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citi taking way to long to post ach payment

Senior Contributor

Re: citi taking way to long to post ach payment

How long are they taking?    

 

Are you talking about posting of payment, or the avaialbe CL changing.     DW has a CITI SearsMC.   They always post with a day.    The CL is always available next day for the first 2 payments of the month.   They hold available credit for 10 days for any other payments in the month.

Message 11 of 18
Established Contributor

Re: citi taking way to long to post ach payment

I guess other places do this after reading these post.  It's not that big a deal but I thought an ACH was better than cash. I used my banks online bill pay and confirmed an ACH to was sent. 

 

 

2 days

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Message 12 of 18
Frequent Contributor

Re: citi taking way to long to post ach payment


jeffery581 wrote:

I guess other places do this after reading these post.  It's not that big a deal but I thought an ACH was better than cash. I used my banks online bill pay and confirmed an ACH to was sent. 

 

 

2 days


Try pulling the payment from your bank through Citi rather than pushing from your bank to Citi.  Bet you see better results.

 

Message 13 of 18
Established Contributor

Re: citi taking way to long to post ach payment

Jeffrey,

If you don't mind my asking:  If available credit is not a problem, then why does this bother you?  I'm just curious. 

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Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 14 of 18
Moderator

Re: citi taking way to long to post ach payment


jeffery581 wrote:

I guess other places do this after reading these post.  It's not that big a deal but I thought an ACH was better than cash. I used my banks online bill pay and confirmed an ACH to was sent. 

 

 

2 days


Having worked at a few banks, and seen, and even managed, what actually processes ACH batches (there's no human interaction), I don't fully understand things like why they don't process on non-business days.  The systems run 7x24x365.25, it's really just baffling.

 

In truth it shouldn't matter, in every lender I've seen (or worked for), the payment is posted as of the date you pull the trigger on the transaction, and the balance is "updated" at that point in time for any future interest payments going forward.

 

It's cumbersome and seemingly silly, but that's just the way the financial institutions are setup... and the only reason I can really see for it is so that they can bill for wire transfer services.  Banks =/.

 

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Message 15 of 18
New Contributor

Re: citi taking way to long to post ach payment


Reevaluate wrote:

jeffery581 wrote:

I guess other places do this after reading these post.  It's not that big a deal but I thought an ACH was better than cash. I used my banks online bill pay and confirmed an ACH to was sent. 

 

 

2 days


Having worked at a few banks, and seen, and even managed, what actually processes ACH batches (there's no human interaction), I don't fully understand things like why they don't process on non-business days.  The systems run 7x24x365.25, it's really just baffling.

 

In truth it shouldn't matter, in every lender I've seen (or worked for), the payment is posted as of the date you pull the trigger on the transaction, and the balance is "updated" at that point in time for any future interest payments going forward.

 

It's cumbersome and seemingly silly, but that's just the way the financial institutions are setup... and the only reason I can really see for it is so that they can bill for wire transfer services.  Banks =/.

 


As you stated, and I'm reiterating, since this has been posted a few times in this thread.

 

There is no reason to post payments excessively early hoping to prevent problems or something of that nature. You are legally required to pay by the due date and time (usually 5pm, but check you card terms for specifics). If you enter an online payment on the same day as you due date that is before the cut off time you payment is considered to have arrived that day. This is the same even if it takes the bank 3 weeks to reflect it on your account. This is Federal Law so your protected.

 

The reason banks don't post payments on weekends and holidays and have cut off times is it works in their favor. For instance, credit card interest is compounded daily so by not processing payments on weekends or holidays the bank earns some extra money from all the customers who carry balances. Banks love money so you can count on them throwing in delays where legally permitted to do so.

 

In the case of why posting takes a long time. I'm sure it has a lot to do with how long it takes the bank to actually get the money from the other bank. The easier it is the faster they will post. After all, if they post the payment fast they are essentially loaning you your payment while they won't be earning interest. They would prefer to give away money as rarely as possible. There is also the risk that your payment will bounce and they will not only be out interest, but they may potentially be on the hook for your loan as well.

 

So it makes a lot of sense when you think about it from the perspective of the bank.

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Message 16 of 18
Established Contributor

Re: citi taking way to long to post ach payment

RE:

As you stated, and I'm reiterating, since this has been posted a few times in this thread.

 

There is no reason to post payments excessively early hoping to prevent problems or something of that nature. You are legally required to pay by the due date and time (usually 5pm, but check you card terms for specifics). If you enter an online payment on the same day as you due date that is before the cut off time you payment is considered to have arrived that day. This is the same even if it takes the bank 3 weeks to reflect it on your account. This is Federal Law so your protected.

 

 

My payment wasn't due for 18 more days. I pay extra early just to be sure. Nothing excessive about that.

 

The reason banks don't post payments on weekends and holidays and have cut off times is it works in their favor. For instance, credit card interest is compounded daily so by not processing payments on weekends or holidays the bank earns some extra money from all the customers who carry balances. Banks love money so you can count on them throwing in delays where legally permitted to do so.

 

No holidays or weekends were involved

 

In the case of why posting takes a long time. I'm sure it has a lot to do with how long it takes the bank to actually get the money from the other bank. The easier it is the faster they will post. After all, if they post the payment fast they are essentially loaning you your payment while they won't be earning interest. They would prefer to give away money as rarely as possible. There is also the risk that your payment will bounce and they will not only be out interest, but they may potentially be on the hook for your loan as well.

 

I use my banks online bill pay, citi got the payment days before they posted it.

 

So it makes a lot of sense when you think about it from the perspective of the bank.

 

 

No it doesn't make sense because all other 14 cards I have get posted and credited a day after they get it.

 

 

 

 

It's really all good, because they want to take there time posting payments I can take my time using the card also.    Smiley Very Happy


  

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Message 17 of 18
Valued Contributor

Re: citi taking way to long to post ach payment

I never noticed how long it takes.  I go on the Citi site and pay it like that.  I consider once it's paid, it's paid.  Why would you use the card less?

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Message 18 of 18