• Report: #332854

Complaint Review: Aspire

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  • Submitted: Fri, May 16, 2008
  • Updated: Tue, June 03, 2008

  • Reported By:Fairmont West Virginia
Aspire
PO Box 105555 Atlanta, Georgia U.S.A.

Aspire Aspire, Holding payments Atlanta Georgia

*UPDATE Employee: Its the computer

*Author of original report: Aspire holding payments

*Consumer Comment: RE:

*Consumer Suggestion: Illegal to hold payments this way

*Consumer Suggestion: Illegal to hold payments this way

*Consumer Suggestion: Illegal to hold payments this way

*Consumer Suggestion: Illegal to hold payments this way

*Consumer Comment: Many credit card companies are doing this.

*Consumer Suggestion: Aspire is SCUM . . . Cancel that card NOW!

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Email I sent to Aspire:

Dear Sir,
To put things into perspective, if I pay Capital One 100.00 today at 9am, the payment posts the same day. If I make another payment the next day at 9am, the payment posts the same day. I can post payments every day that post the same day.

Having said this, why is it that when I make a payment to Aspire and then two days later make another payment, Aspire tells me that I have to wait seven days for the second payment to post? This in light of the fact that I have verified with my bank that the funds for the second payment have been withdrawn from the bank already. Aspire is sitting on the second payment for what reason?

So I call in to your customer care. I am told that if I can provide proof that the payment has been withdrawn from my bank, then they will post the payment now. If not, the May 13 payment I made will not post to the account until May 19. Here is where it gets interesting. I get the fax number, 770-870-5192, and Shailesh advises me to send the proof. I ask when I can call back to verify what I sent, to which he replied, "In five to seven business days." Nice. So, the payment is going to post on 19th after you all sit on the funds for seven days, and your supervisor tells me that if I send proof the money had been taken from my bank, Aspire will apply the payment, but they won't be able to look at what I send until Friday, May 23, a full 4 days after the payment will have posted anyway. Genius strategy. I have to hand it to you people.

This has happened to me before. A few months ago, I made a $2000 payment and, although my bank reported the payment cleared, Aspire sat on the payment for seven days.

You know, sir, I might fall for this lunacy if this were 15 years ago, but we are in the electronic age. I know when I push the button, the money is sent electronically, not via an envelop through the mail. This whole situation has disappointed me in Aspire. I will pay off this balance and cancel my card.

Thanks for nothing

James
Fairmont, West Virginia
U.S.A.

This report was posted on Ripoff Report on 05/16/2008 06:14 AM and is a permanent record located here: http://www.ripoffreport.com/r/Aspire/Atlanta-Georgia-30342-5555/Aspire-Aspire-Holding-payments-Atlanta-Georgia-332854. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 9Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Its the computer

AUTHOR: Tinkerbell - (U.S.A.)

The software that is used only allows 1 payment every 7 days. They dont hold your payment for a week then process it. The payment is processed the day it was set up and posted to the account by midnight.
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#2 Author of original report

Aspire holding payments

AUTHOR: James - (U.S.A.)

I spoke with a manager of Aspire and found out exactly what is going on. If you sent them a payment by mail or directly from your bank, they say they do not hold the payment. They say the only time they delay payments from applying is when the payment is made on their web site. They say when a payment is made on their web site, if another payment is made soon after, that payment will not be processed for 7 days. The excuse given to me was that they do this so as to not get returned payments. I have a Capital One card and I never have these issues with them.
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#3 Consumer Comment

RE:

AUTHOR: John - (U.S.A.)

Pay off the card...send a letter via Certified Mail + Return Receipt to confirm cancellation...

If you can't pay off the card, mail all payments via Certified Mail + Return Receipt....Once your have official confirmation of receipt of payment, it will be rather hard for them to pull their late payment tricks...If they do, you could file fraud changes with your state's postmaster general.
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#4 Consumer Suggestion

Illegal to hold payments this way

AUTHOR: Robert - (U.S.A.)

You should read the Consumer Credit Protection Act.

It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds.

Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.
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#5 Consumer Suggestion

Illegal to hold payments this way

AUTHOR: Robert - (U.S.A.)

You should read the Consumer Credit Protection Act.

It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds.

Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.
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#6 Consumer Suggestion

Illegal to hold payments this way

AUTHOR: Robert - (U.S.A.)

You should read the Consumer Credit Protection Act.

It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds.

Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.
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#7 Consumer Suggestion

Illegal to hold payments this way

AUTHOR: Robert - (U.S.A.)

You should read the Consumer Credit Protection Act.

It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds.

Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.
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#8 Consumer Comment

Many credit card companies are doing this.

AUTHOR: Nikki - (U.S.A.)

Many "bad credit" credit card companies are doing this. They hold your money if you make a payment over a certain amount (I have one that holds payments $400 or more) and they hold your second payment if you make 2 in one month. They do post it with the correct date, but they hold the money off your available balance.

I'm not saying it's right, but this is how it was explained to me. With the "bad credit" credit cards, anything one does out of the norm is suspect. Picture a scammer making a $1000 payment they intend to bounce, but they need to charge $1000 worth of items tomorrow. So, they make a bogus payment today, to charge the $1000 tomorrow. Then the payment "bounces" and the customer does not come up with the money. Remember, in recent years there have been many shady practices by people trying to scam the system. Or, another scenario is one who knows they are getting $1000 in a few days and are hoping their money comes in B4 the payment clears the bank, but they want to make a charge tomorrow.

The credit card companies also found that by making a large payment, then charging again, you are gypping them out of their interest on that money (due to the interest leeway on current purchases) and they want that money. To compensate for loss of interest, they hold your money.

With the 2 payments in one month, they feel the 2nd payment is usually so you can charge something (see interest reason above) so they hold the 2nd payment. They figure there's no other reason for a 2nd payment.

In essence, they just want to hold onto your money for as long as they can and found this is another way they can do that.
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#9 Consumer Suggestion

Aspire is SCUM . . . Cancel that card NOW!

AUTHOR: Tim - (U.S.A.)

You should DEFINITELY cancel the card. I am entirely familiar with the situation you describe. Basically, in the aggregate, they make an awful lot of money by "sitting" on payments that have been made and cleared.

I actually had a similar card, I believe from the same company. I paid my minimum balance on the day due, and made another payment 11 days later, thinking that this would count towards the next month's minimum payment.

It turned out that, since the payments were so close together, the second payment would not count towards the next month's minimum payment, and that I actually had to wait to make such a payment.

These guys are scum. In fact, they are the scummiest of scummy creditors.

First, they send you an offer stating that you are "pre-qualified" for a credit line of up to $1500. If you read the fine print, you find that every account is initially set with $300 of credit, out of which they take $179 in fees. So when you receive the card, it already has a balance of $179, and your available credit is actually $121. So not only do you have diddly-squat for available credit, but you also OWE $179.

They will then present you with problem after problem until you are blue in the face.

My advice: if possible, pay off the entire balance, cancel the card, and get a card with a more reputable company. Even a crappy secured card is better than this garbage.

Best regards!
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