@Anonymous wrote:One point about pushing payments...
There are some banks, like wells fargo, that if you push a "large" payment from a non-WF account, they *may* hold it for 14 days.
The point is: Be very aware of your receiving banks funds availability policy.
That's an interesting data point... even back in my 'early' rebuilding days, I never had a lender place a hold on a payment that was sent via ACH 'push'; actually the only time I ever had a problem was on ACH 'pull' transactions, and even then it was arbitrary, and mostly based on the payment amount.
I would suggest that if Wells is in the practice of doing this, they are in the minority (thankfully).
It's good advice you mention to 'be aware of your bank's funds availability policy'... this is very true, especially if you're having to work within a small credit line.
I'll just add for clarification that 'funds availability' as mentioned here is a different creature altogether from 'funds availability' for deposit accounts. 
@UncleB wrote:
@Anonymous wrote:One point about pushing payments...
There are some banks, like wells fargo, that if you push a "large" payment from a non-WF account, they *may* hold it for 14 days.
The point is: Be very aware of your receiving banks funds availability policy.
That's an interesting data point... even back in my 'early' rebuilding days, I never had a lender place a hold on a payment that was sent via ACH 'push'; actually the only time I ever had a problem was on ACH 'pull' transactions, and even then it was arbitrary, and mostly based on the payment amount.
I would suggest that if Wells is in the practice of doing this, they are in the minority (thankfully).
It's good advice you mention to 'be aware of your bank's funds availability policy'... this is very true, especially if you're having to work within a small credit line.
I'll just add for clarification that 'funds availability' as mentioned here is a different creature altogether from 'funds availability' for deposit accounts.
My fiance and I had a communication break down (Can you imagine?) and her november credit card auto debit failed because her Wells Fargo checking had nothing in it. We saw it the next week and quickly made a $25 electronic payment to fix it, which went right through. After my next paycheck I made a $400 electronic payment from my bank to pay off the balance. They got the payment, but did not adjust the credit limit.They made reference that the "High Dollar" desk wanted a statement from my banke showing the funds cleared my account. If I did not supply that, it was going to be held for 14 days.
I wont go into to gory details of the ensuing calls to customer service etc...
@Anonymous wrote:
@UncleB wrote:
@Anonymous wrote:One point about pushing payments...
There are some banks, like wells fargo, that if you push a "large" payment from a non-WF account, they *may* hold it for 14 days.
The point is: Be very aware of your receiving banks funds availability policy.
That's an interesting data point... even back in my 'early' rebuilding days, I never had a lender place a hold on a payment that was sent via ACH 'push'; actually the only time I ever had a problem was on ACH 'pull' transactions, and even then it was arbitrary, and mostly based on the payment amount.
I would suggest that if Wells is in the practice of doing this, they are in the minority (thankfully).
It's good advice you mention to 'be aware of your bank's funds availability policy'... this is very true, especially if you're having to work within a small credit line.
I'll just add for clarification that 'funds availability' as mentioned here is a different creature altogether from 'funds availability' for deposit accounts.
My fiance and I had a communication break down (Can you imagine?) and her november credit card auto debit failed because her Wells Fargo checking had nothing in it. We saw it the next week and quickly made a $25 electronic payment to fix it, which went right through. After my next paycheck I made a $400 electronic payment from my bank to pay off the balance. They got the payment, but did not adjust the credit limit.They made reference that the "High Dollar" desk wanted a statement from my banke showing the funds cleared my account. If I did not supply that, it was going to be held for 14 days.
I wont go into to gory details of the ensuing calls to customer service etc...
I see... yeah, that is a payment float. The credit card company is the one who held your payment, not WF. They did it because the previous payment to that account bounced.
@Anonymous wrote:
@UncleB wrote:
@Anonymous wrote:One point about pushing payments...
There are some banks, like wells fargo, that if you push a "large" payment from a non-WF account, they *may* hold it for 14 days.
The point is: Be very aware of your receiving banks funds availability policy.
That's an interesting data point... even back in my 'early' rebuilding days, I never had a lender place a hold on a payment that was sent via ACH 'push'; actually the only time I ever had a problem was on ACH 'pull' transactions, and even then it was arbitrary, and mostly based on the payment amount.
I would suggest that if Wells is in the practice of doing this, they are in the minority (thankfully).
It's good advice you mention to 'be aware of your bank's funds availability policy'... this is very true, especially if you're having to work within a small credit line.
I'll just add for clarification that 'funds availability' as mentioned here is a different creature altogether from 'funds availability' for deposit accounts.
My fiance and I had a communication break down (Can you imagine?) and her november credit card auto debit failed because her Wells Fargo checking had nothing in it. We saw it the next week and quickly made a $25 electronic payment to fix it, which went right through. After my next paycheck I made a $400 electronic payment from my bank to pay off the balance. They got the payment, but did not adjust the credit limit.They made reference that the "High Dollar" desk wanted a statement from my banke showing the funds cleared my account. If I did not supply that, it was going to be held for 14 days.
I wont go into to gory details of the ensuing calls to customer service etc...
Mystery solved, my friend!
Some banks are more sensitive than others regarding failed payments... there are threads on here about Synchrony completely closing accounts because of one failed payment (and it was a first occurrence!). The cases I read about involved new(er) accounts, so perhaps Synchrony would be more forgiving for someone with a longer account history, but they don't play - at all.
All we can do is speculate, but I suspect if it wasn't for that failed auto debit, your fiance would have no issues with her available credit being updated promptly. My primary bank, USAA, is known to behave the same way under the same circumstances. Actually, on USAA's own website, that's a complaint many folks have... once there's an issue with a payment failing, they start holding funds (I've read very colorful posts over there regarding this). On the other hand, I've never had a problem (knock on wood...) and so far, they credit my payments and update available credit instantly, just like Amex.
I suspect with a little more time, your own situation with Wells holding payments will change for the better. On the plus side, at least they do give you the opportunity to prove the funds have cleared... they would be within their rights to simply make you wait it out even with proof (like HSBC used to do me years ago).