Orchard Bank Complaint - Orchard Holding Payment - Credit Card

Posted by tnchuck100 on 2008-03-01:

Allowing anyone to automatically debit your bank account is a major mistake. It will eventually cause you grief.

YOU manually send a payment from your bank to the credit card company. That way YOU maintain control of how much is paid and when.

Posted by PleasedAsPunch on 2008-03-01:

I agree w/tnchuck100! I pay my bills online, but I have never and will never set up automatic payments. I want to always be in control of my money.
My Suggestion is to rearrange your methods of electronic payments. Why are using the credit card int he first place? It's like creating a "middle man". Keep the Middle man out of it and make it simple.

Posted by Principissa on 2008-03-01:

I agree with chuck. Never ever let a company have access to your bank account. It is essentially giving them rule free access to your money when ever you want it. Just because you tell them to take X amount of money out of your account doesn't mean they will. My suggestion is to cancel the automatic payments and just send a payment through the mail or online. It will save you a lot of headaches in the future.

Posted by yoke on 2008-03-01:

If you send it by mail send it so they have to sign for it, that way you will know when they received it and they can't post it as late.

Posted by Cryren on 2008-03-02:

I keep an eye on it. I do it this way to help my credit.
The issue is not the recurring payments.
The issue is that they feel they can hold my payment, MY MONEY for 2 weeks without notification and without reason. My method of paying them is not of concern here.

Posted by route36 on 2008-05-09:

I have a similar problem. It is very frustrating because they pull the money out of your account and just hold it for 2 weeks. I am wondering if they are charging me interest on the balance that the payment was paying off. I expect it is a way for them to build up huge revenues in interest and to make their assets look better so they can issue more cards to suckers like us.

Posted by tricky0ff on 2010-12-30:

Seriously people, you just aren't getting the point of this post are you? I made an EFT payment last week on my Orchard Credit card. I don't have it set up to automatically pay because it's a new account and I don't do that anyway but really, they post your payment and then they post a pending debit transaction for $1 less than your payment so that it looks like you haven't really paid anything. They leave this pending transaction on your account for 14 days regardless if they have received your money or not, which they most likely have, so that when the billing cycle is over, they can not only charge you interest even though you have paid them but also you cannot use the card and in my case, I had a 300 limit, I used and paid off $243 and now the money just sits there and the card is useless and it's not going to help rebuild my credit as they claim because even though it's paid off, it's showing that there is a $242 pending charge on the account so when they report to the credit agencies, it's going to show that I'm almost at my limit when I'm not. Sorry folks but that is a scam in my book. I didn't want or need a credit card but only got this one to help improve my credit but I'm closing this card ASAP. And they claim it was all in black and white in the card membership agreement but they say that if you have a history of non sufficient funds (which I do not) they will hold your payment to make sure your bank releases the funds. Well my bank released the funds days ago!