Capital One payment reversed...

leicsmarkyr

gerrynimo wrote: »

Hi guys,

Just to let you know what's been happening.... I called Cap1 yesterday, and paid the full amount with my Debit Card.
However, the lady on the phone said that as it will take 2 days for this payment to reach them (05-06), it will be classified as a late payment, as my due date is today (04-06).
Hence i will be getting a £ 12 charge (not too bothered about that), and my automatic credit limit review I would be gettting with my next statement (4th statement) will not not be happening (well bothered about that).

Does this sound correct to you guys? I know I probably should have made sure my DD on Sunday went out, but if I paid it yesterday by card, can I be held responsible for the 2 days processing it takes for the funds to reach them??

Any ideas also if I Cap1 would consider me in say 4 monts again for a credit limit increase (without missing any more payments in the mean time off course).

Yep sounds about right - debit card payments usually take a few days to appear.

You could try and argue the case with them. Saying that the due date was 04/05 and you would have expected the DD to be taken then and not before

TAG

Marty_J wrote: »

AFAIK, Capital One increase the limit on their classic card after three months provided you use the card at least once and don't miss any payments.

DH has had a Classic Cap One card for over 2/3 years now. It's used and paid every month without fail. The limit has never ever been increased.

Marty_J

gerrynimo wrote: »

Hi guys,

Just to let you know what's been happening.... I called Cap1 yesterday, and paid the full amount with my Debit Card.
However, the lady on the phone said that as it will take 2 days for this payment to reach them (05-06), it will be classified as a late payment, as my due date is today (04-06).
Hence i will be getting a £ 12 charge (not too bothered about that), and my automatic credit limit review I would be gettting with my next statement (4th statement) will not not be happening (well bothered about that).

Does this sound correct to you guys? I know I probably should have made sure my DD on Sunday went out, but if I paid it yesterday by card, can I be held responsible for the 2 days processing it takes for the funds to reach them??

Any ideas also if I Cap1 would consider me in say 4 monts again for a credit limit increase (without missing any more payments in the mean time off course).

Sorry to hear that!

Personally, I would give them a call and explain what happened. Tell them you realise you missed the direct debit, but you rectified the situation before your due date. Don't be afraid to ask to speak to a supervisor or manger if you feel you're not getting anywhere.

Perhaps you could suggest that because they took the payment on Sunday, they have incurred an early payment fee of £12! :cool:

Marty_J

TAG wrote: »

DH has had a Classic Cap One card for over 2/3 years now. It's used and paid every month without fail. The limit has never ever been increased.

It's an offer they have on at the minute. I'm not sure how far back it goes.

susimuggle

gerrynimo wrote: »

Hi guys,

Just to let you know what's been happening.... I called Cap1 yesterday, and paid the full amount with my Debit Card.
However, the lady on the phone said that as it will take 2 days for this payment to reach them (05-06), it will be classified as a late payment, as my due date is today (04-06).
Hence i will be getting a £ 12 charge (not too bothered about that), and my automatic credit limit review I would be gettting with my next statement (4th statement) will not not be happening (well bothered about that).

Does this sound correct to you guys? I know I probably should have made sure my DD on Sunday went out, but if I paid it yesterday by card, can I be held responsible for the 2 days processing it takes for the funds to reach them??

Any ideas also if I Cap1 would consider me in say 4 monts again for a credit limit increase (without missing any more payments in the mean time off course).

I think that sounds about right. Can you not cancel the DD, so you won't be in this situation again? In regards to them increasing your limit, you'd better ring them again and ask them. If late payment was a one-off, they will probably take that into considerationm especially if you explained it to them.

TAG

Marty_J wrote: »

It's an offer they have on at the minute. I'm not sure how far back it goes.

Actually it works out really well for us. It's only a £200 limit so I use it as a 'debit card' really each month and then pay it off. I actually hope that they don't increase it.

gerrynimo

Thanks so much for all your replies already so far, guys! :beer:

I will definitely call them again, and see if I can get something done about this. Do I have any defense about them taking out the DD debit on a Sunday?
As one of the other posters replied above, if the DD date falls in a weekend or bank holiday, it normally gets taken the next working day. But is this just common practise, or does it HAVE to be this way (i.e. is it stated in the Banking Code)?

Regarding the credit card increase.... I am off to Australia in 5 months, and was hoping to have my current limit of £500 increased, not to max it out, but just as a back-up... I would give me slightly more comfort knowing if anything happens, always got some credit at hand...

benf90

I don't think a DD can come out of a bank account on a Sunday.

Was it online that you saw the DD show up? Check it in more detail as although it may have shown online on Sunday it could very well be dated as Monday.

I've known this to happen sometimes, usually when it's a bank holiday. I've been able to see a DD dated tomorrow show up today.

Different banks have different policies when it comes to DDs. For example Natwest state that there must be cleared funds in your account the working day before the DD is due to debit, in this case it would have been the Friday.

Lloyds TSB now give you up to 2pm (I think) on the day the payment is going out to pay cleared funds into the account to cover any payments, such as an online transfer from a LTSB savings account or paying in cash at a branch.

If the DD showed up on a Sunday but was dated Monday then I'd check what your banks policy is with regards to having cleared funds into the account. From the sounds of it they're one of the banks that requires the cleared funds to be available one working day before the payment is due to go out.

When a company calls for a DD payment they don't tell the bank what date it needs to come out of the account. It's around 3-4 working days (I can't remember the exact amount) that it takes for a DD payment to show up on your bank account.

Capital One would have sent a request off to your bank a few days before it actually showed on your account. The easiest way to think if it is like they are sending a BACS payment, but instead of crediting the account they debit it.

It sounds like Capital One have timed it right so that the DD comes out on the Monday. As I mentioned earlier I don't think it's possible for a DD to be dated as a Sunday, the systems they are processed with only date/process them on working days.

The date a DD is debited from a bank account is controlled by the systems that process the payments. As the time it takes is a fixed period the companies that take DDs are able to know/give a specific date by processing the DD request X amount of working days before they want it to come out of the account.

Perhaps its worth double checking the way Capital One state they will collect DD payments.

Two cards that I have are done differently. With Egg if my payment is due on the 15th that is the date the DD will debit my account. With Asda they won't actually start calling for the DD until the 15th, which means it actually goes out of my account a few days after that (but as long as it isn't reversed they back date it to the payment due date).