topic Re: BoA payment hold? in Credit Cards

BoA payment hold?

iheartwings — Mon, 11 Jul 2016 03:23:05 GMT

I tried searching on the boards for this but really couldn't find anything.

I recently got back with BoA, getting a Cash Rewards Visa. I was happy about that.

I found out that I could submit a payment via their website even if my transactions haven't already posted. I thought that was pretty great (Chase and AmEx also allow me to do this). This works for me because I do pay my cards off weekly.

I've verified my checking account so that I might submit payments from my checking via BoA's portal. I submitted such payments and got a confirmation number and everything.

So, why haven't my payments posted? I have a payment listed as processed (with a confirmation number) in the BoA Billpay section. It was sent on 6/30.

I called to ask what happened yesterday, and the CS rep told me I'd have to call my bank to ask why BoA hasn't received the payment (but all payments that have already been sent have actually cleared my checking account). When I finally got him to understand that I did Bill Pay via BoA's website, he told me it could take up to 2 business days after it clears my checking account to reflect on my credit card account. I get that some banks are faster than others, but the payment processed on 6/30 cleared my checking account on 7/5 (due to the holiday), so it should have posted by now.

I eventually got forwarded to a different CS, who then tells me that it may take up to 5 business days after clearing my checking account for it to post. Seriously? Did I miss something? Do they hold payments for xx days for new accounts? I get it if that's the case, but I feel like I'm getting runaround. When she really couldn't explain any of the questions I have (which I essentially kept repeating because she gave me a different answer each time), she transferred me to Online Banking CS. That was great and all, but they are closed on the weekend (you'd think they'd know that before transferring you). *smh*

I haven't attempted to push a payment from my checking account to BoA, but if it processes faster, then I'll plan on that. It's just a little frustrating because the other CC companies that have my business are much more transparent when it comes to pulling payments out of my checking account.

TL; DR: Payments on new BoA Cash Rewards card taking forever to post, despite having the money because it's cleared my checking account. Is this because I'm a new customer?

Thanks for help anyone may provide.

Re: BoA payment hold?

Anonymous — Mon, 11 Jul 2016 09:57:46 GMT

I'm not sure with them, I pay from my BofA checking account and it posts the next day.

Sounds a little strange for it to take that long - have you tried pulling it instead of pushing it? Is that faster to post? You might have to try calling BofA and getting a more seasoned CSR - not all of them understand the question or pass along the correct information.

Hoping someone more knowledgeable comes along with a better answer today.

Re: BoA payment hold?

Dahlia77 — Mon, 11 Jul 2016 10:34:52 GMT

I'm a relative newcomer to BOA - only 4 payments in and I have never encountered the problem you're describing. Taken out and processed completely 2-3 days after submitting. Since I'm new I'm not familiar enough with them to know any quirks they have but this sounds like some sort of glitch to me. Hope you get it worked out!!!

Re: BoA payment hold?

Anonymous — Mon, 11 Jul 2016 10:47:26 GMT

I haven't had any problem either, however I pay them from Bill Pay and give a date for the payment. It works like a charm.

Re: BoA payment hold?

Anonymous — Mon, 11 Jul 2016 12:28:35 GMT

With regards to bill pay, mine posts relatively quick 2-3 days like most say here. I think mostly next day.

I am curios though, did you verify that you inputted the correct account number on yoru billpay? Because you could have mistyped and that payment now went to someonelese card. Everytime I enter a new bilpay, from any bank, i test the waters with a payment of like1 or 2 dollars to make sure I got everything right, then i send my big payment through.

I know its silly but just something to look at since those sites have you enter it.

I know from BOA checkin to BOA card should be automated and correct since you are all the same but just in case I would check.

Re: BoA payment hold?

UncleB — Mon, 11 Jul 2016 14:04:13 GMT

I'm brand-new to BoA - my BBR account was just opened back in May.

I made my very first payment a couple of weeks ago, and it was credited (and available) the same day they received it.

I used my checking account's bill pay to send the payment (ACH push). I've found this tends to work better for me personally, especially with brand-new accounts. It does generally take a couple of days for the payment to arrive (it's not 'instant' like when you make it on the issuer's site) but once it gets there I never have to worry about a hold.

There are plenty of threads on the benefits of using both payment methods with people firmly in each camp making very good arguments. I say just do what works best for you, but if you're having issues with holds it might be time to consider 'sending' your payments rather than allowing BoA to 'pull' it.

Re: BoA payment hold?

iheartwings — Mon, 11 Jul 2016 15:56:31 GMT

Thanks all for the helpful advice.

I've only tried pulling the payments from my checking (which had been verified with their trial deposits). I've not tried pushing from my bank.

I typically pay my CC by having the payments pulled because it's a litte more flexible in terms of posting times than to push payments with my bank (Darn being in the Pacific time zone. If I try to push a payment on Friday after about 10am or so, then it doesn't get pushed until the following Tuesday).

The facts I know are that (1) the CC is correct because I am signed into my account with BoA which shows the credit card, and (2) they have been paid (the checking account used has been verified with trial deposits, the payments were pulled from my checking account - which BoA has provided confirmation codes and a "Processed" status in their BillPay section, and the payments have cleared my checking account).

Since I used BoA to pull the payments, it shouldn't be an issue of entering the correct CC number.

Since BoA verified the account with trial deposits, it shouldn't be an issue of entering the right checking account number.

I think something is wrong with my Online Account. In addition to this bill pay issue, all of my purchases on the card are listed as ATM Withdrawals/Cash Advances! While dealing with CSRs have been short of frustrating, I have managed to verify with more than on CSR that these are indeed purchases and not Cash Advances (incidentally, it is correctly processing rewards on all the purchases listed as ATM/Cash withdrawals).

I will try again today. The weekend crew wasn't as helpful as I hoped. I just finished going through the 8 layers of automated responses and am waiting for a call back between 36 and 51 minutes from now. I'll keep you all updated - it all sounded odd to me, so I'm thankful that I could ask the question here and realize that it IS odd!

Re: BoA payment hold?

Anonymous — Mon, 11 Jul 2016 16:03:45 GMT

OK glad that everything is correct at least.

I figured it was but suggested it only because its one thing I worry about when I use bill pay, ONe slip and I am paying for someone else's fun!! lol

Definitely call again and hope you get a better CSR.

Re: BoA payment hold?

iheartwings — Mon, 11 Jul 2016 18:14:11 GMT

@Anonymous wrote:
OK glad that everything is correct at least.

I figured it was but suggested it only because its one thing I worry about when I use bill pay, ONe slip and I am paying for someone else's fun!! lol

Definitely call again and hope you get a better CSR.

Thanks for the suggestion - and actually, you were right.

But, the story is a convoluted.

I had Visa with BoA that was closed (IIBK) in 3/2007. Yes, that's almost 9.5 years ago.

As some of you know, even if you close your account with BoA, your online login lives on in perpetuity. When I was approved for a new account, it reactivated my old online login.

Under QuickView, you can click on "Make Payment", and it sends you to the BillPay area. There, only one account is listed to pay, and I have only one account with BoA so I didn't think anything of it.

It turns out that the account is set to pay was the one closed almost 9.5 years ago. I thought it was just me, but when Online Banking rep couldn't figure out why this happened, I realized that this was way above my paygrade. There is not an option to pay the new account or even add the new account in Bill Pay, a problem even the rep couldn't fix.

Ultimately, she had to completely reset Online Banking. I'll know in 24 hours whether I'll be able to pull payments to my new card account. She also re-processed the payments that went to my long ago archived CC account, which apparently was also a bit of a task because the account is archived and shouldn't be accepting payments?

This is likely the argument to use my bank's BillPay to push payments.

Thanks for everyone's input.

Re: BoA payment hold?

RonM21 — Tue, 12 Jul 2016 00:56:37 GMT

@Anonymous wrote:
I haven't had any problem either, however I pay them from Bill Pay and give a date for the payment. It works like a charm.

This option has worked fine for me too.

Re: BoA payment hold?

Anonymous — Tue, 12 Jul 2016 02:51:13 GMT

I'm guessing maybe it's because your account is so new?
Had BOA for many years, I really like them I hope you will too

Re: BoA payment hold?

iheartwings — Tue, 12 Jul 2016 03:23:51 GMT

@Anonymous wrote:
I'm guessing maybe it's because your account is so new?
Had BOA for many years, I really like them I hope you will too

Certainly possible, though the rep didn't indicate as such. It was just odd that it would give me the option to make a payment, only to apply it to a nonexistent account. The rep was shocked and apologized for not having a reasonable explanation. When she couldn't fix the problem from her end, you could actually hear the confusion in her voice, so at least it wasn't just me.

I had assumed they held payments because the account was so new, but couldn't find the answer, hence the question on the boards.

I hope to like BoA too. I actually liked them when I had an account way back when. Just seems like it requires a little persistence to get the answers I need, but that's all good. MF has taught me to advocate for me.

Re: BoA payment hold?

Anonymous — Tue, 12 Jul 2016 03:44:25 GMT

This is very common with new accounts with many lenders. I have seen it talked about here many times. I'm much more surprised that no one that posted knew about it, than the fact that it is happening. Usually when this happens it is only for the first payment. They just want to make sure that everything is truly on the up and up before giving you access to more money. It's just in case some fraud is happening, so they dont get burned even more. Things go much more quickly after that. I wouldnt sweat it at all. Just wait until it clears and you should be good to go from there on out.