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BOA hits you with late fee when you pay too early...what the #@#k !!!!

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Anonymous
Not applicable

Re: BOA hits you with late fee when you pay too early..what the #@#k !!!!


@Anonymous wrote:

@scapegrace13 wrote:

What does the poster in that story not comprehend?  The payment made on the 5th of the month was pre-statement; statement was cut on the 12th, and a new 'payment due' was generated at that time. 

 

Apparently, he/she failed to pay anything again before the date that payment was due.  Ergo, he/she was late on that payment = late fee. 

 

OP, if your statement has cut and you have a payment due, go ahead and make your cc payment.

 

If your statement hasn't cut yet, and you want to make a payment early to get your balance down a bit more before it reports to the CRAs, go ahead and do that, just realize that you'll still/again have a payment due AFTER the statement cuts, and be sure to pay that as well, before the due date. 


scapegrace, I totally agree with you and am not really seeing what others aren't understanding here. Smiley Happy

 

The statement would have posted on the 12th, would have mentioned the payment made on the 5th as a transaction during the PREVIOUS CYCLE, and would have said basically "please pay $X by X-date"

 

Statements summarize activities during the previous cycle, and say basically "based on that activity, this is what you owe us now, by this date."

 

If you Paid in Full before the statement cut, clearly the minimum due is going to be $0, so you are all set.  If you have a balance when the statement cuts, then there is going to be a minimum amount due by a certain date, regardless of whatever payments you've made previously.  The minimum due is going to be calculated based on the statement balance at the time the statement cuts.


Exactly. This isn't a problem with BofA, it's a problem with someone not understanding how credit cards work. BofA (or any issuer, for that matter) doesn't care how many payments you made in previous billing/statement periods, you still need to pay at least the minimum payment due on each and every statement before the due date. Making a payment before the statement cuts is all well and good if you're trying to have a lower balance report to the CRAs, and obviously paying IN FULL before the statement cuts (and then not running up a balance again between paying and the statement cutting!) means no payment will be due... but any payment made before the statement cuts is not going to count towards the payment due on future bills. If you actually look at the statement, it'll show the payments you've made... and then still show the minimum payment due, and the date it's due by. 
Definitely not BofA at fault - it's just how credit card companies work. All of them. Although I guess some might be nice enough to credit back the charges as a courtesy (despite the fact the customer would definitely be in the wrong in a case like that) IF you'd made a sizeable enough payment just before the statement dropped, and asked them nicely rather than accusing them of trying to cheat you or similar...

 

Message Edited by fevmlo on 10-19-2008 11:13 AM
Message 11 of 13
Geordi
Regular Contributor

Re: BOA hits you with late fee when you pay too early..what the #@#k !!!!

Agreed.

 

If there is a balance on the account when the statement cuts, then yes ALL CCCs shall require payment by the DUE DATE.

 

What my problem with this is, when the statement cuts, they would have mailed/emailed a bill to the account holder telling him/her the minimum due and when that payment had to be in their payment center.

 

Thus, the card holder would have had to ignore the statement in order to get hit with late fees.  Because if he/she had called about the payment, they would have been told that they still needed to make a payment.

 

That is why I tossed the BS Flag when I first read this story.

Message 12 of 13
Anonymous
Not applicable

Re: BOA hits you with late fee when you pay too early..what the #@#k !!!!


@Geordi wrote:

Agreed.

 

If there is a balance on the account when the statement cuts, then yes ALL CCCs shall require payment by the DUE DATE.

 

What my problem with this is, when the statement cuts, they would have mailed/emailed a bill to the account holder telling him/her the minimum due and when that payment had to be in their payment center.

 

Thus, the card holder would have had to ignore the statement in order to get hit with late fees.  Because if he/she had called about the payment, they would have been told that they still needed to make a payment.

 

That is why I tossed the BS Flag when I first read this story.


Yup. The statement will contain details of the previous balance, new charges, 'payment received - thank you' followed by the new balance, minimum payment due and the date it's due by. The fact that the customer made a payment a day/week/month/year before that particular billing period closed has no bearing on anything. 

 

Message 13 of 13
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