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Amex Payment Mistake

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Super Contributor

Re: Amex Payment Mistake


@kilpela wrote:

Thanks DI! It looks like they must take two days like llecs said because there was no attempt for payment today. The bank said if they didn't honor the payment I would have received a NSF to my account.

 

I really like Amex CSR's. Every time I have called them they have been awesome and very knowledgeable. If they didn't know they answer, they have called around instead of transfering me.



I didn't know  tellers are able to see if a payment was attempted to be retrieved.  My former bank always told me, they don't see those types of transactions until it post.  My thinking when you check your bank account tomorrow morning, you may see the AMEX transaction.    I hope it works out in your favor though. 

Message 11 of 20
Super Contributor

Re: Amex Payment Mistake

If I was to make a payment on a Monday to AMEX before cutoff time, they process the payment and submit it to the bank on Tuesday.  On Wednesday, the payment would be out of my account.  That's how it always worked for me.   With PenFed, it always took an extra day.  It would be on Thursday when I see the check has cleared. 

Message 12 of 20
Regular Contributor

Re: Amex Payment Mistake

I have never seen they process any ACH transfer except right when they open in the morning. Also the funds will be "available" at first thing in the morning as well, so I think I am in the clear. Just to be sure I transfered just over what I need from my Alliant account so it will also process right away in the morning and will be available immediately in the morning. I believe they process credits first then debits. 

 

In any case I will make sure to update what happened in the morning. 

7/6 Equifax Fico - 678, 7/12 EX Fico 720 (lender pull), 7/19 TU Fico 707
Message 13 of 20
Super Contributor

Re: Amex Payment Mistake


@kilpela wrote:

I have never seen they process any ACH transfer except right when they open in the morning. Also the funds will be "available" at first thing in the morning as well, so I think I am in the clear. Just to be sure I transfered just over what I need from my Alliant account so it will also process right away in the morning and will be available immediately in the morning. I believe they process credits first then debits. 

 

In any case I will make sure to update what happened in the morning. 


You situtation is one of the reasons why I'm glad to be banking with USAA now.  For the first time, I have overdraft protection on my checking account. 

Message 14 of 20
Established Contributor

Re: Amex Payment Mistake

My wife and I belong to a small local (Regional?) Credit Union. If I make a payment to Amex today before 8pm MST, the funds will clear our bank account by 9am tomorrow morning. Same with Chase. PenFed takes 2 days. Citi takes 2 days also.
Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / AU- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / GE Lowes $10K
myFico Scores on 10/03/2014
Eq 798 / Exp 811 / Trans 814
CCT Fico 08 on 1/3/16 - Trans 786 / Exp 793 / Eq 797
Message 15 of 20
Regular Contributor

Re: Amex Payment Mistake

Just an update:

 

The payment cleared my bank at about noon today with no issues. So I am pretty happy about that. Not fees on either side. I will make sure to be more careful. New budgetting software I am trying messed me up a little. (YNAB) 

7/6 Equifax Fico - 678, 7/12 EX Fico 720 (lender pull), 7/19 TU Fico 707
Message 16 of 20
Established Contributor

Re: Amex Payment Mistake


@llecs wrote:

I vote for waiting just in case everything turns up OK. Maybe it won't post right away. Maybe your bank will cover it. Who knows. I'd be afraid of worrying Amex of something that isn't guaranteed to happen. If it did happen, you can always call that day (tomorrow?).

 

BTW, IME with my Green, I'll pay via Amex and it doesn't matter if I pay first thing in the morning or 11pm at night, it never comes out of my checking account the next day. It's always the following day (48 hrs later).  Certainly YMMV based on your bank.


I made this same mistake with DW's old Chase card. I accidentally tried to pay it with her M&T checking that had $1 in the account and M&T honored it -- with a $35 overdraft fee.

Message 17 of 20
Valued Member

Re: Amex Payment Mistake

OK this is what happened to me. I always made payments from my bank online bill pay. That time I made I payment from the amex website since I never use that I had registered an old checking account that was close, I was thinking that that was my current checking account. Well for that mistake amex close my account. I was never late never over my limit. Had that card for 10 years  not a big lost it feels good to get those freaks out of your back


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Message 18 of 20
Super Contributor

Re: Amex Payment Mistake


@carlosg wrote:

OK this is what happened to me. I always made payments from my bank online bill pay. That time I made I payment from the amex website since I never use that I had registered an old checking account that was close, I was thinking that that was my current checking account. Well for that mistake amex close my account. I was never late never over my limit. Had that card for 10 years  not a big lost it feels good to get those freaks out of your back



AMEX  won't tolerate that mistake from long time cardholders.  AMEX credits  and make the credit available almost immediately during business days.  Because of that,  AMEX is less tolerant with situation as yours.    For new card members, since AMEX doesn't credit the payment that same day, they may be a little more forgiving the first time and won't go the extreme and close the account. 

Message 19 of 20
Valued Member

Re: Amex Payment Mistake


@DI wrote:

@carlosg wrote:

OK this is what happened to me. I always made payments from my bank online bill pay. That time I made I payment from the amex website since I never use that I had registered an old checking account that was close, I was thinking that that was my current checking account. Well for that mistake amex close my account. I was never late never over my limit. Had that card for 10 years  not a big lost it feels good to get those freaks out of your back



AMEX  won't tolerate that mistake from long time cardholders.  AMEX credits  and make the credit available almost immediately during business days.  Because of that,  AMEX is less tolerant with situation as yours.    For new card members, since AMEX doesn't credit the payment that same day, they may be a little more forgiving the first time and won't go the extreme and close the account. 


I understand if you make that payment and immediately go shopping.  But I did not use the card after the payment, I call then to notify the about the mistake, my balance at the time was like 100.00. This was the firs time in 10 years. This was in 2009 when Ames was going crazy. I don't miss amex at all. I really think the best creditcard company out there is capitalone I know most people here hate it but they have cards for every credit level something amex, chase, citi, bofa don't have their rewards are great one of the best out there, no foreign transaction fee. The best cards for rebuilders, new to credit and the best card for good to excellent credit (venture)


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Message 20 of 20
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