topic Re: Cap one account holds? in Credit Cards

Cap one account holds?

farmgirljen — Wed, 07 Jul 2010 15:23:15 GMT

Why do they put holds on accounts when the balance is paid in full automatically online using a checking account? Do they do this alot? I had to call them and ask them why my balance was still not updated when I had paid in full over a week ago.... This makes me not want ot use their card much if I am going to have a hassle every time I use it...lol.

Re: Cap one account holds?

ncks — Wed, 07 Jul 2010 15:25:30 GMT

If it's not something you have done a few times in the past they do it to make sure they receive the funds. Also, if you have had the account for a while and have paid in full before with no return checks you can call and ask them to release the hold.

Re: Cap one account holds?

farmgirljen — Wed, 07 Jul 2010 15:33:15 GMT

I could see doing it to make sure a check has cleared- but this was an auto payment directly from my account-funds were removed immediately, and had been posted as paid for over a week...And the funds had been out of my account for over a week. They removed the hold immediately when I called and questioned them about it.... I just don't get why they do it with auto payments...lol.

Re: Cap one account holds?

ngerasimatos — Wed, 07 Jul 2010 15:49:33 GMT

There is another thread on this, but basically if you make a payment that is larger than ordinary they place a hold on it. They will also place a hold on checks if the payment amount is greater than your current available credit.

I am assuming they do this to protect themselves in the advent that the payment doesn't clear and Mr Customer goes out and spends on the card with the "provisional" applied payment.

Re: Cap one account holds?

Anonymous — Thu, 08 Jul 2010 01:45:00 GMT

It is not uncommon to hold the account for a few days. Even though it is automatic, it can still be returned for insufficient funds and that could take a few days depending on which bank.