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I did some analysis of my wife's payments to her credit Chase Credit Card through her bill pay service with her CitiCorp Bank Account. Usually there was a 5-7 day lag from the day she ordered the payment online and the day she got the money credited by her Chase Credit Card. Two business days before CitiCorp processed the request. Two more days until the money was sent and then 3 days before Chase would process the payment after they recieved it.
Why would Chase sit on an electronic payment? Maybe they wanted to use the money for a few days or they hoped you were going to get a late fee so they could get more money?
I think another approach that can solve your problem is to let the credit company charge your checking account directly. I have an account set up like that with AmEx. Once my account is set up that way, I go to AmEx website and pay my credit balance and they would charge my checking account same day. That way, I get immediately electronic confirmation from AmEx "payment received." This should solve the late fees for your case.
I think another approach that can solve your problem is to let the credit company charge your checking account directly. I have an account set up like that with AmEx. Once my account is set up that way, I go to AmEx website and pay my credit balance and they would charge my checking account same day. That way, I get immediately electronic confirmation from AmEx "payment received." This should solve the late fees for your case.
Wait a second! That would constitute paying "ON TIME".
I have NEVER, EVER, had a payment late to any bill of any sort. It may just be me, but the people I hear crying about late this and late that usually like to push the envelope and/or "float checks" to avoid a direct draft from their checking.
Get a statement in the mail and pay directly to the company's website, set up an auto draft (WITH THE COMPANY), or mail the check 30 days in advance (or when the statement arrives). It has never been rocket science and I can tell you that the majority of American's who understand and follow the rule of "Pay Early, Pay Often" do not suffer from late fees EVER.
Wait a second! That would constitute paying "ON TIME".
I have NEVER, EVER, had a payment late to any bill of any sort. It may just be me, but the people I hear crying about late this and late that usually like to push the envelope and/or "float checks" to avoid a direct draft from their checking.
Get a statement in the mail and pay directly to the company's website, set up an auto draft (WITH THE COMPANY), or mail the check 30 days in advance (or when the statement arrives). It has never been rocket science and I can tell you that the majority of American's who understand and follow the rule of "Pay Early, Pay Often" do not suffer from late fees EVER.
I've set up my CC company to automatically pay off the balance from my checking account on the due date. Some may not be comfortable with that, but I watch my credit card transactions almost daily so I know what is getting charged. I also have set up automatic alerts that get sent to my phone if large transactions are made. The majority of my purchases are below $100, so if anything is charged above that, then I get a text message. I get alerted when my statement is online so I can review it before the payment is made.
Since everything is automated, I don't have a problem with late payments.
If my credit card ever tries to pull anything on me (my fault or not), I simply say, "Ok, canceling the card." I have had to pay ZERO fees for anything ever.
Granted, there have been 2 times my entire life where it was MY fault (by a couple of days). Still...
I always pay online through the creditor's website to make sure it gets posted when it's due. Some people freak out about the thought of giving a creditor access to their bank account (I would be apprehensive, too, in certain situations) but after 45 years my relationship with my bank is strong enough that if someone tries to double-dip or otherwise take more than they're supposed to, my bank will debit any disputed charges until the situation can be worked out. And I've had to do that only once in several hundred such transactions; and that one time was my fault, as after I confirmed the payment I realized that I had set it up for that day rather than the due date.
I had a late payment one time, and it was because I mailed the payment late. The CC didn't charge me a fee though because I'd had 100% ontime payments in the past.
If my credit card ever tries to pull anything on me (my fault or not), I simply say, "Ok, canceling the card." I have had to pay ZERO fees for anything ever.
Granted, there have been 2 times my entire life where it was MY fault (by a couple of days). Still...
That whole situation sounds weird.
I think there's more to the story than is being told.
I did some analysis of my wife's payments to her credit Chase Credit Card through her bill pay service with her CitiCorp Bank Account. Usually there was a 5-7 day lag from the day she ordered the payment online and the day she got the money credited by her Chase Credit Card. Two business days before CitiCorp processed the request. Two more days until the money was sent and then 3 days before Chase would process the payment after they recieved it.
Why would Chase sit on an electronic payment? Maybe they wanted to use the money for a few days or they hoped you were going to get a late fee so they could get more money?
Maybe it's not electronic. A few of my clients pay me "electronically".... and a week or so later I have a paper check issued to me from the bank.
This sounds really screwy. I've used nothing but e-bill through my bank for around 6 years now and I always just put the final due-date as the date to pay and have never been hit with a late fee for any of my cards or missed a payment on anything. I don't deal with paying the companies directly and having to log in to multiple sites to pay things off. I route everything through my credit cards and then route all my credit card bills through my main bank and just pay all bills from that one spot.
Even if the final payment is paper, if you do e-bill through your bank, the date you put as the payment date is guaranteed (at any bank I have dealt with that uses e-billing). So, if it's an electronic transfer they may do it the day before or of and if they have to send a check, they will issue the check in such a way that it is processed by the vendor without any late fees.
To the end user (like any of us or the OP) it shouldn't matter how your bank pays the vendor, they typically guarantee that payment arrives by the date you select regardless.
I feel like we are missing something.
Last edited by Sunbather; 01-03-2013 at 10:25 AM..
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