You know what I don't understand? I don't understand the whole hold process. It just doesn't make any sense what so ever.
[Edited Content cuz after reading what i wrote not sure if it made sese of what i was trying to say]
Basically what I meant was that in this day in age, it would seems that banks' computer algorithms should be able to verify in almost realtime whether an account has 1) enough money to cover the call of requested withdraw, and 2) to verify if there are any other pending calls on that account prior new a withdraw that may cause an overdrawn account and loss to the bank.
It should be simple and fast. It should take a most 48 hrs to release not 7 days. 7 or 9 day holds mean that a bank is stuck in 1979 and not in 21st century world of banking.
I did a $550 payment with Cap1 last Wednesday and another $110 the next day. The $550 was put on hold but the $110 credited the next day as scheduled. I finally called in Friday and the rep told me that it's the amount of the payment and the time of the year. They want to make sure the funds are available when you are doing large amounts. She suggested I break my payments down to avoid this happening in the future or at least till Christmas is over. I'm wanting to pay $600 today. I'm just going to do 4 payments of $150. Hope this helps.
I had a simular problem with my PayPal Smart Connect months ago. I paid twice during my cycle and they cleared just fine, then i paid a third time and it cleared my bank, and the payment posted in my account but they were holding my available credit for like 2 weeks, one 5 minute phone call to customer service was all it needed they lifted the hold and appologized..
Am attempting to push a payment through from USAA Billpay to see what happens. The payment processing date is Dec 17. So hopefully by Tue/Wed it will reflect on my avialable credit!
I've hit this in the past with various lenders. The common thread seems to be setting up a payment to be "pulled" from the lender's site, as opposed to "pushing" it from a billpay service.
When you set a payment from the leder's site, it may take several days for them to learn the payment didn't clear. When you send from bank billpay, the funds are there at the time it's sent and so less likely to get held.