Capital One is trying to be slick!!!!

Anonymous · ‎10-31-2007

Get this. I have had my CapitalOne Platinum Visa Card (CL = 300 dollars) for a little over a month and have used it numerous times while sending them at least 3 payments through online payment feature from my bank. Cap1 states on its customer website that any payment made online before 3 pm will be available and applied to the account on that same day; after 3 pm it will be available the next day. Well, I made a 175 dollar payment on the 27th of October (my 4th payment) and they took the money that I owed them, but they did not apply it to my credit. I called CapOne and the customer service rep told me that they were holding my payment for 6 days and waiting to see if the source where they recieved the money from (my bank) was legit or something of that nature before they would apply the payment to my credit. Now mind you, they already have my new statement online where the payment has been applied, but under recent transactions they did not apply the payment. What is going on?? Is Cap1 trying to make sure they get their finance charge?? I really feel that the customer service rep was not telling me the full truth. And why would they hold this payment and not the other 3??? Has anyone had this problem. I am paying Cap1 with reckless abandon to show them that I mean business!!!

Message Edited by landocalrissian on 10-31-2007 06:24 PM

Anonymous · ‎10-31-2007

Keep in mind they really do not know anything about you. With all of the fraud accounts and Identity thefts going on it is possible that since you made 4 payments in one month of having the card it triggered something.

If they do charge you a finance charge after the payment has been posted, dispute it with them and explain what happened. They should be able to credit your finance charges back to the account.

I think they are just trying to avoid getting burned by a fraud account. It seems a lot of credit card companies are taking matters in their own hands when it comes to security.

Think about it, when you first open a checking account they do not instantly fund your accounts if you deposit checks, they hold the checks for a couple of days to make sure everything is ok. Of course, after your account has matured and your funds check out they should leave you alone.

Anonymous · ‎10-31-2007

You do have a point. Thank you very much.

Anonymous · ‎10-31-2007

Yea, well, I usually only have nice things to say about Cap 1. There credit cards have done right by me through some rough years, however, they do have this thing where they really do FLOAT our money to excess.

I'm actually dealing with them (or rather severing my dealings with them) for a similar over the top abuse of allowable wait days. I opened an online MMA account with them a few weeks ago and the opening deposit was an ACH using BoA. Although the money left my account on October 18, it was only made available to me today. Their response: New savings accounts have an 11-business-day hold on all deposits and after 30 days there will be a 5-business-day hold.

I have an identical online MMA account with Amtrust as well - opened a week earlier. Original deposit using the same method took 5 days and a subsequent transfer into the account was made available the business day after the transfer date (Amtrust has slightly better APR too)

sorry for taking your thread over with my vent -- it just irks me that they think it's okay to hold onto our money just to play the interest game without any real need to protect themselves.

landocalrissian wrote:
Get this. I have had my CapitalOne Platinum Visa Card (CL = 300 dollars) for a little over a month and have used it numerous times while sending them at least 3 payments through online payment feature from my bank. Cap1 states on its customer website that any payment made online before 3 pm will be available and applied to the account on that same day; after 3 pm it will be available the next day. Well, I made a 175 dollar payment on the 27th of October (my 4th payment) and they took the money that I owed them, but they did not apply it to my credit. I called CapOne and the customer service rep told me that they were holding my payment for 6 days and waiting to see if the source where they recieved the money from (my bank) was legit or something of that nature before they would apply the payment to my credit. Now mind you, they already have my new statement online where the payment has been applied, but under recent transactions they did not apply the payment. What is going on?? Is Cap1 trying to make sure they get their finance charge?? I really feel that the customer service rep was not telling me the full truth. And why would they hold this payment and not the other 3??? Has anyone had this problem. I am paying Cap1 with reckless abandon to show them that I mean business!!!

Message Edited by landocalrissian on 10-31-2007 06:24 PM

Message Edited by Cooneyca on 10-31-2007 06:42 PM

Anonymous · ‎10-31-2007

No problem. I am learning so much by being a member here. Vent on!!

Anonymous · ‎10-31-2007

The one and only nice thing I can say about CrapOne is that my online payments, if I made them in the morning, were applied and credited the next morning - the money was even sucked out of my checking acount. No wondering about when they would credit it or when they would debit my checking account. They were very consistent and I never had a problem.

CreditDrama85 · ‎10-31-2007

it is because some make an online payment for the amount of their total balance (knowing it will be returned) and make a significant charge in the interim-- and go so far as to repeat that process once or twice (bringing their account significantly over the cl)

this is why so many cap 1 accts have a much higher reported bal than the initial credit line; either the cust did what i just described, or they were granted an emergency cli at one point.

Anonymous · ‎10-31-2007

Well, if they don't actually have the money in hand- I can understand the wait, but if the money is coming from a banking institution electronically it doesn't take six days - in fact Cap 1 can initiate a transfer out of my BoA account, and it will show up within hours on my banking account.

No doubt there are many ways to Sunday that Cap 1 has probably been left holding the bag, but when they actually have the money, they should be crediting the amount to accounts asap. They are often using the allowable wait times to float our money and earn interest.

CreditDrama85 wrote:
it is because some make an online payment for the amount of their total balance (knowing it will be returned) and make a significant charge in the interim-- and go so far as to repeat that process once or twice (bringing their account significantly over the cl)

this is why so many cap 1 accts have a much higher reported bal than the initial credit line; either the cust did what i just described, or they were granted an emergency cli at one point.

Message Edited by Cooneyca on 10-31-2007 08:20 PM

Niki9 · ‎10-31-2007

Are you making payments from your banks website or from Cap1 website.

Anytime I make a payment for Cap1 website - no problem

but when I make from the bank website, there is usually a delay.

Anonymous · ‎11-01-2007

I make my payments directly from the Cap1 website. In fact, I just made a payment this morning and my balance should be $0.00. I was told by the customer service rep that my 175 dollar payment made on Oct 27 won't be credited until tomorrow. I plan to rotate to one of my other cards and let the Cap1 marinate for about a month before I use it again.