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by Truth seeker on March 15th, 2009

Truth seeker

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When I pay my american express bill online, the money comes out, yet, american express doesn't get the money for 3 days. What happens to the money in limbo? Is someone making interest off all our payments when its held somewhere for this 3 day period?

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  • by Mephistopheles on March 15th, 2009

    Mephistopheles

    I'm not sure of your question. Where is the money getting lost and where is it coming from? If you're paying directly on line from your bank to your Amex card, the money doesn't get lost for 3 days (I know this for a fact because that's what I do and the transfer is made from my bank and posted by Amex on the same day because the transaction is done electronically). However, if you are paying directly on Amex's website, I can see why it would take 3 days. First, there is a cut off time (if you pay past that time, the transaction isn't posted till the next day). Then, they probably only download those payments once or twice per day (again, please refer to the first) and it probably takes another day to verify and actually transfer the funds

    There are other companies (like Chase) that freeze payments for weeks on end by placing them on "hold accounts" (which are illegal) and collecting the interest and putting it in their pockets. They have caused a lot of people to lose their homes by playing these tricks

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