Originally Posted by
KevPNW
Not necessarily. Accounts and payment methods can be subject to a float/hold, meaning the available credit would not update immediately. This typically only applies to new accounts, or existing accounts that have had a payment returned, and the bank wants to ensure the funds are good.
BofA (and US Bank) at times treat payments outside statements differently
e.g. Statement posts Oct 1 I pay it off fully Oct 1 - often released in 24-48 hrs
However, my statement is due Oct 31, but my line is full and I pay it off today, it can take upto a week to clear.
Paying drect from my bank to BofA does notspeed it up much either
It is to avoid fraud from excess churning through credit line
I have found that just paying ahead by a week or two from my bank to BofA before statement due date or just paying twice does create more available credit line
e.g., My statement is 4k (line 5k) I set it to autopay and then I pay it off today - BofA will pay 4k today and again 4k on the statement due date (EVEN if fully paid off)
This is quite different from Amex, Citi, Chase, where if you pay off 4k and the balance is zero, it will not pay off 4k again on the due date