- NEW!
Help answer this question below.
How do I change my account information on bill pay?
by Answerbag Staff on June 13th, 2010
| 1 person likes this
Do you pay your bills online?
by PL is on vacation right now on November 7th, 2011
| 4 people like this
How do I pay an at&t phone bill online?
by Answerbag Staff on May 10th, 2010
| 1 person likes this
Can I pay my Georgia Power bill online?
by Answerbag Staff on May 6th, 2010
| 1 person likes this
How many paper cheques do use in a month? A year?
by Gene H on April 6th, 2009
| 6 people like this
You're reading 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?
Comments
Ok ill try and put it in different words. Its hard to explain. I was in Hawaii and while I was gone my american express bill came in. So when I got home I went to pay it online and they notified me that I must pay three days prior to the due date. After that i got curious and phoned the hotline number out of curiosity. The guy said that the money was not in their account either until the end of the 3 day period. I then asked about where it went. The guy then put me on hold for a few minutes and then returned saying that he was not sure. Not sure? huh? It just seems to me that if money is being transferred in cyberspace it would be instantaneous. I think that the money from my bill and everyone else's bill paying at the same time sits in some sort of reserve pool where 3 days of interest are made on however many billions sit in the account at any given time. Something is not right here.
by Truth seeker on March 15th, 2009