Credit Tips: Is Credit Card Fee Based on Due Date or Posting Date?

Posted On: May 1, 2006

Author: billbenoit
Posted: Mon Jan 02, 2006 9:31 pm
Post subject: Late fee based on posting date not due date

I have been paying credit card electronically from my bank (their card) and have incurred a late fee because they base the late fee on when your payment is posted to your account not when its received( Just changed to this method in the last two months and sent email to that effect). The bank said I should allow a couple of extra days beyond the delivery date for the post to take place so I don’t incurr the late fee.

My payment has been sent electronically and been posted in less that two days and it has been as many as six days. The longer times have meant the posted date was beyond the due date and a late fee charged. I have complained to the bank and filled out a complaint form with the state banking and finance bureau.

Any body else going by the post date ???
Is this proper???

Anxious to hear your thoughts

Author: mouse
Posted: Mon Jan 02, 2006 10:36 pm
Post subject: Re: Late fee based on posting date not due date

billbenoit wrote:
I have been paying credit card electronically from my bank (their card) and have incurred a late fee because they base the late fee on when your payment is posted to your account not when its received( Just changed to this method in the last two months and sent email to that effect). The bank said I should allow a couple of extra days beyond the delivery date for the post to take place so I don’t incurr the late fee.

My payment has been sent electronically and been posted in less that two days and it has been as many as six days. The longer times have meant the posted date was beyond the due date and a late fee charged. I have complained to the bank and filled out a complaint form with the state banking and finance bureau.

Any body else going by the post date ???
Is this proper???

Anxious to hear your thoughts

Payment MUST post on the day of receipt or the next day

(unless it is a weekend or Holiday)

Author: Polonius
Posted: Tue Jan 03, 2006 10:53 am
Post subject:Is Credit Card Fee Based on Due Date or Posting Date?

It’s up to the bank. As long as its rules are disclosed, I don’t think you have a case.

I wish mouse were right about this one. But he isn’t. I have some banks who say quite clearly in their terms that payment has to be received at a certain address with a certain payment slip by a certain time of day–that any other form of payment can have positng delayed up to five business days.

Author: credithelp
Posted: Tue Jan 03, 2006 11:54 am
Post subject: Is Credit Card Fee Based on Due Date or Posting Date?

Depends on the bank and their policies. If you pay before 1 or 2 in the afternoon most banks seem to credit the account later that day.After the cutoff time its usually the next day unless it falls on a weekend or holiday.

Ive made a few phone payments to amex during late afternoon(around 4). They posted them the next morning but still gave the previous days date as the date of payment so that was a first for me. I’m sure if the payment was due the same day i made it they would have posted it the next day to get a late fee out of me but i still had 6 days before it was due so it wouldnt have been an issue anyways.