"Posting Payments"
Rewards 660 Visa® Unsecured Credit Card Review
Written by: jane on 2006-11-28
Overall Satisfaction
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jane's review: 
I received card promptly, activated it and made a full payment. That was November 20,2006 as of this date November 28,2006 I still have not been credit and the check cleared on 22 November 2006. I was told by customer service at first it would take 7 days to clear an EFT payment today they say it is in the terms it takes 14 days and that is "baloney" They use my money but I have $53 in available credit. So I checked the terms and this is what they said:
By sending a check on your Account, you are authorizing us to use the information on your check to make a one-time electronic funds transfer from the checking or other deposit account on which the check is drawn. This electronic funds transfer, which may be withdrawn from your account as soon as the same day we receive your payment, will be only for the amount of your check. The original check will be destroyed and we will retain its image in our records. To elect not to have your check processed electronically or to ask any questions you may have, call 1-800-653-4570. Can anyone tell me what the law says. I am contacting my State Banking Commission to see if this is legal.
I received card promptly, activated it and made a full payment. That was November 20,2006 as of this date November 28,2006 I still have not been credit and the check cleared on 22 November 2006. I was told by customer service at first it would take 7 days to clear an EFT payment today they say it is in the terms it takes 14 days and that is "baloney" They use my money but I have $53 in available credit. So I checked the terms and this is what they said: By sending a check on your Account, you are authorizing us to use the information on your check to make a one-time electronic funds transfer from the checking or other deposit account on which the check is drawn. This electronic funds transfer, which may be withdrawn from your account as soon as the same day we receive your payment, will be only for the amount of your check. The original check will be destroyed and we will retain its image in our records. To elect not to have your check processed electronically or to ask any questions you may have, call 1-800-653-4570. Can anyone tell me what the law says. I am contacting my State Banking Commission to see if this is legal.
1 Comment
Comment 1 by mboykin
Read Your Terms Again 
on 2008-08-22
I don't think it is a good idea to EVER pay by check. I have a different card with the same company. The terms clearly read that it can take up to 7 days to post a check to your cc account. That does not include the time it takes to clear the funds from your checking account. So it could very well be 14 days. You will be better off paying by debit/credit card. Even though the fee is hefty ($8.95) you have immediate confirmation of payment and your payment will post within 24 hours if done before 5pm. Good luck!
on 2008-08-22 I don't think it is a good idea to EVER pay by check. I have a different card with the same company. The terms clearly read that it can take up to 7 days to post a check to your cc account. That does not include the time it takes to clear the funds from your checking account. So it could very well be 14 days. You will be better off paying by debit/credit card. Even though the fee is hefty ($8.95) you have immediate confirmation of payment and your payment will post within 24 hours if done before 5pm. Good luck!
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Disclaimer: This content is not provided by Dakota State Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Dakota State Bank. Review content is powered by Finance Globe.
