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  #1  
Old 04/15/13, 09:43 AM
 
Join Date: Sep 2003
Location: Whiskey Flats(Ft. Worth) , Tx
Posts: 8,198
Banks\CC companies taking Xtra days To post your payment !

............I've noticed that banks and CC companies are taking an extra 3 or 4 days to post the payments on account that I send to them or pay over the computer ! Their motivation is simple.........the longer they wait the MORE interest they can charge .
.............When I use my debit card at Wal Mart the amount is removed almost instantly , which is also true for almost any other purchase . So , WHY can't CC's follow the same procedure ? , fordy

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  #2  
Old 04/15/13, 10:17 AM
 
Join Date: Jun 2004
Location: Wyoming
Posts: 4,174

I pay several credit cards between work and personnel. Most are online and they always post the day I schedule the payment. Sometime the bank takes a few days to post it to my bank account but the credit card companies always post on the correct day.

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  #3  
Old 04/15/13, 10:18 AM
 
Join Date: Jan 2004
Location: MN
Posts: 7,192

Caught my credit card doing that years ago, they said I was a day late getting them their payment, they posted the payment on a Monday. Happened to be that Monday was a fedral holiday, so they would have had to have gotten my check on Saturday, and the due date happened to be that Sunday.

I got my fees reembursed on that one, 100%.

Half a year later, got a letter on a bulk court case, if I wanted to join in. Was for that issue. I declined of course because I already had settled. I'm sure I woulda got 10 cents out of the court case, you know how they go....

Anyhow, its pretty easy to see what they are doing, there are no ethics left any more, Craigslist, eBay, banks, credit card companies, insurance companies, there are zero ethics left, and our govt has failed to keep up consumer fraud laws, they are more interested in being partisan and gridlock and doing nothing helpful. Years ago we actually had some helpful regulation that made us feel safe and could use our stuff in a safe and protected way, and were on a slightly level playing field with big and small alike.

No longer.

Paul

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  #4  
Old 04/15/13, 10:24 AM
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Join Date: May 2004
Location: Cochise, AZ
Posts: 5,470

I bank with USAA and while the company is not perfect they do post the day I pay. Also they send out my bills when they say they will and my utility bills also post the day their supposed to. Though I always pay way early since I get paid once a month.

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  #5  
Old 04/15/13, 10:42 AM
 
Join Date: Sep 2005
Location: Former State of Franklin
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Quote:
Originally Posted by painterswife View Post
I pay several credit cards between work and personnel. Most are online and they always post the day I schedule the payment. Sometime the bank takes a few days to post it to my bank account but the credit card companies always post on the correct day.
That's been my experience with VISA as well.....not only do they post it, but I get a confirmation number I online I always write on the paper bill copy, and they follow up with an email the same day.
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Old 04/15/13, 11:55 AM
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Join Date: Oct 2008
Location: Virginia
Posts: 3,206

Paypal can instantly REMOVE funds from my bank account, but when I transfer money INTO my account from my Paypal balance they take 3-4 days . Same thing.

There's no reason for this other than what y'all stated: the longer they hold our $$, the more interest they get

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  #7  
Old 04/15/13, 12:27 PM
 
Join Date: Apr 2010
Posts: 6,092

The sad reality is that credit card companies do not even have to send you a statement - you are responsible to pay on time whether you receive a statement or not. And yes they are shortening the time between the statement date and the due date. Everyone should know their statement end date and pay ASAP after this to ensure the payment is recorded on time.

If you pay the entire credit card bill every month then you can pay any time immediately after the statement date. You will not be charged any interest if you pay it all. But only if you pay it all and maintain a zero balance.

If you pay only part of the credit card bill you will be charged interest on the whole amount.

Pay your bill after the statement date. If you pay before the statement date you must also pay after the date. Paying before does not count as a payment for the statement. We got caught this way.

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  #8  
Old 04/15/13, 01:25 PM
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Join Date: Sep 2006
Posts: 12,518
Quote:
Originally Posted by fordy View Post
............I've noticed that banks and CC companies are taking an extra 3 or 4 days to post the payments on account that I send to them or pay over the computer ! Their motivation is simple.........the longer they wait the MORE interest they can charge .
.............When I use my debit card at Wal Mart the amount is removed almost instantly , which is also true for almost any other purchase . So , WHY can't CC's follow the same procedure ? , fordy
Credit card transactions are regulated by the government now days. There's probably some government reg which requires them to give you time to change your mind about paying.
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  #9  
Old 04/16/13, 11:45 AM
 
Join Date: Apr 2010
Posts: 6,092

The most important thing to remember about credit cards is that you do not have to use them. It is a choice and with the choice comes all sorts of conditions that you have to meet.

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  #10  
Old 04/17/13, 08:38 AM
 
Join Date: Oct 2010
Posts: 736

Paying off your balance is the only way to keep control. If you can't, just get used to bending over and saying thank you for the privilege of getting screwed by the bank.

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  #11  
Old 04/17/13, 08:47 AM
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Join Date: Feb 2013
Posts: 17

I set up my payment for the middle of the month and always pay at the beginning of the month that way I know it is to them well before it is due.

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  #12  
Old 04/17/13, 10:02 AM
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In educational mode.
 
Join Date: Apr 2013
Posts: 130

Are your cards with subprime banks? I have 5 cards from 4 different banks and all of them post on the day I make the payment. I have 1 subprime card from back in the day. I use it occasionally to keep it active. It posts on the day I make the payment.

Are you looking at your accounts on your computer? It does take up to 48 hours for some systems to update and for your info to become current. That doesn't mean your payment is being held.

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  #13  
Old 04/17/13, 12:03 PM
 
Join Date: Sep 2012
Location: Eastern TN.
Posts: 313

Daughter had direct pay on the mortgage. 2007, bank asked for an odd payment and then stopped taking payments, said nothing about lack of payments.

2008 WaMu failed, Chase took over. Still no mention about lack of payments.

2010 I realized what was going on. Tried to tell Chase, they denied any problem. Then told me they were taking payments from an account that was not hers.

2011 After one year of "we need to do more research" in 2012 she gets "You are behind in payments." They offered a mortgage modification. It took her payment from $489 to $900. She is autistic and disabled and on a fixed income. (I have full documentation all the banks actions.)
2013 After over 6 years of no payments, denial, possibly robbing another person and not being able to find the note or mortgage the "rights" were sold to Citi Bank. One month later the papers miraculous appear. They have now doubled her mortgage balance, and the house is now in foreclosure.

The big banks will LIE, CHEAT, COMMIT PERIGEE, FORGE PAPERS and use their FED GOV to screw you through the floor. (We The People, are now out of the loop.)

Use a local bank or credit union and still keep your eye's open.

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