ALL Payments now being More closely monitored by credit card companies
oreville
Posts: 12,250 ✭✭✭✭✭
I have noticed that business credit cards used for a long time are now being more closely monitored by major credit card companies.
Example; Chase Bank has begun to hold almost all larger payments to a business and personal credit cards whether by physical cash, bank checks, personal checks, electronic payments, etc. I was advised that even cash payments made can be "held" and does not free up the line of credit of the credit card (even when paying in full every month).
In my case, I do not make cash payments but an electronic payment/balance transfer from another credit card as well as a physical check payment at a branch were held 7 business days by which time I demanded that Chase speak with my banks to verify that the checks/payments had cleared 5 business days previously!! At least the customer service rep manager was nice enough to stay on the phone with me for 45 minutes with my two different banks to verify the payments had cleared before releasing the hold.
What was even more amazing was that I had over a $1000 CREDIT balance with those payments but holding all my large payments made 10 days before effectively froze my account from being able to make another large payment to ANR Numismatics and the credit card company kept denying the purchase all the while I had a CREDIT balance. I was advised that a cash payment that is "held" for the up to 7 business days will NOT be released for ANY reason including PROOF of payment which they already have!!!!!
I aksed the CSR manager and even the head manager and they confirmed that even cash payments may be held up to 7 BUSINESS days as the new computer program "looks" for unusual payment patterns including cash as promulgated by the Patriot Act or Money Laundering watch programs.
This is all news to me and it is quite frankly, troubling.
Lesson learned: Check your available balance even if your balance is zero after paying your credit card in full. I am beginning to wonder if all the airline miles I am earning is worth this nonsense.
Example; Chase Bank has begun to hold almost all larger payments to a business and personal credit cards whether by physical cash, bank checks, personal checks, electronic payments, etc. I was advised that even cash payments made can be "held" and does not free up the line of credit of the credit card (even when paying in full every month).
In my case, I do not make cash payments but an electronic payment/balance transfer from another credit card as well as a physical check payment at a branch were held 7 business days by which time I demanded that Chase speak with my banks to verify that the checks/payments had cleared 5 business days previously!! At least the customer service rep manager was nice enough to stay on the phone with me for 45 minutes with my two different banks to verify the payments had cleared before releasing the hold.
What was even more amazing was that I had over a $1000 CREDIT balance with those payments but holding all my large payments made 10 days before effectively froze my account from being able to make another large payment to ANR Numismatics and the credit card company kept denying the purchase all the while I had a CREDIT balance. I was advised that a cash payment that is "held" for the up to 7 business days will NOT be released for ANY reason including PROOF of payment which they already have!!!!!
I aksed the CSR manager and even the head manager and they confirmed that even cash payments may be held up to 7 BUSINESS days as the new computer program "looks" for unusual payment patterns including cash as promulgated by the Patriot Act or Money Laundering watch programs.
This is all news to me and it is quite frankly, troubling.
Lesson learned: Check your available balance even if your balance is zero after paying your credit card in full. I am beginning to wonder if all the airline miles I am earning is worth this nonsense.
A Collectors Universe poster since 1997!
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I had a discover charge for $5,000 yeterday , they called the customer to verify it was ok and he said it was fine - So 5 days go by and I call them to find out why the money wasn't in my account-
Despite talking to the customer, they actually asked me to fax them the invoice of what he was buying- which I obviously did not do. The customer was pissed and will probably cancel his discover card-
<< <i>Here is a good one for you-
I had a discover charge for $5,000 yeterday , they called the customer to verify it was ok and he said it was fine - So 5 days go by and I call them to find out why the money wasn't in my account-
Despite talking to the customer, they actually asked me to fax them the invoice of what he was buying- which I obviously did not do. The customer was pissed and will probably cancel his discover card- >>
We finally got fed up with Discover and dropped them, hard. We now only take Visa, M/C, and Amex.
I know my own credit card payments are credited to my account on the same day (I use electronic fund transfer).
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.