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Update:
So On Sunday I had noted that the Late payment fee was on the card.
On Monday all day the payment had not credited, the late payment fee was on it, and they had jacked me to penalty interest.
So I called India to ask what was going on.
For some reason India knew more then the person I had spoken to on Saturday.
India said that on close of business Monday the system would see I had made a payment and automatically reverse the late fee and the penalty rate.
Woke up today and saw it did.
Still not really sure if that is not work around way of complying with the law or not, but it is what it is.
Glad you got the fee back, but did they fix the penalty interest rate?
‘(2) WEEKEND OR HOLIDAY DUE DATES- If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’."
This is actually a fairly horribly phrased statute. It's potentially inapposite to the situation. If, for example, Chase does accept payments by mail on Saturdays, then the law doesn't apply. So they could potentially be free to accept payments by mail on Saturday, but refuse to credit the cash payment on the Saturday.
To be clear, I'm on the record that the way Chase handled this is incredibly stupid. But this law could have been crafted more clearly.
@Walt_K wrote:‘(2) WEEKEND OR HOLIDAY DUE DATES- If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’."
This is actually a fairly horribly phrased statute. It's potentially inapposite to the situation. If, for example, Chase does accept payments by mail on Saturdays, then the law doesn't apply. So they could potentially be free to accept payments by mail on Saturday, but refuse to credit the cash payment on the Saturday.
To be clear, I'm on the record that the way Chase handled this is incredibly stupid. But this law could have been crafted more clearly.
If they do accept payment by mail, then they have to credit the payment the same day it was received.