topic Re: Making multiple payments causes 7 day hold in Credit Cards

Making multiple payments causes 7 day hold

bcdudley — Sat, 07 Jan 2012 01:46:23 GMT

Just wondering if anyone else has heard of this. I have a credit card with USAA. I typically make 2 to 3 payments every month depending on how my paydays fall. For the last month, they have started putting a 7 day hold on my payments. They say it is because the multiple payments and is governed by the government. I do this on all my cards including another one I have with USAA and this is the only one they are doing the hold on.

Re: Making multiple payments causes 7 day hold

Anonymous — Sat, 07 Jan 2012 02:01:03 GMT

I know Barclay will do this, put a 10 day hold if you make multiple payments a month, but I have not heard of USAA doing this.

I have never made multiple payments a month with Barclay for this reason, I will just wait till 3 days before statement date and make one PIF payment) but I do make multiple payments on several other cards and I can see this being a huge hassle.

Sorry to hear they started that on you, I'd call and ask about it, explain it's inconvenient and see what the CSR says?

Best of Luck.

Re: Making multiple payments causes 7 day hold

Revelate — Sat, 07 Jan 2012 02:08:05 GMT

Unless you're spending up to the limit and capping the card, I don't think it'll matter that much.

The payment will be credited to your account on the date of the transaction, and any future interest would be off that balance instead regardless of the hold.

If you are spending up to the limit several times a month, and putting in significant payments every week, think that's a good reason to ask for a CLI increase anyway.

Re: Making multiple payments causes 7 day hold

CS800 — Sat, 07 Jan 2012 02:12:08 GMT

Thats strange, I have made multiple payment to my USAA AMEX and never had a hold. Im curious as to why they do that.

Re: Making multiple payments causes 7 day hold

bcdudley — Sat, 07 Jan 2012 02:49:18 GMT

I do typically charge up to the limit and pay it off almost completely. I have a $2000 limit and I run it all the way up and down. I have only had the card for a few months so I doubt a credit increase would be in order yet. When I called the first time to ask about the hold, the csr did mention an increase, but then he saw how new the card was and said it would likely not go through.

I also have another credit card with them as well as my checking account and a $6500 atv loan.

Oh well, I will just restructure the way I make my payments. Thanks.

Re: Making multiple payments causes 7 day hold

LS2982 — Sat, 07 Jan 2012 02:50:31 GMT

@Anonymous wrote:
I know Barclay will do this, put a 10 day hold if you make multiple payments a month, but I have not heard of USAA doing this.

I have never made multiple payments a month with Barclay for this reason, I will just wait till 3 days before statement date and make one PIF payment) but I do make multiple payments on several other cards and I can see this being a huge hassle.

Sorry to hear they started that on you, I'd call and ask about it, explain it's inconvenient and see what the CSR says?

Best of Luck.

Oh really?? that is going to suck, i like making at least 2 payments a month!

Re: Making multiple payments causes 7 day hold

Anonymous — Sat, 07 Jan 2012 04:09:43 GMT

I made 7 payments adding up to $1450 on my Amex bce over a three week period in December. All they did was say thank you. I don't think amex would break federal law, so I'm inclined to think the practice of holding bring government imposed is bull. Just my two cents

Re: Making multiple payments causes 7 day hold

IOBA — Sat, 07 Jan 2012 04:53:42 GMT

It's possible that they want to make sure your funds clear your checking account before applying them to the cc.

I usually pay all cc's that I charged on, every two weeks or so. Which translates to multiple payments.

Oh - question - from WHICH bank are the payments being made? Are you paying them from an OUTSIDE bank, from the USAA website? That might cause a 7 day hold of payments.

Re: Making multiple payments causes 7 day hold

LS2982 — Sat, 07 Jan 2012 12:04:06 GMT

@IOBA wrote:
It's possible that they want to make sure your funds clear your checking account before applying them to the cc.

I usually pay all cc's that I charged on, every two weeks or so. Which translates to multiple payments.

Oh - question - from WHICH bank are the payments being made? Are you paying them from an OUTSIDE bank, from the USAA website? That might cause a 7 day hold of payments.

Re: Making multiple payments causes 7 day hold

RockinRay — Sat, 07 Jan 2012 12:51:58 GMT

@CS800 wrote:
Thats strange, I have made multiple payment to my USAA AMEX and never had a hold. Im curious as to why they do that.

Me too. I make several payments per month based on my spending and I have never had them do this to me.

Call them and ask them why!

Ray

Re: Making multiple payments causes 7 day hold

Anonymous — Sat, 07 Jan 2012 13:45:55 GMT

I pretty much shoot them payment soon as a charge posts and haven't had any issues.

FWIW, payments don't post very quickly to my USAA Amex.

Re: Making multiple payments causes 7 day hold

LS2982 — Sat, 07 Jan 2012 14:44:50 GMT

Speaking of this subjuct I just made a payment to my CrapOne card and they wanted to hold it for 6 days

No sir...............pls. make my funds available immediately, thanks!

Re: Making multiple payments causes 7 day hold

Anonymous — Sat, 07 Jan 2012 15:16:40 GMT

One of the nice things I like about AmEx is, when I make a payment on one of my revolvers with them online, they credit it to your account immediately,

My CL on my BCP is 12400, and if I had charged 2000, my avail credit would be 10400, and when I make the 2000 payment online and go back to the Accounts page, it will instantly show my avail credit of 12,400 5 seconds after making the payment. I just like that, it's like a good faith gesture on AmEx's part.

My PayPal SC card is the same way, as soon as I hit the submit payment tab, I can check my spending power and it is right back at the full CL.

All the rest of my CC's pretty much take 24-48 hours to post the payment to my acct and restore the full CL.

Re: Making multiple payments causes 7 day hold

CS800 — Sat, 07 Jan 2012 15:33:14 GMT

@Anonymous wrote:
One of the nice things I like about AmEx is, when I make a payment on one of my revolvers with them online, they credit it to your account immediately,

I love that feature. I make a payment in full and my BCE shows $4000 immediately. Heck they even let me make a payment on pending items.

Re: Making multiple payments causes 7 day hold

LS2982 — Sat, 07 Jan 2012 15:38:14 GMT

@Anonymous wrote:
One of the nice things I like about AmEx is, when I make a payment on one of my revolvers with them online, they credit it to your account immediately,

My CL on my BCP is 12400, and if I had charged 2000, my avail credit would be 10400, and when I make the 2000 payment online and go back to the Accounts page, it will instantly show my avail credit of 12,400 5 seconds after making the payment. I just like that, it's like a good faith gesture on AmEx's part.

My PayPal SC card is the same way, as soon as I hit the submit payment tab, I can check my spending power and it is right back at the full CL.

All the rest of my CC's pretty much take 24-48 hours to post the payment to my acct and restore the full CL.

Thats pretty awesome!! Well i'm sure they do that in part because most know not to burn AMEX.

Re: Making multiple payments causes 7 day hold

CS800 — Sat, 07 Jan 2012 15:39:17 GMT

I dont think that initially it was like that, AMEX tends to learn your habits and let you loose.

Re: Making multiple payments causes 7 day hold

Anonymous — Sat, 07 Jan 2012 15:40:31 GMT

LS I get the same from them they held my payment a week with no end in sight until I called they are banished to my sd and eventual closing

Re: Making multiple payments causes 7 day hold

Anonymous — Sat, 07 Jan 2012 15:59:58 GMT

@CS800 wrote:
@Anonymous wrote:
One of the nice things I like about AmEx is, when I make a payment on one of my revolvers with them online, they credit it to your account immediately,

I love that feature. I make a payment in full and my BCE shows $4000 immediately. Heck they even let me make a payment on pending items.

Yes, I LOVE that feature too, Good point CS.

Re: Making multiple payments causes 7 day hold

tcbofade — Sat, 07 Jan 2012 16:36:41 GMT

In my experience, different credit card companies have different policies here.

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds. If you make payments exactly seven days apart, there's no hold.

Re: Making multiple payments causes 7 day hold

LS2982 — Sat, 07 Jan 2012 16:39:14 GMT

@Anonymous wrote:
LS I get the same from them they held my payment a week with no end in sight until I called they are banished to my sd and eventual closing

When they do that, call this number 1-800-707-0489 (Sr. Acct. Escalations) give them the bizness about it and they'll release it!