topic Re: Capital One payment issues. HELP. in Credit Cards

Capital One payment issues. HELP.

jbishop1001 — Sun, 26 Oct 2014 02:33:18 GMT

I made my first payment to Capital One yesterday morning. This morning, my payment was poted to my Capital One MC account & available for use. I used the new available credit to pay my electric bill. Payment went through.

But...

when I checked to make sure payment cleared my checking account, I saw NOTHING from Capital One, not even pending. I called both companies, and Capital One "assured" me that the payment went through. It is not common for me to not have a payment I've made pending/posted the same day it was sent. Normally, I'd be able to see it immediately pending. Even on a weekend. And technically, because it was sent before 5 p.m. it really should have shown up! I paid it early morning on a Friday.

It's now ben more than 24 hours and nothing. Why was my credit made available before Capital One even charged me??? Now I'm forced to wait before withdrawing money so I can avoid being overdrawn on my checking. My bank (bofl, Netspend, Skylight) could only tell me they saw no transaction from Capital One. And Capital One said wait 2 business days and check it.... but I shouldn't worry because the payment went through. But it didn't!!!

What's going on?

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 02:41:16 GMT

This happens with me with AMEX, Cap one, and Barclays. No need to worry, the payment went through. They show up on my online bankng about 24-48 hours after it clears the credit card company.

Re: Capital One payment issues. HELP.

taxi818 — Sun, 26 Oct 2014 02:51:15 GMT

Because it's Saturday. It went thru on their end. Just not yours. Ey always do that on Saturday. Monday morning the money will be gone from your account.

Re: Capital One payment issues. HELP.

jbishop1001 — Sun, 26 Oct 2014 02:53:01 GMT

But right now, for instance, I could go withraw all of my funds in my checking account. My bank told me the available balance I could withdraw. So what would happen with Capital One if I did that? Because the payment posted and was able to use it, would they return the payment?? This is so inconvenient because I usually withdraw the rest of my cash after paying bills. I have to factor in that payment, making it difficult to gauge debit purchases. If I ever get overdrawn because of this, Capital One wont hear the end of it.

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 02:55:59 GMT

Use a checkbook or something to balance your accounts then. It isn't Capital One's fault or problem, it's just the way things work. You are responsible for making sure the money is there, ya know?

Re: Capital One payment issues. HELP.

taxi818 — Sun, 26 Oct 2014 02:56:26 GMT

Yes you could. And it won't be cap ones fault. Up to you to balance. You can't tell them when to take. You pay. They take. If you ever take out and they don't get money. They will shut you down. Along with other credit card companies. So simple. Balance your accounts. Cap one is far from worst. Pay pal is like 5 days to take money out. But I know I paid and always make sure enough money in bank.

Re: Capital One payment issues. HELP.

tcbofade — Sun, 26 Oct 2014 02:57:02 GMT

@jbishop1001 wrote:
But right now, for instance, I could go withraw all of my funds in my checking account. My bank told me the available balance I could withdraw. So what would happen with Capital One if I did that? Because the payment posted and was able to use it, would they return the payment?? This is so inconvenient because I usually withdraw the rest of my cash after paying bills. I have to factor in that payment, making it difficult to gauge debit purchases. If I ever get overdrawn because of this, Capital One wont hear the end of it.

Frankly, if you get overdrawn because of this, you are bad at math.

Could you wait until Monday to remove the rest of your cash?

Re: Capital One payment issues. HELP.

taxi818 — Sun, 26 Oct 2014 02:57:30 GMT

@Anonymous wrote:
Use a checkbook or something to balance your accounts then. It isn't Capital One's fault or problem, it's just the way things work. You are responsible for making sure the money is there, ya know?

Wow exactly what I said.

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 03:27:32 GMT

Same thing for me but I made my 2nd payment for my new QS1 card. I made the payment early yesterday morning. Was available on my Capital One Account this morning but hasnt hit my bank yet. I also have a secured card that I had with them for 6 months and normally when the money is available in my Capital One Account I can see it in my bank account, this time its not there. Im sure it will come out though so im not worried about it.....I dont have plans on using my card anytime soon either so im going to give it till tuesday morning. If it still hasnt posted to my checking then I will call. I have been using the same account this whole time so they have the account number right and I have more then enough in my account so im sure it will come through sooner then later and its pobably because of the weekend.

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 03:31:01 GMT

I also subtract all my.checks online so I also know how much is available after everything comes out I actually bank with PNC and have virtual wallet (which I love) and it has an electronic checkbook kinda and it lets you add checks as you write them...

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 03:56:10 GMT

@taxi818 wrote:
@Anonymous wrote:
Use a checkbook or something to balance your accounts then. It isn't Capital One's fault or problem, it's just the way things work. You are responsible for making sure the money is there, ya know?
Wow exactly what I said.

Lol, great minds..

Re: Capital One payment issues. HELP.

jbishop1001 — Sun, 26 Oct 2014 04:03:38 GMT

I guess I just don't understand why I'm even able to use my capital one card since a transaction hasn't occurred in my checking account. Makes no sense to me.

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 04:51:15 GMT

The whole process of ACH & Lock box interchange with banks takes a couple of days. Capital One will make the payment posted amount available to you & they do it in good faith that your payment will get cleared by the bank. It is your responsibility to make sure that the amount is available in your checking account when CapOne send the transaction to your bank. As mentioned by others previously, you need to balance the books. I have my checking account with Wells Fargo, as I have seen some bills take 2 days for it to clear from my checking account. This is the norm.

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 05:54:36 GMT

@Anonymous wrote:
The whole process of ACH & Lock box interchange with banks takes a couple of days. Capital One will make the payment posted amount available to you & they do it in good faith that your payment will get cleared by the bank. It is your responsibility to make sure that the amount is available in your checking account when CapOne send the transaction to your bank. As mentioned by others previously, you need to balance the books. I have my checking account with Wells Fargo, as I have seen some bills take 2 days for it to clear from my checking account. This is the norm.

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 05:56:26 GMT

I like the way AMEX does it, where they credit your CL as soon as you initiate a payment.

Re: Capital One payment issues. HELP.

xtdefy — Sun, 26 Oct 2014 07:57:33 GMT

@jbishop1001 wrote:
I guess I just don't understand why I'm even able to use my capital one card since a transaction hasn't occurred in my checking account. Makes no sense to me.

Again, this is done in good faith and as a convenience to you.

If you have an android phone look up an app called loot - it's a very simple ledger app that allows you to track your spending and available capital without being intrusive because you enter everything manually.

Re: Capital One payment issues. HELP.

Anonymous — Sun, 26 Oct 2014 08:20:13 GMT

I'm sorry but this just seems ridiculous. You are talking about personal finance 101. You know how much you made your payment for so when you look at your checking account balance just take that amount out. If you're balance is $1000 and your payment was $500 and it hasn't cleared then guess what. ..... your available balance is $500. If you try withdrawing money before the payment clears knowing it hasn't come out yet then I'm sorry but you deserve to pay any overdraft fees and returned payment fees

Re: Capital One payment issues. HELP.

Chris679 — Sun, 26 Oct 2014 10:55:31 GMT

Open a second checking account for all bill payments. Transfer money into that one for bills or for spending cash however you want to do it. What I do is transfer all but a couple hundred bucks out of the direct deposit account into a second account and all bills come out of that. Any surplus from that account goes to savings, investments, loan pay downs, etc.

Re: Capital One payment issues. HELP.

sreneesa — Mon, 27 Oct 2014 04:19:46 GMT

Re: Capital One payment issues. HELP.

Imperfectfuture — Sun, 26 Oct 2014 15:38:07 GMT

The other day, OP complains about how quickly will payment post, so they can pay their utility bill.

Then, they afraid overdraft account.

Bishop, I used ny PayPal debit card, grandfathered in at 1.5% cash back since 2008 until Oct 2014 (that's six + years) as my primary cash back credit card. I blew myself up when lost job 2007/2008 during financial crisis. I funded the account with cash, and found that budgeting helped with not only paying bills, but saving up for medical/vet/big spends/clothing/etc. I was also able to set up brokerage account, and start saving for future.

In 2013, obtained credit report because moving (didn't need it, but used it anyway to start my rebuild, scores around upper 500's). Obtained secured card may 2013. I used it for 2 months, paying in full, then discovered I liked the cash back from PayPal instead. In march 2014, received rebuilder offer for Legacy visa (only $75 af, but was worth it at time, starting limit well over usual for rebuilders)

Since the interest was 29.99, only set up new subscription to score watch, and used occasionally for other purpose. I STILL funded PayPal account, never using back up funding, which helped me to manage finances, and keep extra in bank.

Now, have capital one and Amex. Using cap one instead of PayPal (though will put a 90+ charge occasionally to keep paypal alive), and pay often throughout the month. I still set aside savings in both brokerage and instant for growth plus cash future needs.

Living on cash for 6 years taught me to balance everything. I am now in position to use the 0% financing offer coming with Amex. Could I pay it in full? Yes. But I want to keep earning 3 to 5% + interest on that money. I already know how much I will budget each month for the goodies, have it down to practically nothing in five months, and still have enough for investment and side savings.

My point being, if you are THAT STRAPPED FOR CASH, that you need the balance pulled out so you don't overdraft, maybe you should put less on the card (start SLOWLY), until you are used to using your rewards cards like debit cards. Otherwise, get a PayPal cash back account, and practice like I did, while just using your CC's for small purchases,

The training of budgeting and using cash for purchasing while gaining small rewards can't be over emphasized enough. I was never taught the proper use of credit, and budgeting within your means for savings and investments first is the beet thing I ever did before starting to use credit again.

JMHO, YMMV, etc.