I'm so angry I could cuss!!!

[Anonymous]

So, on April 21, 2017 I got paid and paid all my bills.  I paid $250 on my CC (Cap One).  They showed the payment posted on that day.  Then, 5 days later, the bank reversed the funds and now it looks like I didn't pay! What's worse is that its a $250 SC and because it looks like I didn't pay AND have %100 Utilization it caused my score to go down 86 points!!! I called the bank they said I didn't have enough funds to cover the payment, well I did when I made the payment and Cap One shows this! Why would the bank touch money that they can clearly see I had allocated to a bill already??? Cap 1 is going to try to clear up the CR thing but I told WoodForest (my bank) that I work on Capitol Hill and I will go to my Congressman and Senator and file a complaint! But before I do, am I missing something in your opinion?  I did learn to never pay a bill directly from your bank account and always use a debit and never pay on a Friday.  Please help...

[Anonymous]

Something sounds off here.  You made a payment from your bank pushed to Capital One but then the payment was canceled?  Why was it cancelled?

Did you put something on your debit card that you forgot about that posted and cancelled the payment?

Threatening to go to your politician isn't going to scare banks at all, by the way.  Their system likes automatically cancelled the payment when it realized it would have overdrafted your account.

[happypill]

Just to be clear, you had enough money in your account to cover the $250 you paid to Capital One.  You submitted the payment.  Then, before the money was taken from your account by Capital One you spent some more money out of the account and it dropped below $250 before the transaction with Capital One was completed?

Umm, that's not the bank's fault.  You need to monitor yourself to know how much money is in your account and that you can cover pending transactions.  If you're to able, you should go with a debit card only.

Unless I'm not understanding correctly, your congressman isn't going to do anything.  If you have a legitimate gripe, the CFPB is the way to go, and they are pretty efficient actually (for a government agency).

[Anonymous]

First. Thanks for responding!  What I try to do is the moment I get paid, I hit the computer and pay everything on-line.  Which I did.  I always pay CO thru my bank account not debit card.  Once I made the payment, I checked Cap one and the transaction showed up as a payment.  on the same day.  Then on the 26th, the payment was reversed by the bank for non sufficent funds.  I have proof it was made on the 21st.  How should I handle it.  Oh, I might still file the comoplaint and mail them a copy because they need to see that some of us take this kind of thing very seriously!

Thanks for your imput...

[JediNeo]

If you authorized a payment the bank does not take the funds from the account until it is fully processed (at least with my bank). If I had $300, authorize a $250 payment and go out and spend $100 before the payment is processed, the funds in the account is -$50 and the bank would reject processing of the payment.

[Anonymous]

I honestly had the money and when I checked CO it shows as paid even right now it shows as paid on the 21st then on the 26th the reversal came.  I guess my question is if they see I have made a payment to someone, why not let the money sit there until the payee takes it out??? I hope that doesn't sound stupid?  I'm finally getting my credit back (thin file) only 2 trade lines on one CRA and I start to lose ground....

I will contact the agency you suggested instead! lol

[Anonymous]

If you had the money in the account and you weren't upside down on it, what reason did the bank say for why it was reversed?

The bank will tell you why they reversed it.  Call and ask why they reversed it and they'll explain and post that explanation here.

[Anonymous]

Yes.  I understand. But my CC Statement say it was paid on the 21s and it clearly says PAID.  Oh well 86 points down the drain I guess.   Thank you all for your quick and helpful responses!

[Anonymous]

I still don't think it's fair that I authorize the bank to put money to a certain bill, then they move the money over to that bill and just because the payee hasn't finished proccessing yet then they just take it back??? It was already authorized and funds were available!!! UGH!!!

[Anonymous]

If the payment was still pending at the time the acct was overdrawn than the bank will dump the largest payment first. They do this to minimize the amount the acct can be overdraw also minimizing bank profits. Wasn't always that way. At least that's my understanding.