topic Re: Crap! Paid Cap1 w/the wrong bank account in Credit Cards

Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 00:34:01 GMT

No missed payments. Low utilization. PIF mutliple times a month. Just PC'd from Platinum to QS. Just received my Credit Steps increase...and this happens. I make an extra payment with the wrong account selected.

Made a last minute decision on the 25th to pay the $30.44 balance to $0 before the 26th when my statement cut. This morning I saw my $400 limit increased to $750 today. Not the limit I was hoping for but I was excited enough...I am still rebuilding.

Literally minutes later I receive an alert from NFCU informing me of a "returned payment" for $30.44. I was horrified and immediately called NFCU who basically said "too late; some merchants resbumit for payment." I immediately went to the bank to deposit money in case Cap1 resubmits for payment, but I'm not hopeful.

So tried to get ahead of it and called Cap1 to see if there was anything I can do, and asked what happens when a payment is returned for the 1st time. Cap1 phone rep said I would be billed a transaction for $30.44 as if I used the card. He said in my case, I would not have any extra fees b/c the payment made not due; I had already paid more than my minimum payment. He said it would be my decision whether to submit my payment correctly now or on a later date.

However, his tone was unsettling. Like he was discouraged and not telling me something. So now I am more worried than I was before the call.

I just had to go and make that extra payment before the statement cut.

Has this happened to anyone before? Is my account going to be closed for this one incident? Should i expect Cap1 to close or restrict my account despite my perfect payment history and credit use...for this one accidental mistake?

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 00:37:53 GMT

I have no experience here with Capital One so grain of salt time, but I would be surprised if they dinged you for one since you already made the minimum payment.

It's a bit of a lesson (one I've learned elsewhere!) that I try to keep at least $150 minimum in any account just in case I make the same mistake.

Surprised that your bank doesn't send warnings before bouncing, though. Very weird. I bank with Chase and they will show pendings for 1 business day before it clears. If a pending is more than I have, I have that day to deposit more. Boo on that bank BIG time. I would fire a bank if they bounced a payment if I had excess cash in another similar account, even if it was my fault.

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 00:43:06 GMT

Very sorry to hear that you had this happen. Going to be very hard to predict what action, if any, that they take but not going to sugarcoat it for you. Any creditor considers a returned payment, regardless of the reason, as a very serious matter. To them, it's far worse than a late payment. Posters have had limits slashed and/or accounts closed because of a returned payment. You did the right thing in contacting them asap but I highly doubt that they'll resubmit the payment. Keep monitoring your accounts and contact them again if you notice any changes. Wish you the best of luck.

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 00:45:47 GMT

@Anonymous wrote:
I have no experience here with Capital One so grain of salt time, but I would be surprised if they dinged you for one since you already made the minimum payment.

It's a bit of a lesson (one I've learned elsewhere!) that I try to keep at least $150 minimum in any account just in case I make the same mistake.

Surprised that your bank doesn't send warnings before bouncing, though. Very weird. I bank with Chase and they will show pendings for 1 business day before it clears. If a pending is more than I have, I have that day to deposit more. Boo on that bank BIG time. I would fire a bank if they bounced a payment if I had excess cash in another similar account, even if it was my fault.

I also have a Chase account and is why I use Chase when making payments...I have till the end of the day to transfer funds. I used my NFCU account for my first payment months ago. I should have removed NFCU as a payment account a long time ago. NFCU did not give me ANY notice...just the letter that a payment has been returned on 9/27 and therefore a $29 fee will be deducted from my bank account.

Good advice about the minimum balance in all accounts as a precaution for an accidental mess up. Thanks.

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 00:47:01 GMT

Should also mention to look into pushing payments FROM your bank account, which I prefer.

First, it "clears" your bank instantly so you never overdraft.

Second, it sometimes clears your credit card's available credit faster (depending on creditor).

Check it out -- my bank offers it free and to credit cards it's always next day payment.

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 00:49:35 GMT

Oh yeah, if you have Chase then definitely look into their bill pay service. I love paying by pushing money -- it also lets me push more than the balance so I have a negative balance with the credit card in case something posts that I wasn't expecting!

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 01:01:53 GMT

@Anonymous wrote:
Oh yeah, if you have Chase then definitely look into their bill pay service. I love paying by pushing money -- it also lets me push more than the balance so I have a negative balance with the credit card in case something posts that I wasn't expecting!

You can do that anyways with Chase, BoA, Amex and Citi with direct payments as well. I

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 01:07:42 GMT

@Anonymous wrote:
Oh yeah, if you have Chase then definitely look into their bill pay service. I love paying by pushing money -- it also lets me push more than the balance so I have a negative balance with the credit card in case something posts that I wasn't expecting!

Thanks for the info. Question though...when pushing payments thru Chase...can I pay more than the current balance? How about when the balance is $0? I don't have any pending payments right now, but that is an easy fix. Also thinking it would be to my benefit to push the $30.44 through now.

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 01:15:35 GMT

Every creditor has a limit on how big of a "negative" balance you can have before they issue you a check. I usually pay +$50 over my balance if it's a card that gets autopays, +$15 on others. Have never had an issue sending a payment with a $0 balance. In fact, my QS1 is $0 right now, statement is 10/3, but Spotify posts "soon" so I sent a $10 autopay earlier today and I expect to see a $-10 balance tomorrow. Then $9.99 for spotify but Cap1 credits $5 back so I will have somewhere between $-0.01 and $-5.00 eventually. Next month I'll push $5 after statement cuts so I'm prepared for the next Spotify payment.

If you pay via Chase (electronic payment) by 8PM EST, it's credited the next day (business days of course). Really convenient!

Re: Crap! Paid Cap1 w/the wrong bank account

HeavenOhio — Thu, 28 Sep 2017 01:17:39 GMT

I'd get the money to them any way you can as fast as you can.

Re: Crap! Paid Cap1 w/the wrong bank account

minski — Thu, 28 Sep 2017 02:53:49 GMT

Don't have experience with Cap One but I had a similar incident with my Barclay Ring about a year ago. I paid the small balance off early; I thought it was from my "new" primary account from Alliant but unknowingly they ended up pulling from my old Citibank account which I had closed so payment ended up being "returned". I contacted CSR because I was really confused about what happened. Once I figured it out, I paid the balance off. I guess I was lucky to have gotten out of that unscathed - no fees or AA.

Re: Crap! Paid Cap1 w/the wrong bank account

CreditInspired — Thu, 28 Sep 2017 03:04:17 GMT

@Anonymous wrote:
No missed payments. Low utilization. PIF mutliple times a month. Just PC'd from Platinum to QS. Just received my Credit Steps increase...and this happens. I make an extra payment with the wrong account selected.

Made a last minute decision on the 25th to pay the $30.44 balance to $0 before the 26th when my statement cut. This morning I saw my $400 limit increased to $750 today. Not the limit I was hoping for but I was excited enough...I am still rebuilding.

Literally minutes later I receive an alert from NFCU informing me of a "returned payment" for $30.44. I was horrified and immediately called NFCU who basically said "too late; some merchants resbumit for payment." I immediately went to the bank to deposit money in case Cap1 resubmits for payment, but I'm not hopeful.

So tried to get ahead of it and called Cap1 to see if there was anything I can do, and asked what happens when a payment is returned for the 1st time. Cap1 phone rep said I would be billed a transaction for $30.44 as if I used the card. He said in my case, I would not have any extra fees b/c the payment made not due; I had already paid more than my minimum payment. He said it would be my decision whether to submit my payment correctly now or on a later date.

However, his tone was unsettling. Like he was discouraged and not telling me something. So now I am more worried than I was before the call.
I just had to go and make that extra payment before the statement cut.

Has this happened to anyone before? Is my account going to be closed for this one incident? Should i expect Cap1 to close or restrict my account despite my perfect payment history and credit use...for this one accidental mistake?

So sorry this happened but I'm surprised that you don't have overdraft protection at NFCU. If I were you, I would put that in place immediately. Also, if you had the funds in your savings, NFCU would have automaticallty transferred the funds and only charged $10 instead of that ridiculous $29 NSF fee. But, I would definitely get the OD protection. Hope everything turns out okay. GL to you.

Re: Crap! Paid Cap1 w/the wrong bank account

pip3man — Thu, 28 Sep 2017 10:46:36 GMT

As far as Capital One that returned payment will negatively affect you when it comes to getting or requesting a CLI for the next 6-12months. You’ll be always denied and the reason would be something along the line of, “this account recently had a returned payment...” But other than that you should be fine. Thankfully it wasn’t SYNCB cuz ur account woulda been shut down the next day.

Re: Crap! Paid Cap1 w/the wrong bank account

UpperNwGuy — Thu, 28 Sep 2017 11:29:09 GMT

+1 on keeping a $150 balance in all checking accounts at all times.

+1 on getting overdraft protection. It really works, and it costs you nothing.

+1 on keeping your payment information current on your credit cards. If you add a new checking account, delete the old one.

Re: Crap! Paid Cap1 w/the wrong bank account

HeavenOhio — Thu, 28 Sep 2017 11:52:55 GMT

If you add a checking account, I'd wait on deleting the old one if possible to allow for a transition. Some banks, notably AMEX, put restrictions on payments from new accounts. AMEX has a convoluted set of restrictions that are in effect for 30 days.

I get nervous if my main checking account has less than $2,000. If I had autopays set up on my cards, that number would need to be much higher. I have a backup account that I'll allow to sit at between $500 and $1,000.

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 11:57:44 GMT

I have a (fee-free) checking acount JUST as my payment account. If I make a charge on a credit card, I (almost always) load my bank app and transfer cash from high interest savings into that checking account. It's a nice way to manage my charge amount so I always have cash in checking so the "backup" autopays clear payments in case I am ever injured or unable to get to a website for a period of time.

Actually, this month I was "trapped" out at sea on a boat (trapped in a good way) due to Irma for more than half a week and actually couldn't get online to PIF all my accounts just before statement cut. So this month was the first time I carried any utilization other than $5 because two of my cards statements cut while I was unable to PIF -- didn't matter because payments were made already but both cards had new utilization from my sailing vacation that showed up.

I imagine if I lived in Puerto Rico or somewhere it would give me some big worries even thought banks love to say "we're here for our customers affected by storms", I just don't trust them.

So...autopays are set up as backup, plus I keep a checking "payment" account with more than my credit card balances, plus I push payments from that account regularly to keep my balances low and maximize rewards. Lots of backups of backups!

I think the only thing that would annoy me is if I changed banks -- which could happen if I ever find a great high interest checking account that also handles pushed payments as smoothly as Chase. Of course that would be work regardless of if you're only changing pull autopay info or push payment info or both.

Re: Crap! Paid Cap1 w/the wrong bank account

Anonymous — Thu, 28 Sep 2017 12:26:32 GMT

I don't think this is the same situation but I will share my experience with them. I was paying off my husband's and my Cap 1s earlier this year. I was using a different account than what we normally pay with and I accidently left off a number from the account number. Didn't realize it until the payments obviously didn't go through. We hadn't used either one so there were no additional charges but they closed both our accounts and would not reopen them. The accounts had been open 6 years for mine, 8 years for his, 1 late payment 4 years prior on my card and never late on his (we were moving and it totally slipped my mind) and we paid off the balances most of the time and kept the balances low. When I tried to explain that it was a typo, it was a no go. I can understand wanting to prevent fraud, but was so frustrating because how many people have accidently incorrectly entered an account number? it wasn't like it was a completely different account. It was off by 1 digit.