topic Re: Convenience Check Clearing Issues in Credit Cards

Convenience Check Clearing Issues

Anonymous — Wed, 27 May 2009 18:47:20 GMT

How long does a BOA convenience check take to
clear? I have one I want to use quickly because according to the fine
print the balance transfer fee goes up a lot on June 1st. But I'm
worried what will happen if I deposit the convenience check into my
checking account (at a different bank than BOA) before June 1st, but
the check doesn't clear until after June 1st?

Re: Convenience Check Clearing Issues

GregB — Wed, 27 May 2009 19:50:32 GMT

You are pushing it. I would say if you deposit today that you have about a 25% chance of it posting BEFORE 6/1. I would have given it 50/50 yesterday.

Re: Convenience Check Clearing Issues

Itsmeagain — Wed, 27 May 2009 20:04:56 GMT

Just CALL the cs number on the back of the card. They can handle it over the phone and your rate will be locked in at today's rate.

BEWARE!! Convenience checks are really just an application for credit. They may be denied when presented. I just read an article where the poster had a CL of 12,000. He used a convenience check to pay a 6,000 debt. Between the time he used the check and when BoA received it for processing, they had lowered his CL to 1,700. He's now scrambling to get his CL raised before they bounce the check.

I always recommend using the phone for BT's. At least with BoA.

Re: Convenience Check Clearing Issues

Anonymous — Wed, 27 May 2009 20:34:02 GMT

Itsmeagain, I'm intrigued about how you say to call BOA to talk about locking in the old rate before 6/1. I was thinking about calling them, but I was worried that this would increase the scrutiny on my account and thus increase the chance of AA. I am worried about getting a CLD and ending up in a situation like the individual you mentioned in your post. I would be writing the convenience check out to myself and depositing into a checking account, but I've been so hesitant to do it because I'm wondering what, if any, triggers for AA that the use of the check will cause. I have never used a convenience check before.

Re: Convenience Check Clearing Issues

Itsmeagain — Wed, 27 May 2009 20:39:55 GMT

Whether you call or deposit the check, the chance of AA remains the same. It's still a 'request' and will be reviewed by a CSR. I've done this twice and never had a problem. They never did a soft or a hard pull when it was requested. The CSR's were both friendly and helpful. If your history with them is good, you should have no problems.

Message Edited by Itsmeagain on 05-27-2009 04:39 PM

Re: Convenience Check Clearing Issues

Watchmann — Wed, 27 May 2009 21:53:52 GMT

Itsmeagain wrote:

BEWARE!! Convenience checks are really just an application for credit. They may be denied when presented. I just read an article where the poster had a CL of 12,000. He used a convenience check to pay a 6,000 debt. Between the time he used the check and when BoA received it for processing, they had lowered his CL to 1,700. He's now scrambling to get his CL raised before they bounce the check.

I always recommend using the phone for BT's. At least with BoA.

Using a convenience check is tapping into approved credit, it is NOT an application for new credit. Perhaps the current environment has made things a bit trickier, but a convenience check will be approved if the account is in good standing. I think some people are having their lines decreased at the same time they are trying to use these checks and are led to believe the use of the check is causing the problem. It is just a coincidence.

Re: Convenience Check Clearing Issues

Itsmeagain — Wed, 27 May 2009 22:04:50 GMT

@Watchmann wrote:
Using a convenience check is tapping into approved credit, it is NOT an application for new credit. Perhaps the current environment has made things a bit trickier, but a convenience check will be approved if the account is in good standing. I think some people are having their lines decreased at the same time they are trying to use these checks and are led to believe the use of the check is causing the problem. It is just a coincidence.

You are absolutely correct. It is NOT an application for credit. And, if your acct. is in good standing it will be 'approved'. But approval is not automatic. It will get 'personal attention' from a CSR and they can deny payment if there is a problem with your acct. However, I've not had a CR pull (even a soft), for a BT.

That's why I recommend using the phone for BT's. If there's no problem, then it's smooth sailing. But if there IS a problem you know about it before enduring the embarrasment and expense of issuing a check and then having it declined by BoA.

JMHO of course.