Credit Cards Center Credit cards from our partners
Reply
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

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.

Established Contributor
Posts: 661
Registered: ‎03-26-2010
0

Re: citi taking way to long to post ach payment

[ Edited ]

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

Capital One Quicksilver Visa | Capital One Quicksilver Matercard | Sony Visa | ebay Mastercard | Best Buy Visa| Shell Mastercard | CareCredit | Walmart MasterCard | Amazon Rewards Visa | Gap Visa | Discover it | Lowes | Home Depot | Chase Freedom | Ebates Visa | TJMAX Platinum MasterCard | Stash Signature Visa | Hilton Amex | Bank of America Cash Rewards Visa | Bank of America Better Balance Rewards Visa | US Bank Cash Rewards | Blue Cash AMEX | IHG Rewards Club World Mastercard | Office Depot | Barclay Cash Foward World Mastercard | Bank of America Travel Rewards Visa |
Frequent Contributor
Posts: 483
Registered: ‎05-06-2009
0

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.

 

Established Contributor
Posts: 619
Registered: ‎06-18-2007
0

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. 

_________________________________________________________
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.
Moderator Emeritus
Posts: 14,203
Registered: ‎12-30-2011
0

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 =/.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 694, EQ 8 714, TU 8 708, EX 8 724 (04/01/16)
Goal Score: 715 on EQ 04 (01/01/17)


Take the myFICO Fitness Challenge
New Contributor
Posts: 76
Registered: ‎05-26-2011
0

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.

Feb. 2012: TU: 677 EQ: 647 EX: 666
Aug. 2013: TU: 729 EQ: 726 EX: 697
Goal 2013+: 720+ All Three
Established Contributor
Posts: 661
Registered: ‎03-26-2010
0

Re: citi taking way to long to post ach payment

[ Edited ]

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


  

Capital One Quicksilver Visa | Capital One Quicksilver Matercard | Sony Visa | ebay Mastercard | Best Buy Visa| Shell Mastercard | CareCredit | Walmart MasterCard | Amazon Rewards Visa | Gap Visa | Discover it | Lowes | Home Depot | Chase Freedom | Ebates Visa | TJMAX Platinum MasterCard | Stash Signature Visa | Hilton Amex | Bank of America Cash Rewards Visa | Bank of America Better Balance Rewards Visa | US Bank Cash Rewards | Blue Cash AMEX | IHG Rewards Club World Mastercard | Office Depot | Barclay Cash Foward World Mastercard | Bank of America Travel Rewards Visa |
Valued Contributor
Posts: 1,603
Registered: ‎12-07-2008
0

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?

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


Take the FICO Fitness Challenge

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.