offset deposit?

Discussion in 'Credit Talk' started by acegirl, Oct 5, 2003.

  1. acegirl

    acegirl Well-Known Member

    just wondering what does offset deposit mean on my credit card statement? i have a secure cap one card and i have been late on some of payments but have been paying. today i saw on my statement offset deposit, what does that mean?
  2. 420greg

    420greg Well-Known Member

    A sum, account, or value set off against another sum or account, as an equivalent; hence, anything which is given in exchange or retaliation; a set-off.

    They are just referring to your savings account.
    Maybe it has changed from a 'secured' deposit to an 'offset' deposit.

    I had a secured card from Orchard years ago. After 1 year of no lates or overs I could get my $500 deposit back. They do not notify you. I had to keep track of mine and wrote to them requesting release of my deposit now that a year had gone by.

    A. Your time went by and the deposit has been released. You may have to request it. The will not automatically send it to you.

    B. It was released, you did not know it, you made a late payment, they 'un-realesed' it.

    It's worth a call to customer service to find out.
  3. acegirl

    acegirl Well-Known Member

    It was released, you did not know it, you made a late payment, they 'un-realesed' it>>>

    what does this mean?
  4. iambroke

    iambroke Well-Known Member

    Sounds like your deposit was released (switched to an unsecured card) but you made a late payment and thus they switched it back (deposit is now collateral again)?

    Or did they credit your account FROM your deposit you secured it with?

    Did you call customer service?

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