts: 4,194
Registered: ‎02-23-2011
0

Re: citi now holding payments! **bleep**! oh and a chase fail!


swpopham wrote:

I bought it as a conversion kit from super trucks  f-650f650.jpg


Wow, that's nice!

New Contributor
PCMedic
Posts: 68
Registered: ‎01-24-2009
0

Re: citi now holding payments! **bleep**! oh and a chase fail!

The new regulations only state when (time frame) a payment must be 'posted' to your account. Paid by 5pm must be credited/posted that day. Providing of course it is a normal 'business day'. There unfortunately for the consumer was no stipulation as to how soon afterward the CC must make the funds available on the customers credit line. This has actually been discussed several times and some officials have said in the next round they would like to have this addressed. 

 

The reference to my friend and info regarding how quickly from the time the money leaves my account until the CC receives it was just that and not a reference in to what they (the CC) do with the funds once the transfer has completed. My point was they (the CC) have the money, they know they have the money and telling the customer they are holding the available CL for their protection until they are sure the funds have cleared is hogwash. This is why I also mentioned faxing in proof as being rediculous indication of same. Having me log into my banking account, print the page showing the transaction and faxing it to them so they see it cleared proves nothing compared to the transaction completed codes they can look at in their own systems. Yet this is what they request to release the funds.

 

Scores Credit Karma TU=697 Vantage 727 | WalMart TU=709 | CreditSesame Exp=739 | Exp. FICO = 739 Barclays TU=706 Discover IT = 702

Discover IT $14,900 | BJ's Perks MC $3500 | TD Bank Visa Signature $5000 | Capitol One QuickSilver One $1600 | Capitol One Platinum Prestige $3000 | Merrick $3700 | Walmart $3300 | PayPal CS $500 | Fingerhut $1800 | OCCU Duck $5000 | SG Visa $2000
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: citi now holding payments! **bleep**! oh and a chase fail!

I made a nearly $3k pmt on my Barclay's Trav Amex, and they put a hold on it- first hold EVER, and I have made a few pmts in that range...

While I was waiting on hold forever, I hung up.
The next day I received a buzz from Barclay's explaining that if I could provide recent bank account history showing the withdrawal, they would remove the hold.

So I faxed them a copy of my online account history and VOILA... Hold was released!!

Maybe try this with Citi?
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