So I have an American express card that I had a return payment on a long time ago. About a year ago more or less. The account has been active for a year as well. The return payment wasn't an issue on my behalf. Bank of America did not process my check in time even though they assured me it would be okay to process the payment for Amex. I got a returned payment fee and it was waived and I thought it was all cool but at the time when my 90 days came up and I requested an increase they declined because of the return payment. That upset me because they also told me my account would be okay since the payment was issued again and we even did a three way call with BoA to reassure that the money was there. Anyways I havent gotten one increase almost a full year later, I tried a week ago and I got the letter where yet again it says the reason is return payment. Will this ever pass or will I have to give up on amex?
As of 11/28/2018
@Anonymous wrote:"about a year ago more or less" is a very weak data point so we have to throw that out.
Log into your bank account and see when this happened. If it was 11 months and 3 days ago, then hope it opens up after 12 months. If it was 12 months and 9 days ago, then hope for the best going forward.
Note that a rejected payment is uglier to a lender than going overlimit. It means you didn't have enough money in the bank for the payment, and to them that's a huge red flag. Some lenders just close accounts when this happens.
I suggest you switch to pushing payments, not pulling payments. Never once saw an issue with a pushed payment. And if you need to rely on the next paycheck to cover payments, try building your emergency savings account more!
I'm checking on the exact date but I'm pretty sure it was in January. I realize how it looks however I've never had a late payment and all of my accounts are in good standing and that is my only returned payment that Amex was able to VERIFY that the money was indeed in the account in the three way call as I explained before. Also my entire check wasn't going towards credit card payments and I always pay over minimum payments. I realize you didn't mean anything bad by it but it kind of came out wrong. At least to me. Savings are kept else where.
Have you called them lately to complain about this issue?
Also are you PIFing Amex every month since the incident?
I don't understand why you're still being punished a year later?
I had a return payment on one of my Amex accounts late last year because of a honest mistake on a employee card.
They punished me for 30 days. They charged a returned payment fee but refunded it back days later. They also raised my rate temporarily. I did call in and chew ass. lol
After those 30 days, I was given another Amex TL and a CLI.
Bottom line don't be afraid to call in and state your case.
I will continue to allow them to pull payments. As I'm not one to over micromanage accounts.
I've never had this to happen with my own personal accounts and I have a bunch of them. I like the lenders to take their money. If they screw it up, it's on them.
Also are you PIFing Amex every month since the incident?
I don't understand why you're still being punished a year later?
I had a return payment on one of my Amex accounts late last year because of a honest mistake on a employee card.
They punished me for 30 days. They charged a returned payment fee but refunded it back days later. They also raised my rate temporarily. I did call in and chew ass. lol
After those 30 days, I was given another Amex TL and a CLI.
Bottom line don't be afraid to call in and state your case.
I will continue to allow them to pull payments. As I'm not one to over micromanage accounts.
I've never had this to happen with my own personal accounts and I have a bunch of them. I like the lenders to take their money. If they screw it up, it's on them.
OP, sorry this happened, but thanks for sharing.
There is a debate whether to push or pull payments, however if one is playing it very close on paycheck deposit timing to make CC payments, then perhaps consider moving that savings to the bank where the checking account is, and set up either the savings or a line of credit or other CC at that bank as a backup. If a CC company sends a payment request, and not enough cash at the moment in checking, then the bank steps over to savings or the credit line to fill in the gap. No returned payment and you sort out the cash after the fact.
