If had a credit card company sit on your payment until after the due date? (funds, pay)
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I owed money on a credit card and had almost ten days to the due date so I put a check in the mail and mailed it at the post office. The day after the due date I got a call from the Credit Card Company wanting to know when the check would arrive. I told them I mailed it ten days ago. They did not believe me and gave me a $39 late fee.
So next time I tried to be smart and I used my bank's Bill Pay Service. I paid electronically the full payment five days before the due date. My bank did not issue payment until the end of two business days after submitting my request. Then my credit card company sat on the payment for five more days until the due date passed and then charged me a $39 fee.
I suspect that the first check was delayed in the mail and the second was caused by you not fully understanding how e-banking works. I'd suggest paying it a few days before it's due directly on the credit card web site and keeping a printout of the screen showing they have confirmed the payment.
Most credit card company will wave the $39 fee 1x. As for the EBill pay, if you put in the 'due' date, (in time for them to processing it in time). They will pay it so it arrives by on or before the due date. The bank should stand behind there system. Call your bank and tell them it did not arrive on time, they will pay the $39 or get it removed. Keep in mind the bank maybe sending dozens of payments to them in 1 check, and your credit card company need to put each on in manually. But they should still put it in as of the date they got the payment, Not the date they put it into there system. Also your bank may/can put tracking on the mail, so they will electronically know when the USPS put it in there 'Mail' box.
I used to fret about my payment getting there one time. Now I pay by phone as soon as the bill comes in. I get a confirmation number from the CC company, and the bank debits the money that day or the next. SO easy!
I owed money on a credit card and had almost ten days to the due date so I put a check in the mail and mailed it at the post office. The day after the due date I got a call from the Credit Card Company wanting to know when the check would arrive. I told them I mailed it ten days ago. They did not believe me and gave me a $39 late fee.
So next time I tried to be smart and I used my bank's Bill Pay Service. I paid electronically the full payment five days before the due date. My bank did not issue payment until the end of two business days after submitting my request. Then my credit card company sat on the payment for five more days until the due date passed and then charged me a $39 fee.
There should be a law!
Two things
1) Banks normally have a "deliver by" date and they will deliver by that date. The "deliver by" date is not necessarily the date that you submitted your order. Fund will also be not taken out until the "deliver by" date. The gap between your submission and the "deliver by" date can be as small as next day deliver to 2 or 3 business day depending. When you submit your order, it should be clearly shown to you "deliver by" day. You may not be understanding that. Call your bank and they can explain you.
2) Your "then my credit company sat on payment for five more days" is really very unusal. Why would they sit on it? This is electronic transfer. When the money cleared from your account on "deliver by" date, that should be the payment date reflected on your credit company site. How do they sat on it? I have no idea. Sounds like they have some "electronic parking lot", lol. Call them and ask why they didn't apply into your account on the same day that they received it from your bank.
My Bank processes my E-Bill request one of two way.
They EFT the funds to the many of the larger companies who take payments as EFT's. I can put in today that I want it payed tomorrow and it done and paid on time.
Second way is what they do for smaller or places that don't take EFT payments.
They physically mail a check to them. They know (or have a good idea) how long it will take a check to get from the Bank (in KY) to X. They mail it a few days in advance so it get there on or before the due date. There software seem to add 1 day more for mailing in the winter. And I'm guessing that they also have some logic that looks at any weather that would effect/delay the mail and factor that into there mailing time.
I also had a utility company who sat on the checks. My bank stands behind there mailing/due date processing. After 3rd time the utility said the check was late, My bank started to track the mail to them so when the USPS put the check in there 'box' they got a electronic record of when it was delivered. That check and the next month were recorded late also. The bank told them it had USPS records of when the check was delivered to them. And I understand they notified the state utility commission and no more payments where recorded late.
I owed money on a credit card and had almost ten days to the due date so I put a check in the mail and mailed it at the post office. The day after the due date I got a call from the Credit Card Company wanting to know when the check would arrive. I told them I mailed it ten days ago. They did not believe me and gave me a $39 late fee.
So next time I tried to be smart and I used my bank's Bill Pay Service. I paid electronically the full payment five days before the due date. My bank did not issue payment until the end of two business days after submitting my request. Then my credit card company sat on the payment for five more days until the due date passed and then charged me a $39 fee.
There should be a law!
A simple suggest. What is the minimum usually due on your card each month. Take that amount add a little more to it and have it automatically sent by the bank the day after you normally receive the end of the cycle notice. That avoids any late fees and then you can pay it off or pay want you want later and not worry about it being late. Set up autumatic payments or send them money twice each month. Once to pay the bill and again just before you would get the bill so they get it after the billing date and again you can pay the balance or what you want closer to the end of the cycle. Worse comes to worse and you have a credit balance and I don't thing the world would end.
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?
Quote:
Originally Posted by MeInDenudinFL
Two things
1) Banks normally have a "deliver by" date and they will deliver by that date. The "deliver by" date is not necessarily the date that you submitted your order. Fund will also be not taken out until the "deliver by" date. The gap between your submission and the "deliver by" date can be as small as next day deliver to 2 or 3 business day depending. When you submit your order, it should be clearly shown to you "deliver by" day. You may not be understanding that. Call your bank and they can explain you.
2) Your "then my credit company sat on payment for five more days" is really very unusal. Why would they sit on it? This is electronic transfer. When the money cleared from your account on "deliver by" date, that should be the payment date reflected on your credit company site. How do they sat on it? I have no idea. Sounds like they have some "electronic parking lot", lol. Call them and ask why they didn't apply into your account on the same day that they received it from your bank.
I just paid my Discover off for this billing period.
Went to the Discover site Dec 27, set up the payment for the same day, and it was credited the next day Dec 28. One day... done.
Seven days sounds like something was set up wrong....
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slow, slow, slow!
