- Report: #738597
Complaint Review: Target National Bank - Minneapolis Minnesota
Reported By:
Notsogood -
, , United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Target National Bank
Minneapolis, MB Minneapolis, Minnesota, United States of America
Phone:
Web:
www.target.com
Categories:
Business Rating:
(0)
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Target National Bank Recieved Payment Then Held Funds and Credit Line Minneapolis, Minnesota
Simple. We made our normal electronic payment to our Target Visa. The payment clears our bank, they have our funds yet it does not reflect on our available credit.
Upon contacting Target credit dept, they then purposely hold the funds and cause us to be stranded while traveling. They have our funds, several hundred dollars yet refuse to release it to our credit line. We have never missed a payment and they make a fair profit on us as consumers.
We are fine with that but holding our money for more than 5 days after it has been recieved on their end is ludicrous.
Upon contacting Target credit dept, they then purposely hold the funds and cause us to be stranded while traveling. They have our funds, several hundred dollars yet refuse to release it to our credit line. We have never missed a payment and they make a fair profit on us as consumers.
We are fine with that but holding our money for more than 5 days after it has been recieved on their end is ludicrous.
2 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
You've got the wrong idea
#2Consumer Comment
Thu, June 09, 2011
We are fine with that but holding our money for more than 5 days after it has been recieved on their end is ludicrous.
Credit cards don't work that way, you said it is "OUR" money..well it is not YOUR money.
When a company issues you a credit card you have a credit limit. This is the amount they say they are going to allow you to borrow. When you make a payment you are paying them back money you had previously borrowed. It is then up to them as to when they will allow you to borrow that money again. As long as they credit the payment as being made when they receive it, there is nothing wrong with them not releasing the funds for several days.
You didn't give any details, but most of the time when this happens(with more than just Target) it is after you made a significant payment on the account. They do this because if they "release" the amount back into your credit line, you max out your credit, and then the payment comes back as bad you will go over your credit limit and they may not get paid back. Yes this does happen and why several credit cards have gone to doing this.
But if them holding a payment on a single credit card is causing you to be stranded. Perhaps you need to look a little harder at your fiscal management.
Jim
Millbrook,Alabama,
U.S.A.
Close that account and go to a credit union.
#3Consumer Comment
Thu, June 09, 2011
This s**t simply doesn't happen there.
