BEWARE: Home depot payment could be "held" for 14 days...

[Anonymous]

I paid off my Home Depot card recently and went to use it to buy some filters and such and was declined. I marched up to customer service and had them call and the CSR said when you make a "large" payment (paid $1300 of my $1400 balance), they will "float" the payment for 14 days to make sure it clears (and I did it online, electronically, or so I thought).

The CSR said I could fax her a copy of my billing statement showing it has posted to my account (it did a week ago), or we could three way call with my Bank...of course it was Saturday evening and my bank was closed and I would spend 30 minutes going home and printing up my bank statement...all too much work, I asked if she could release $100...and she declined.

I have heard of CC's "holding" a large payment for five days, but 14...so be aware that this could happen.


ps. I also asked her what amount triggered the "float" and she would not give me a straight answer.

[Logical]

When I got the Geico MC it took a week to post. I called them up and they said it was policy (7-10 days). After a couple of months they started posting the next day (sometimes same day). After their computer gets to know you they may ease off (maybe).

[Anonymous]

That is what I was just told, after 6 months of making payments, the "Payment Defender" (her term for it) will "walk away" and unless it is a large amount over 10k, it should post in the normal 2-3 days.
She also said , if you go into the store and use cash or your debit/credit card, you should not have a problem(keywords "should not")...so lesson learned...

[Anonymous]

This CAN happen with any lender-

As ACH rules allow you to reverse it within 14 days.

This is a lender CYA -

[Anonymous]

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@Anonymous wrote:

This is a lender CYA -

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no doubt (re the CYA...), on a side note, I had to put it on one of my cards I just payed down to under 9%...bummer for me (moved me to 18%), I just wanted to give everyone a heads-up.

[Creditaddict]

I think more and more banks are doing this. My new First National Visa, I paid the $175 balance off and she said that was considered a large payment with this card! stupid starter cards and they were holding it for 14 days!!! she told me they would always hold but over time it could be as little as 2 days once I build history with them.

[Anonymous]

Cap1 posts mine as of the day I select for payment - same for anything Citi (I have 4 Citi or citi managed cards), HSBC & BBMC delay by at least 1 business day (but it is an immediate credit as of then).  Haven't kept track of store cards too closely.. I think JCP delayed a couple days also HSN and Chevron.. HD has been good with same day (they are a Citi card) - but then I have never beeen near the limit and have PIF'd for the last 6 months.

[MidnightVoice]

My payments come from my checking account, so the day they arrive with the CC they are credited.

[Anonymous]

LOL!!! GEMB Dillards will hold an electrnic payment for 21 days, yes I said 21. the rfunny thing is, that large payment varies depending onyour credit line.  If you pay 100.00 of a 200.00 CL don't look for it to clear the card in the first sveral mnths for 21 days.  May as well use cash.

Message Edited by Brammy on 03-17-2008 06:11 PM

[Anonymous]

You can pay your bill in homedepot (Its Free) it post 1-3 days

I never tried online payments I'm thinking about using this option