Amazon Secured Card

[Fresh-Start]

So, I burned my Amazon Store Card when I hit a rough patch 2019. All bad debt has since been paid off and my credit score is in a good spot. I saw the offer for the Amazon Secured Store Card and thought it would be a good idea and a way to get back in with them since after a year I was told they switch it to a regular store card.

Well, I had a balance of $300 and wanted to pay the balance off to avoid carrying a balance, so i sent the full payment in through my banks bill payer service.  Well I noticed the balance was not updating on Amazon's end so I waited a few more days and called in. I was told they placed a HOLD on my payment because the store account was "new" and I was paying a "large amount". What??? How is paying my balance through my bank so it's  confirmed funds, still placed on a hold for 10 days? I can't figure out the logic.  There is nothing to confirm the payment was sent directly by my bank. I'm so baffled and frustrated!! So I told them to close the account and send me my deposit money back.  How about they would send me my check back faster than lifting the hold on my payment!! SMH!

[Brian_Earl_Spilner]

There are many reasons to hold a large payment, especially during the holidays. And considering the track record with them, I wouldn't have been surprised if they held all payments. Probably for the best though as the card doesn't unsecure at 12 months like you were told. It unsecures when they want it to. Could be 6 months, could be never. With burning them so recently, you probably would have been waiting longer than 12 months, to your disappointment.

[Fresh-Start]

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@Brian_Earl_Spilner wrote:

There are many reasons to hold a large payment, especially during the holidays. And considering the track record with them, I wouldn't have been surprised if they held all payments. Probably for the best though as the card doesn't unsecure at 12 months like you were told. It unsecures when they want it to. Could be 6 months, could be never. With burning them so recently, you probably would have been waiting longer than 12 months, to your disappointment.

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In this case there is no reason to hold the payment because it was sent directly from my bank. So it's confirmed funds. Secondly, I  paid the account in full so although I defaulted, it was paid in full. 

Also the tone of your email is quite rude, we all make mistakes and I paid my debts and don't deserve the tone of your response. I made a payment! 

Also, I was told BY AMAZON that my account would graduate in 12 months with timely payments. 

[calyx]

Even though you paid in full, you have not proven reliable with Amazon/Synch.     Terms of your agreement probably say something bout unsecuring/graduating after meeting requirements.  It could be 12 months, but it is not guaranteed.

Companies holding  payments/funds for high risk clients isn't unexpected.   Especially as it's large, you are a high risk, and we're at a high risk time of year (holidays with heavy spend, during uncertain economic times).     It's the price you pay for trying to break back in with the banks.   I've been there, too, you will just need to be patient.   

[Fresh-Start]

Number one. I didn't debate the secure card graduation dates etc. That wasn't an issue at all. I didn't care if it was a year or longer that was NOT my issue .

Second. Making a payment through Bill Payer IS preferred by most companies because it's DIRECT FUNDS.  Especially when making large payments. I did not make thr payment on Amazon's website where they would then have to secure payment.  Chase Bank is one example where they immediately make payment available if paid through Bill Payer from your bank account. They will hold large payments if made through their website to give time to confirm funds if necessary.

So please stop treating me as if I did something wrong, I'm a loser because I made some mistakes years ago, or I lack "patience 'etc....NONE of that was the point of my complaint or issue with Amazon. I simply expect that when payment is made my account be updated appropriately.  They received money from my bank - those funds were immediately withdrawn and went to Amazon, what sense does it make to sit on funds you've received?? There is nothing to hold funds that are sent directly from the bank!  

[OmarGB9]

Nobody is treating you "like a loser" or "like you did something wrong." They're simply offering up suggestions as to why this happened. I think you're just taking it a bit personally because of the previous delinquency with Synch.

As for your complaint on the payment, nobody can really say why they put a hold on a payment you pushed using your bank's bill pay. They said it's cause the account is new and the payment is large. Well, you may not like it, but it's their card, their rules. Many banks do this when an account is new and you make a payment larger than the minimum or slightly larger than the minimum. Do they do this even when the payment is pushed from your checking account rather than pulled using their own payment site? I don't know, I've never tried it, but I also haven't really heard of this issue around here. They may have also put the hold because of the previous negative experience with the default and they just didn't mention that.

[SoCalGardener]

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@Fresh-Start wrote:

That's not my problem at all. You both are missing the point all together because you're so focused on attempting to make me wrong lol.

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I understand your frustration, both with Amazon and with the replies you've received. However, neither of them has done anything wrong. @Brian_Earl_Spilner's reply was not rude, just matter-of-fact. As are the other replies. You know the old adage, "don't shoot the messenger!"? That applies here. They're just telling you the facts, such as Amazon being cautious with your account (since it's new AND you have a past with them AND it's the holiday season, where fraud is rampant).

I totally get why you're upset with Amazon for holding your payment, considering it was made directly from your bank. I pay all of my bills that way, and I've always considered it the safest, surest way of paying since, as you said, they're direct, verified funds. I've had my Amazon Prime Store Card for years and my payments (made via BofA's bill pay) typically post within a day. I've never experienced any kind of hold, but I'd be upset, too, if they did that to me. I mean, if BofA isn't good enough for them, what is?!

Anyway, if it's not too late I think you should rethink closing the card. Getting it was a good idea, a good way to get back in with Amazon, and while I understand your frustration, I don't think closing the card is a smart move. The payment issue will all get straightened out. If you keep the card and use it, and pay on time, and show responsibility, you'll be glad you kept it because it will eventually graduate.

[Brian_Earl_Spilner]

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@Fresh-Start wrote:

In this case there is no reason to hold the payment because it was sent directly from my bank. So it's confirmed funds. Secondly, I  paid the account in full so although I defaulted, it was paid in full. 

Also the tone of your email is quite rude, we all make mistakes and I paid my debts and don't deserve the tone of your response. I made a payment! 

Also, I was told BY AMAZON that my account would graduate in 12 months with timely payments. 

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Apologies if it came off as rude, but you burned a lender that can be quick to AA in regards to bad payments. While they can be forgiving, missed payments is not something that typically goes away when an account is closed. That history is typically attached to a profile and could cause them to manage future accounts differently. Also, ACH payments aren't instant. The typical wait time to ensure it's completed thoroughly is 10-14 days.

As for graduation, Synchony's policy is to begin reviewing at the 6 month mark. My mother has a secured Amazon that hasn't graduated in 2 years. Her credit has gotten better and she's gotten other Sync cards with higher limits that grow. It's not uncommon to receive wrong or misleading info from a CSR.

[increasingmyfico]

That is not all that uncommon especially for a new account. 

[jmw1]

The ACH or check funds from the bank's bill pay are not guaranteed. That ACH is not the equivalent of a cashier's check, money order, or wire transfer. It's the equivalent of a paper check which can bounce. If they don't trust you yet, they will need about 5 business days hold to nearly completely eliminate the risk that the ACH will bounce.