Does a credit card company have the right to put a hold on you available credit, even though your paid your...

Question

balance off and the money cleared you bank accout? I made an electronic payment for balance in full on my account 10 days ago. The money cleared out of my checking account 2 days after the payment was made, and the bank has a hold on my account for some reason that no one can explain to me why.(It is a well known larger bank) I have never been late in the 2 years I have had the card, no problems what so ever. Can they hold my account like this? If not what can I do about it?This has never happened before, and all the reps can tell me is that there is just a hold on it and there is nothing they can do.

Answer 1

I'm not clear if the hold is on your credit card account or the bank account you paid the card from. In either case, I recommend walking into a branch if at all possible. Ask to speak to the manager. Tell them when you leave their office you WILL have a satisfactory explanation of the hold or ALL of your accounts with the bank will be closed, permanently. I promise they will get you an explanation.

Answer 2

A large bank put my card on hold also, and like you, I've never missed a payment, always paid full balance, etc... It turned out the credit company detected "unlikely purchases" being made on my card, i.e. my credit information was stolen, and they noticed. I find it odd they will not inform you as to why it was put on hold though, as I was immediately informed upon calling them. Almost sounds kind of fishy to me....

I have also heard of hold situations regarding gas stations, though I can't remember if it was the credit company that caused the hold or the gas station's refusal to accept the credit payment. But if the only purchases you have tried recently have been at gas stations, that could be the issue?