@mspiggybank wrote:
Hi Everyone, I have a WF secured card for $400 and I called to add an additional $300 on Jan 7th. The money still hasn't come out of my account yet. When I called on Mon, I was told that the transfer is "in process" and would be complete in a few business days. Any ideas on why it would take so long to add the funds to my secured card? I have a WF checking account, so they just have to transfer the money. Just wondering if there is some kind of approval process to add funds or if they pull credit when you do. I was thinking about increasing my limit by $200 each month, but if there is a credit pull, maybe I should save my money until I have a larger sum so that I'm not showing so many inquiries. Thoughts?
Banks always take forever...why? Who knows. I think it's because you have two different areas of the bank handling the transfer. You have the actual banking end taking money out of your checking, then potentially putting it in the savings account they put aside for it, and/or then it gets transferred to the credit card department who must note it on your account then put it in the special account for secured cards.
Weird, I know. I had an issue two years ago with adding to my secured Orchard. I thought I could simply just deposit it directly into my savings account and my card would reflect the new credit limit...that was a no-go. Since it never reached the hands of the credit department, it's like it never happened to them! After many phone calls over the course of 3 months, i FINALLY got a helpful CSR who looked into the matter and forwarded it to her supervisor. By the next day, the new credit limit was on my account!
There should not be a credit pull whatsoever for the WF secured, so don't worry about that! Just banking technicalities!
All the best!
