It holds the payment upto 5 days. then money is out of my bank acount but not showing in the on line account.
Also they keep the merchant credit for a very long time.
Since they are the bank I am sure they have good reasons for it. and
not a good game for customers.
1. Opened a HYSC (high yield savings account) jointly with my wife.
2. I transposed two digits of my wifes ssn.
3. They froze my account.
4. Did not contact me. I had to contact them. over 4 times.
5. I fully admitted, verified the correct SSN, said I could provide any evidence they wanted of such, had my wife present....... No good.
6. They said we had to get an original letter from SS office stating my wife is who she is, with her ssn. OR I could close out account.
7. Called Social Security office. You know what that entails......
Basically taking a day off from work, bringing birth cert. , first born, finger prints, deceased parents records......... (little exaggeration here)
8. We chose to close account.
9. Called in and asked to close account. Said it would be 2-3 business days.
10. one week....... no contact
11 Two weeks ...........no contact.
12. I called .............. Oh... you account is restricted.........
13. Please let me talk to supervisor....... Sorry nothing I can do..............
So they've had my money for over a month now and I cannot access it. PERIOD..... Mind you it is not a HUGE sum of $. 104,000. But large enough.
The confirmation papers say one thing, but then the card is denied. My credit is excellent, I rarely use credit, and now I remember why. I chose this card carefully and opened the account for the sole purpose of making a single large purchase, and then on the morning of the purchase, the card was denied. I tried to contact customer service but the wait times are so absurdly long that I had to make a decision and just paid using other funds. I tried later to contact AmEx again and after being passed around from chat to phone to phone to phone and waiting on hold for 30 minutes the call was somehow disconnected. I regret opening the account and I'm left with frustration and ill will towards this colossal credit institution that cannot do what they say or find time to help me when I seek help. Finally, online AmEx does not offer a platform for complaints or expressing dissatisfaction, and I can't even send them an email. I guess they thing they're perfect or untouchable or something or just don't care.