Am I missing something????

[cgreer72]

Thanks guys!

[barbaralee]

Sounds like a payment float to me. A lot of people think that because the money is deducted from account and posted to cc that the payment is through. That is not usually the case. When my bank does payment floats the money will be deducted, the payment will appear to post to the account but the credit line will not be available until the float is done (usually 7 days, available on the 8th).

[scottwagnon]

floating payment post? man that sucks. im glad i haven't dealt with that yet. it seems like this is a subprime capone pattern.

[cgreer72]

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@scottwagnon wrote:

floating payment post? man that sucks. im glad i haven't dealt with that yet. it seems like this is a subprime capone pattern.

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Doesn't suck, really. Just curious. One of the things you have to deal with when rebuilding. Glad you don't have to deal with it.

[OnTheRebound]

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@Wolf3 wrote:

I have found that with new accounts, it is common to hold the Credit availability for up to 10 days.

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PenFed does this with all new card members. The payment will post but they will not update the available credit for exactly 10 days. This goes on for 6 months. After that its business as usual.

[cgreer72]

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@OnTheRebound wrote:

PenFed does this with all new card members. The payment will post but they will not update the available credit for exactly 10 days. This goes on for 6 months. After that its business as usual.

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Wow, six months? Does this go for payments of any amount?

[OnTheRebound]

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@cgreer72 wrote:

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@OnTheRebound wrote:

PenFed does this with all new card members. The payment will post but they will not update the available credit for exactly 10 days. This goes on for 6 months. After that its business as usual.

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Wow, six months? Does this go for payments of any amount?

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Yes. Doesn't matter if it's $2 or $2000.

[barbaralee]

Yes, my bank will do it if you

1. Have a payment returned

2. Go over your credit limit

3. Get close to going over your credit limit

4. If you are new

5. for the helluva it.

Having to explain payment defenders to customers are the worst calls. When I get a call and I figure out it is about a float I always pull up the explanation for float in my procedural manual and then put the customer on a brief hold while I mentally prepare myself for the onslaught.

[scottwagnon]

 

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@barbaralee wrote:

Yes, my bank will do it if you

1. Have a payment returned

2. Go over your credit limit

3. Get close to going over your credit limit

4. If you are new

5. for the helluva it.

Having to explain payment defenders to customers are the worst calls. When I get a call and I figure out it is about a float I always pull up the explanation for float in my procedural manual and then put the customer on a brief hold while I mentally prepare myself for the onslaught.

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if i get a capone subprime card, and you have to talk to me about a floater, i promise i will not make you feel that you need to prepare for battle. i will be like a nice soft snuggly kitten purring. meow.

[payingoffdebt001]

I contacted and asked about this and they said a hold was placed on my account, but could not tell me why and i didn insist..they released the hold with no issues.  All is good now.