Juniper Bank Complaint - Extreme hold on multiple online payments
WILMINGTON, DELAWARE -- This is my first 3cents review, so I hope all will be understanding w/ any replies. I joined because of a challenge w/ Juniper, but I don't want my first words to be complaint... so I'll start by saying that I applied for the Carnival MasterCard because I'm a total fan of the great vacation service provided by Carnival Cruise Line. I recently take two cruise, and have four more booked for the next twelve months.
Today I learned a valuable lesson that Juniper doesn't follow the same practices as the majority of retailers (those who are glad to take your money any way they can get it, and then hope that you spend even more), because if you make more than one online payment in the billing month, each payment is held from your Available Credit for 10 full days after payment clears your financial institution. You'll see the amount subtracted from your bank statement, and you'll receive a message from Juniper thanking you for your received payment, but you won't have that amount available back to you on your card for another week and a half.
When I called to inquire about the reason for this, the person on the phone seemed quite unsure how to describe a reason, other than to say "It's our policy". Any call center worth its salt knows that is a taboo phrase that is rarely accepted by the person asking why. I was told the info was clearly stated in the Cardmember Agreement, which I'd put in front of me prior to the call. I advised that I couldn't find that statement, and requested that I be directed to where that was. After some stammering, she said that she didn't see it on her screen, but that it was still policy.
At the end of one paragraph, it states, "We will apply your payments to the balance in your Account in whatever manner we determine". Wow!! I guess that's the blanket statement that covers than on any questions whatsoever. Kind of like growing up and hearing a parent say, "Because I said so, that's why!"
True, I've been using this rather new card much like my debit card for everyday purchases. The simple reason being to earn the Carnival points for future bonus use. I keep my receipts and on Thursday prior to 7:00, I do an online payment for that week's purchases. It gets subtracted from my bank on Friday, but those funds are not available again for me to use during the entire following week. They are available the week after that (2nd week).
I guess all the hoo-ha about how fast online banking transactions occur is only a benefit for the company and not the consumer. I've not paid a dime in interest fees to any card in all of 2007, and don't intend to start. That's why I'm glad I checked my Available Credit balance on the phone prior to making a large purchase. I thought (according to my messages for Juniper about money received) that it was higher than it actually was. In theory, by my math, I actually have a credit balance with Juniper. According to "policy" that will only be recognized later this month. I'm SOOO glad I checked in advance.