Capital One payment issues. HELP.

[Anomalous]

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@Anonymous wrote:

The whole process of ACH & Lock box interchange with banks takes a couple of days. Capital One will make the payment posted amount available to you & they do it in good faith that your payment will get cleared by the bank. It is your responsibility to make sure that the amount is available in your checking account when CapOne send the transaction to your bank. As mentioned by others previously, you need to balance the books. I have my checking account with Wells Fargo, as I have seen some bills take 2 days for it to clear from my checking account. This is the norm.

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+1

[LexieCat]

I keep a couple thousand dollars balance in a savings account at Wells Fargo, and have overdraft protection for my checking account, just for these kinds of issues.  (I have other savings elsewhere, where it will earn more interest.)  This is my cushion.  I try very hard never to run into problems with the balance and my payments due, but I don't have the time or energy to enter every transaction that might take some time to clear.  I never have to worry about a returned or refused payment, and the few bucks I get charged for the VERY occasional overdraft is no big deal.  The money in my savings account is more than enough to cover ANY glitch I would ever have, and the peace of mind is well worth it.

[jbishop1001]

Thanks to those who didn't completely bash me for the way I handle my finances. The only useful thing I got out of it was that I should utilize the 2 checking accounts I have. One for bills, one for spending. I hate using my debit card, therefore I try to keep cash. It's easier to manage for me. I don't want to have to worry and check my balances 20 times a day to make sure I'm not overspending. 

I wouldn't say I'm "strapped for cash" as a previous poster stated. More like a low income individual trying to manage credit for the first time since it seems to be the only way to get your foot in the door for anything. I've been doing well with everything for almost a year now and DO know how to properly manage my accounts. I don't, however, understand how my new credit account payment system works just yet... which is what I asked about originally. Thanks, though.

[jbishop1001]

Oh, and the payment is scheduled for settlement on 10/27. I can at least see the transaction, and that alone puts me at ease. I was worried something went wrong.

And for whoever was caught up on the math part, maybe you should read better. Just sayin.

[joltdude]

Can someone explain to me why so many members were judgemental, condescending and patronizing to the OP?  Agree that the OP needs to work on how he manages his finances but that said..  I don't think they needed to be degraded or shamed,  just given useful suggestions with respect and dignity to better handle this situation and understand the process 

[mountainmom]

OP..check out "you need a budget" called YNAB. It's a great software program and has a free 1 month trial. 

It's great because you "budget" all your cash/checking money into virtual envelopes/categories. Then as you spend, you deduct from the categories no matter what type of payment you use. Because you are only spending real money you have, even though you use a credit card to make the purchase, you can turn around and pay off your credit card anytime you want. And YNAB enables you to track it all even though it hasn't posted yet. It's like an intertwined ledger for each account all in one budget.

I love it! 

And, because it's one place to keep ALL my transactions despite using multiple credit cards, I can run reports to see how much I spent in each category (such as groceries, even though I might use Amex this week, Cap one next week, etc)

[Whitneyy]

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@joltdude wrote:

Can someone explain to me why so many members were judgemental, condescending and patronizing to the OP?  Agree that the OP needs to work on how he manages his finances but that said..  I don't think they needed to be degraded or shamed,  just given useful suggestions with respect and dignity to better handle this situation and understand the process 

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+1!!!!