topic Re: 7 day hold on Cap 1 in Credit Cards

7 day hold on Cap 1

Red22 — Mon, 02 Nov 2009 16:40:59 GMT

I had an unauthorized charge on my new Cap1 that put me over the limit by $16.04. I knew my statement date was close so I paid $25(from BofA bill pay) to bring it under my limit of $300. I then PIF through Cap 1 and they have put my account on hold for 7-10 business days. The reason being as stated by CSR is because I made multiple payments within 30 days. So I guess next time I will PIF with one transaction instead of two.

Re: 7 day hold on Cap 1

Anonymous — Mon, 02 Nov 2009 21:05:00 GMT

Interesting that they would penalize you for making multiple payments.

Re: 7 day hold on Cap 1

xkaosx — Mon, 02 Nov 2009 21:21:24 GMT

I auto bill pay Cap1 $20 a week from BofA and havnt heard anything about a hold

Re: 7 day hold on Cap 1

Red22 — Mon, 02 Nov 2009 22:58:40 GMT

I guess I'll just start pushing all my PIF's thru BofA from now on...to avoid any future hours.

Re: 7 day hold on Cap 1

Red22 — Mon, 02 Nov 2009 22:59:08 GMT

I meant holds....

Re: 7 day hold on Cap 1

clocktick — Tue, 03 Nov 2009 15:30:21 GMT

Well that's interesting. On one of my Cap One cards I constantly make multiple monthly payments because the CL is so low. I've never had my account put on hold. Maybe you should call and ask a different rep. I've definitely dealt with better customer service . Sorry this happened to you.

Re: 7 day hold on Cap 1

QueenBean — Tue, 03 Nov 2009 18:36:07 GMT

Cap One has done this to me on multiple occasions as well. I always have to call them and argue that the funds have left my BoA account, why haven't they credited my Cap One account. I was always told it was because the card was relatively new, but perhaps it is just their sad little way.

Re: 7 day hold on Cap 1

GregB — Wed, 04 Nov 2009 01:54:44 GMT

Never had any issue with any payment done on the website not being credited the same day if done early enough in the day. The funds don't come out of my bank account until a day, sometimes two, later.

Made multiple payments frequently to both CapOne cards, business and personal. Except for a one year period where I was paying only a small amount on a 12 month 0% promo, it looks like I average two payments per month. One month had 4.

Re: 7 day hold on Cap 1

Anonymous — Wed, 04 Nov 2009 07:14:29 GMT

this is a standard security precaution that capone takes to prevent "fraud." whenever i make more than one payment in a month, they will put a hold on making amount of credit that is equal to my payment. all you have to do is call capone and ask them to release funds. they are more likely to do this after you've developed a longer relationship with them. i've had my card since 2007 and they will still do this. i have a 2500 limit but i know that for someone with a $300, having any portion of that limit withheld can be a pain in the a$$

Re: 7 day hold on Cap 1

GregB — Wed, 04 Nov 2009 15:15:12 GMT

Probably has something to do with the lower limit cards being in a different catagory.

My two CapOne Cards have limits of $18,000 and $20,000.

They definitely don't do this to me and never have. Both cards are around two years old.

Re: 7 day hold on Cap 1

Anonymous — Wed, 04 Nov 2009 15:31:45 GMT

QueenBean wrote:
I always have to call them and argue that the funds have left my BoA account, why haven't they credited my Cap One account.

I believe this practice is being eliminated via the CARD Act. My understanding is credit must be given on the day that the payment is made, regardless of when they actually receive the actual payment. Someone correct me if I am wrong.