topic Re: BARCLAY RETURNED PAYMENT in Credit Cards

BARCLAY RETURNED PAYMENT

Anonymous — Thu, 02 Jun 2016 17:38:14 GMT

So yesterday I submitted my payment for the balance on my barclay reward mastercard (due 6/1) and spoke to a rep and closed out the account (i have another barclay card and didnt need two). My balance was $167.01 to which i made a payment for out of my capital one checking account. I used this acct for credit card payments and transfer over the funds from another account. I only had $100 in this capital one checking acct, so i made a $100 depoist this morning to cover the payment. I just received a email from capital one saying that my payment was returned for lack of funds ( i guess i didnt deposit the money in time). I just went ahead and made the payment again via their website. My questions are: 1) Will they charge me a returned payment fee? 2) Will they charge me a late payment seeing how it was due yesterday, but that payment is being returned, but then I just went ahead and made a payment now (day late)? I know i am going to have to give them a call to explain it. Do you think this will have any impact to my other barlcay card that is open?

Re: BARCLAY RETURNED PAYMENT

Anonymous — Thu, 02 Jun 2016 17:44:45 GMT

This is why we should never schedule a payment until we have money in the account. It's hard to say what will happen (late fees, etc), but it's kinda of crazy that they processed your payment that fast. If the payment really did get returned, then Barclay will have a record of it and it could affect your other account with them.

Re: BARCLAY RETURNED PAYMENT

Nova5041 — Thu, 02 Jun 2016 18:05:50 GMT

Yeah justme3 is right, I once scheduled a payment with Amex at 9pm, and it was taken out of my checking account the next morning. When most of the time it takes them a day or two!

Re: BARCLAY RETURNED PAYMENT

Anonymous — Thu, 02 Jun 2016 18:06:54 GMT

And I would guess Capital One will charge you a fee

Re: BARCLAY RETURNED PAYMENT

Anonymous — Thu, 02 Jun 2016 18:21:49 GMT

I would expect fees for sure and it may not "immediately" impact your other Barclay card but I would be damn certain the first time down the road you ask for a CLI it will be denied and they will reference the returned payment.

Re: BARCLAY RETURNED PAYMENT

Anonymous — Thu, 02 Jun 2016 18:33:13 GMT

i will eat the fees if needed, but i just dont want it being reported to the credit bureau for being a day late. My last late payment on my credit report was a school loan 8 years ago.

Re: BARCLAY RETURNED PAYMENT

jacetx — Thu, 02 Jun 2016 18:44:28 GMT

@Anonymous wrote:
i will eat the fees if needed, but i just dont want it being reported to the credit bureau for being a day late. My last late payment on my credit report was a school loan 8 years ago.

It wont be reported as late. That happens 30 days after the payment was due.

Re: BARCLAY RETURNED PAYMENT

Anonymous — Thu, 02 Jun 2016 18:44:16 GMT

@Anonymous wrote:
i will eat the fees if needed, but i just dont want it being reported to the credit bureau for being a day late. My last late payment on my credit report was a school loan 8 years ago.

Don't worry it won't be reported to the bureaus, it would have to be 30+ days late for that.

Re: BARCLAY RETURNED PAYMENT

UncleB — Thu, 02 Jun 2016 20:28:09 GMT

Lots of good info so far... I'll only add that before you call up Barclays and "fall on the sword" give things a few days for the dust to settle.

There's a chance they'll resubmit the ACH debit on the back-end and it won't ever reflect as a 'bounced' payment. If this is the case you'll still have fees from your checking account but Barclays will be none the wiser. (If they don't it won't hurt anything to wait a couple of days in any case.)

This happened to me years ago with Amex... there was a 'glitch' on my end and I immediately called Amex up and explained everything (and I overnighted them a cashier's check) but they sent my check back through multiple times, each time creating another OD fee with my bank. I finally had to stop payment on the check, and only then did Amex show the payment as 'returned'... for nearly a week they gave me credit for both the 'bounced' payment and my cashier's check, which created a credit balance until everything finally settled. If only I hadn't intervened so quickly it would have worked itself out.

Re: BARCLAY RETURNED PAYMENT

woodyman100 — Thu, 02 Jun 2016 22:38:16 GMT

I accidentally clicked the wrong bank on a Cap1 account before and had the payment returned.

I received no fees and the payment was no where close to being late.

I called in and was told that there was no adverse action on my account.

However the next month 0% BT offers disappeared.

I immediately removed one of the accounts. I learned my lesson.

1-account with plenty of cash in it is the way to go

Re: BARCLAY RETURNED PAYMENT

Anonymous — Sat, 04 Jun 2016 02:08:21 GMT

@Nova5041 wrote:
Yeah justme3 is right, I once scheduled a payment with Amex at 9pm, and it was taken out of my checking account the next morning. When most of the time it takes them a day or two!

Yup..... all of my payments to AMEX come out of my checking account the very next day..... regardless of what time of day I make the payment. I've been very surprised.... but I only make payments when I know the $ is in my account.

But it's only fair that they take the money the next day especially since as soon as I make a payment they automatically update my available CL. NONE of my other credit cards do this..... so I think it's a fair trade. And this works for me because I have to make frequent payments so I can use my AMEX Hilton bc my CL is only $1.4k.

Re: BARCLAY RETURNED PAYMENT

Imperfectfuture — Sat, 04 Jun 2016 16:59:53 GMT

@Anonymous wrote:
@Nova5041 wrote:
Yeah justme3 is right, I once scheduled a payment with Amex at 9pm, and it was taken out of my checking account the next morning. When most of the time it takes them a day or two!

Yup..... all of my payments to AMEX come out of my checking account the very next day..... regardless of what time of day I make the payment. I've been very surprised.... but I only make payments when I know the $ is in my account.

But it's only fair that they take the money the next day especially since as soon as I make a payment they automatically update my available CL. NONE of my other credit cards do this..... so I think it's a fair trade. And this works for me because I have to make frequent payments so I can use my AMEX Hilton bc my CL is only $1.4k.

Citi also updates me immediately.

Re: BARCLAY RETURNED PAYMENT

elim — Sat, 04 Jun 2016 17:10:38 GMT

If you're keeping that low of a balance, I would suggest some type of Overdraft Protection as in Tying any overdraft to a Cap1 CC Cash Advance. Not the best financial move but credit wise... it may make sense.

I have an open tax lien so I keep my balances tight and have never had an overdraft. Run a spreadsheet and make sure the funds are there before you click.

Re: BARCLAY RETURNED PAYMENT

RonM21 — Sun, 05 Jun 2016 16:39:04 GMT

At least it shouldn't be reported late and can be chalked up to a lesson learned...which we all make mistakes. But now you know in the future how to avoid this.