topic Re: I'm so angry I could cuss!!! in Credit Cards

I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:32:50 GMT

So, on April 21, 2017 I got paid and paid all my bills. I paid $250 on my CC (Cap One). They showed the payment posted on that day. Then, 5 days later, the bank reversed the funds and now it looks like I didn't pay! What's worse is that its a $250 SC and because it looks like I didn't pay AND have %100 Utilization it caused my score to go down 86 points!!! I called the bank they said I didn't have enough funds to cover the payment, well I did when I made the payment and Cap One shows this! Why would the bank touch money that they can clearly see I had allocated to a bill already??? Cap 1 is going to try to clear up the CR thing but I told WoodForest (my bank) that I work on Capitol Hill and I will go to my Congressman and Senator and file a complaint! But before I do, am I missing something in your opinion? I did learn to never pay a bill directly from your bank account and always use a debit and never pay on a Friday. Please help...

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:39:08 GMT

Something sounds off here. You made a payment from your bank pushed to Capital One but then the payment was canceled? Why was it cancelled?

Did you put something on your debit card that you forgot about that posted and cancelled the payment?

Threatening to go to your politician isn't going to scare banks at all, by the way. Their system likes automatically cancelled the payment when it realized it would have overdrafted your account.

Re: I'm so angry I could cuss!!!

happypill — Tue, 02 May 2017 22:40:34 GMT

Just to be clear, you had enough money in your account to cover the $250 you paid to Capital One. You submitted the payment. Then, before the money was taken from your account by Capital One you spent some more money out of the account and it dropped below $250 before the transaction with Capital One was completed?

Umm, that's not the bank's fault. You need to monitor yourself to know how much money is in your account and that you can cover pending transactions. If you're to able, you should go with a debit card only.

Unless I'm not understanding correctly, your congressman isn't going to do anything. If you have a legitimate gripe, the CFPB is the way to go, and they are pretty efficient actually (for a government agency).

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:44:07 GMT

First. Thanks for responding! What I try to do is the moment I get paid, I hit the computer and pay everything on-line. Which I did. I always pay CO thru my bank account not debit card. Once I made the payment, I checked Cap one and the transaction showed up as a payment. on the same day. Then on the 26th, the payment was reversed by the bank for non sufficent funds. I have proof it was made on the 21st. How should I handle it. Oh, I might still file the comoplaint and mail them a copy because they need to see that some of us take this kind of thing very seriously!

Thanks for your imput...

Re: I'm so angry I could cuss!!!

JediNeo — Tue, 02 May 2017 22:44:13 GMT

If you authorized a payment the bank does not take the funds from the account until it is fully processed (at least with my bank). If I had $300, authorize a $250 payment and go out and spend $100 before the payment is processed, the funds in the account is -$50 and the bank would reject processing of the payment.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:48:14 GMT

I honestly had the money and when I checked CO it shows as paid even right now it shows as paid on the 21st then on the 26th the reversal came. I guess my question is if they see I have made a payment to someone, why not let the money sit there until the payee takes it out??? I hope that doesn't sound stupid? I'm finally getting my credit back (thin file) only 2 trade lines on one CRA and I start to lose ground....

I will contact the agency you suggested instead! lol

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:49:31 GMT

If you had the money in the account and you weren't upside down on it, what reason did the bank say for why it was reversed?

The bank will tell you why they reversed it. Call and ask why they reversed it and they'll explain and post that explanation here.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:50:12 GMT

Yes. I understand. But my CC Statement say it was paid on the 21s and it clearly says PAID. Oh well 86 points down the drain I guess. Thank you all for your quick and helpful responses!

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:54:26 GMT

I still don't think it's fair that I authorize the bank to put money to a certain bill, then they move the money over to that bill and just because the payee hasn't finished proccessing yet then they just take it back??? It was already authorized and funds were available!!! UGH!!!

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:54:38 GMT

If the payment was still pending at the time the acct was overdrawn than the bank will dump the largest payment first. They do this to minimize the amount the acct can be overdraw also minimizing bank profits. Wasn't always that way. At least that's my understanding.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:55:00 GMT

Your CC statement reflects that Capital One believed your payment would clear. So Capital One's system clears the payment BEFORE they actually got your money.

Since the payment was reversed, the statement doesn't mean anything.

How did you lose 86 points? Capital One won't list you as late unless you are 30 days past due -- was the payment already late when you attempted to make it?

If it's a utilization issue, once you pay it off, your score will jump back up. If you were already 30 days late and your payment was reversed, then you will have a 30D late derogatory that you just need to age off.

If it was late, I would suggest making the minimum payment the day the statement is released so you are never late. Then make any additional payments as you can.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:55:29 GMT

@Anonymous wrote:
First. Thanks for responding! What I try to do is the moment I get paid, I hit the computer and pay everything on-line. Which I did. I always pay CO thru my bank account not debit card. Once I made the payment, I checked Cap one and the transaction showed up as a payment. on the same day. Then on the 26th, the payment was reversed by the bank for non sufficent funds. I have proof it was made on the 21st. How should I handle it. Oh, I might still file the comoplaint and mail them a copy because they need to see that some of us take this kind of thing very seriously!

Thanks for your imput...

Woodforest, aka the bank at Walmart, is 3 days behind. Unless you can get Woodforest to show you the timeline of every debit and credit, they'll charge you fees. CapOne will also charge you a fee unless you can show them that your bank erred, which is almost impossible. Lastly, this will show up as a returned payment on your credit report unless you can prove to everyone that the payment was made on-time and the fact that it was returned is the banks' fault and not an oversight on your part.

Getting mad and firing off letters to politicians will help you none.

Having said all of this, if the payment is 1 cent short, you'll run into this problem and there will not be a single, solitary thing you'll be able to do about it.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:57:54 GMT

This was your fault. If you pay someone, make sure the money is in your account to cover it.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 22:59:09 GMT

Thanks for that info! That makes sense. Its sucks but I see now. Thank you....

Re: I'm so angry I could cuss!!!

RockinRay — Tue, 02 May 2017 22:59:15 GMT

Maybe you should keep a spreadsheet or try a budget program such as YNAB?

By doing this and maintaining it, you will always know where you stand and things like this will not come up.

Just my thoughts here.

I use YNAB (You Need a Budget), and I track everything with it. At any time, I know right where I stand.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 23:00:25 GMT

Oh I forgot, My account was never overdrawn! Ever since I've been studying credit, I've been super careful with everything. I will post the final outcome soon.

Re: I'm so angry I could cuss!!!

trant3 — Tue, 02 May 2017 23:03:25 GMT

This makes no sense

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 23:03:38 GMT

Nope. Wasn't late. I make mid month payments as well as monthly payments. I'm so serious about this credit thing. It's the first time it's ever been reported to CRA. I think it was the uitilization. I will pay it again this week. Hopefully wIll get my points back. Credit Sesame said that I lost 86 points due to utilization not for missed payment.

Re: I'm so angry I could cuss!!!

Anonymous — Tue, 02 May 2017 23:05:03 GMT

Thanks for your response...I will keep this information close!

Re: I'm so angry I could cuss!!!

sarge12 — Tue, 02 May 2017 23:05:42 GMT

@Anonymous wrote:
Yes. I understand. But my CC Statement say it was paid on the 21s and it clearly says PAID. Oh well 86 points down the drain I guess. Thank you all for your quick and helpful responses!

Not really...Utilization is a point in time metric and once the utilization goes back down you will recover all 86 points. Also the CC issuer credits the payment on the day you authorize the EFT, as a courtesy to you, but if the funds are not available by the time it is to be sent and your bank rejects the EFT, naturally the CC issuer will reverse it. EFT process takes a few days. Sounds like you need to better manage accounts because the "Pay and Pray" method for keeping up with balances does not work.