I got a pre approved account with Merrick Bank. I have no derogatory credit what so ever. I charged up $845, out of a $900 credit limit on the account and got my first statement with a payment of $27.00 due. I immediately paid the $27.00. I later found out that ALL payments, regardless of the dollar size, including my $27.00 payment, has a 10 day hold. That can be really irritating. I have an account with BankFirst. Any payments over $200.00 has a 10 day hold. I can't see how a $27.00 payment should have a 10 day hold. STUPID!
They don't need ANY HOLD...but they with the GOLD... I does NOT take the check longer than 5 days (IN MOST CASES) to be at your bank and charged to your checking account!!!
It gets worse. I just realized the 10 day hold applies to any electronic payments from their website. That money is withdrawn from your account within 24 hours.
This is also the policy of sears if you make more then 2 payments in a billing period they place a 10 day hold on the funds. It really is a pain I am hoping citibank will change this policy in the future.
Re: Re: Merrick Bank That sucks. CCB was infamous for this, but that only applied to payments $300 and over, NOT $27, outrageous!
Re: Re: Merrick Bank That sucks. CCB was infamous for this, but that only applied to payments $300 and over, NOT $27, outrageous!
I have the same problem with these ninnies. When I called about it, they responded with "well all you have to do is use western union" or some crap. WTF would I use western union??? I keep the card because its a positive tl and it seems like once I got 4 cc's my fico was boosted, but once I get a 5th this puppy is history.
I have had the Merrick Bank card for about a year now. I noticed the same thing with them holding payments. However they did it with me for about the first 4 or 5 payments and now they apply the payment immediately.
How good of a card is this and how easy is it to get? I know it is a secured card. Are you guaranteed a card with your deposit? Do they give you CL increases without you asking for them and lastly, do they give you back your security after a period of time in good standing?
it is unsecured if you get the pre-approved offer in the mail, otherwise you have to go with one of their pre-paid cards (not recommended).
1*ALL payments, regardless of the dollar size, including my $27.00 payment, has a 10 day hold. 2*Any payments over $200.00 has a 10 day hold. 3*I can't see how a $27.00 payment should have a 10 day hold. 4*STUPID! 5*It does NOT take the check longer than 5 days (IN MOST CASES) to be at your bank and charged to your checking account!!! 6*The hold applies to any electronic payments from their website. That money is withdrawn from your account within 24 hours. 7*This is also the policy of sears if you make more then 2 payments in a billing period they place a 10 day hold on the funds. It really is a pain 8*I am hoping citibank will change this policy in the future. 9*EFT'S DON'T BOUNCE--A "HOLD" THAT IS IN-EXCESS OF 24 HOURS IS ILLOGICAL!!! 10*That sucks. CCB was infamous for this, but that only applied to payments $300 and over, NOT $27, outrageous! 11*, they responded with "well all you have to do is use western union. 12*However they did it with me for about the first 4 or 5 payments and 13*now they apply the payment immediately. ``````````````````````````````````````````````````````````````````````````````` ``````````````````````````````````````````````````````````````````````````````` 4* Not only is 1* 2* & 3* Stupid it's also illegal. 5*The law says payments have to be credited on the day the payment is received not when check etc. clears etc. 6*The law still says the payment must be credited on receipt not 24 hours later or when ever the money is withdrawn from your account! 7*It's also violating the law. 8*Nope: they need to stop violating the law now. 9*Any"HOLD" THAT IS IN-EXCESS OF 24 HOURS Is not legal !!! 10*What's outrageous! is they're breaking the law with this to bilk late fees jacked rates and over limit fees. 11* The law regarding crediting of payments is not dependent upon western union. 12* 13*now they apply the payment immediately. Which is what the law requires. """"""""""""""""""""""""""""""""""
