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6 weeks for a check to clear?
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Posted by Steve
(24.48.137.49) on July 20, 2002 at 20:52:23:
Yesterday I spoke with a supervisor at Arrow Financial for an account I let slip away from me while concentrating on everything else on my credit report. In April they sent a settlement offer. At the time I did not realize to use my money as a negotiating tool. I sent the offer in. In the letter however, it stated that my credit reports would be updated upon clearance of the check. The check cleared my bank on April 4, 2002. However, I did not receive any notice that the account was settled for until May 17, 2002. This was AFTER I sent a letter to them and AFTER a phone call. After doing some more research I found they could be held accountable for negligent non-compliance as well as "mis-leading" information. I held my breath as I thought I had caught a break here for the item to be deleted. Or so I thought. The supervisor I spoke with informed me it takes approximately 4-6 weeks for them to know the check cleared. The money cleared my bank on April 4 so where did it go for those 6 weeks? Can someone advise me here before I proceed to file complaints? Was I lied to or was she telling the truth?
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