My credit card company told me that if I make any payments over $500, that they are required by law to hold it for 10 days before crediting my account. Also, they told me that the same holding period is required if I make more than one payment in any billing cycle. I have Googled my fingers off, and can not find any references to any such law. Does it exist? Or is my CC company just feeding me a line.
2007-10-12 08:52:35 · 9 answers · asked by Sam B 2 in Business & Finance ➔ Credit
My credit card company told me that if I make any payments over $500, that they are required by law to hold it for 10 days before crediting my account. Also, they told me that the same holding period is required if I make more than one payment in any billing cycle. I have Googled my fingers off, and can not find any references to any such law. Does it exist? Or is my CC company just feeding me a line.
ADDED NOTE: All my payments are electronic--no need for them to worry about bad checks.
2007-10-12 09:15:26 · update #1
Give your fingers a break, there is no such law.
Many credit card companies may place holds on regular payments, payments over a certain amount, more than one payment in a pay period.
They may place holds, for any of those reasons, for one person but allow another persons payments to post immediately.
2007-10-12 09:25:52 · answer #1 · answered by echo 7 · 0⤊ 0⤋
I've never heard of any such law. I would do a background check on the credit card company and see if there are any reports on them! Also, refer to your documentation that came with your credit card, that info would be stated in there. Are you paying on time? If so, have you checked your credit report, is it being reported as paid on time, or late? I would look into that as it would affect your credit score.
Sounds bogus, not only did they say they have to hold a payment of $500+ for 10 days, they even anticipated what could have been your next move (making small multiple payments within the same billing period), by stating they will aslo hold it for 10 days if you make more than one payment in a billing cycle. How clever of them! who are they?...you dont have to answer that if you dont want...just curious though.
2007-10-12 09:16:41 · answer #2 · answered by Queenapache 3 · 1⤊ 0⤋
Its a load, so is the bit about making multiple payments in one billing cycle. They may hold it for 10 days to verify the check is good, but that would be the cc company's policy only. If you can, make your payment arrangements electronically. If they keep it up, find a new cc company with terms you like and transfer the balance.
2007-10-12 09:03:57 · answer #3 · answered by Amy V 4 · 2⤊ 0⤋
they could regulate your credit reduce at any time, without observe. Your funds isn't being "held". the purely time you've a case is in case you overpay the agency and also you've were given a debit stability (e.g. you've a $500 credit reduce maxed out, and also you pay $a million,000, this happened to me). likely what happened is your monetary company despatched an illustration of a few form to the mastercard provider that it likely isn't paid (you probably did not have a sufficient stability at the same time as it went by using). this does not recommend it isn't paid, purely likely gained't. perchance you deposited funds later contained in the day to cover it and it went by using. Deposits (into checking or mark downs) should be made available in a well timed way, yet this can be a special challenge.
2016-10-09 02:40:14 · answer #4 · answered by burgoyne 3 · 0⤊ 0⤋
I have never ever herd of such a thing..I just paid my Washington Mutual credit card $800.00 and it cas processed right away
Then you know what I would send them several checks totaling $500.00 like one check for 100.00 another check for 50 etc all in the same enevlope just to tick them off.
2007-10-12 09:02:37 · answer #5 · answered by Crazy cat lady >^ ^< 4 · 3⤊ 0⤋
They are feeding you something that's for sure.
I have made several hundred payments of well over $500.00 and never has there been such a delay.
2007-10-12 09:00:53 · answer #6 · answered by ? 7 · 4⤊ 0⤋
They may be referring to their responsibility to detect money laundering. Large payments and multiple payments are a couple of the things that can trigger a second look to make sure check kiting and money laundering isn't happening.
2007-10-12 16:56:33 · answer #7 · answered by Anonymous · 0⤊ 1⤋
ive paid 600 on my card and it went through 5 days after i mailed it
2007-10-12 08:56:06 · answer #8 · answered by spyder250 2 · 2⤊ 0⤋
I don't think they're required by law; I think they're required by corporate policy to prevent people from bouncing checks.
2007-10-12 09:00:26 · answer #9 · answered by Anonymous · 0⤊ 3⤋