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Established Contributor
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Registered: ‎09-13-2009
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Re: Chase payment Due Today Sat, paid in cash and......


athensguy wrote:

It would be illegal for them to charge you a late fee:

Credit CARD Act

Section 106:

"(a) In General- Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:

 

‘(o) Due Dates for Credit Card Accounts-

 

‘(1) IN GENERAL- The payment due date for a credit card account under an open end consumer credit plan shall be the same day each month.

 

‘(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.’."

 

AND

 

From Section 202:

 

"(C) PAYMENTS AT LOCAL BRANCHES- If the creditor, in the case of a credit card account referred to in subparagraph (A), is a financial institution which maintains branches or offices at which payments on any such account are accepted from the obligor in person, the date on which the obligor makes a payment on the account at such branch or office shall be considered to be the date on which the payment is made for purposes of determining whether a late fee or charge may be imposed due to the failure of the obligor to make payment on or before the due date for such payment.’."




THIS!!!

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Re: Chase payment Due Today Sat, paid in cash and......

Everyone arguing in favor of Chase on this is being deliberately obtuse.  The payment was delivered on the due date, in cash, in hand.  Even if it is Chase's stated policy to credit payments received on a Saturday as a payment received on the following Monday, that policy is stupid.  That was OP's point.  Moreover, it appears that any such policy may be in violation of law.

 

If people can't agree that such a policy is stupid, I don't know what's wrong with them.  If Chase doesn't want to accept CC payments at its branches, that would be one thing.  But is it really too much trouble to note a cash payment as being received the date it was received.   


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Re: Chase payment Due Today Sat, paid in cash and......


Walt_K wrote:

Everyone arguing in favor of Chase on this is being deliberately obtuse.  The payment was delivered on the due date, in cash, in hand.  Even if it is Chase's stated policy to credit payments received on a Saturday as a payment received on the following Monday, that policy is stupid.  That was OP's point.  Moreover, it appears that any such policy may be in violation of law.

 

If people can't agree that such a policy is stupid, I don't know what's wrong with them.  If Chase doesn't want to accept CC payments at its branches, that would be one thing.  But is it really too much trouble to note a cash payment as being received the date it was received.   


Exactly.

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Re: Chase payment Due Today Sat, paid in cash and......


haulingthescoreup wrote:

Walt_K wrote:

Everyone arguing in favor of Chase on this is being deliberately obtuse.  The payment was delivered on the due date, in cash, in hand.  Even if it is Chase's stated policy to credit payments received on a Saturday as a payment received on the following Monday, that policy is stupid.  That was OP's point.  Moreover, it appears that any such policy may be in violation of law.

 

If people can't agree that such a policy is stupid, I don't know what's wrong with them.  If Chase doesn't want to accept CC payments at its branches, that would be one thing.  But is it really too much trouble to note a cash payment as being received the date it was received.   


Exactly.


+1 I guess everyone deserves to forget about a payment every once in a while and wait til the due date....I think a lot of people here check there accounts daily as do I but not everyone is as compulsive

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Re: Chase payment Due Today Sat, paid in cash and......


john398 wrote:

haulingthescoreup wrote:

Walt_K wrote:

Everyone arguing in favor of Chase on this is being deliberately obtuse.  The payment was delivered on the due date, in cash, in hand.  Even if it is Chase's stated policy to credit payments received on a Saturday as a payment received on the following Monday, that policy is stupid.  That was OP's point.  Moreover, it appears that any such policy may be in violation of law.

 

If people can't agree that such a policy is stupid, I don't know what's wrong with them.  If Chase doesn't want to accept CC payments at its branches, that would be one thing.  But is it really too much trouble to note a cash payment as being received the date it was received.   


Exactly.


+1 I guess everyone deserves to forget about a payment every once in a while and wait til the due date....I think a lot of people here check there accounts daily as do I but not everyone is as compulsive


I check mine daily too, usually. But stuff happens. A bad case of flu is a great way to lose track of things! Kid breaks a leg, tree falls and puts a hole in the roof, relatives come to visit and never ever leave...

 

But to me, the main point was that you can hand cash to a real live employee of a bank and not have it credited then and there. They have computers and other fancy stuff, and I don't believe that they couldn't credit a cash deposit if they thought it was important.

 

At any rate, the Credit CARD Act apparently protects consumers who pay on a weekend, for whatever reason.

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FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Re: Chase payment Due Today Sat, paid in cash and......

 


haulingthescoreup wrote:

But to me, the main point was that you can hand cash to a real live employee of a bank and not have it credited then and there. They have computers and other fancy stuff, and I don't believe that they couldn't credit a cash deposit if they thought it was important.

Especially if it's their own branch!  Either way, if a due date is on a holiday or weekend, it must be extended to the next available business day before late fees can be levied.

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Registered: ‎11-02-2009
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Re: Chase payment Due Today Sat, paid in cash and......


haulingthescoreup wrote:

john398 wrote:

haulingthescoreup wrote:

Walt_K wrote:

Everyone arguing in favor of Chase on this is being deliberately obtuse.  The payment was delivered on the due date, in cash, in hand.  Even if it is Chase's stated policy to credit payments received on a Saturday as a payment received on the following Monday, that policy is stupid.  That was OP's point.  Moreover, it appears that any such policy may be in violation of law.

 

If people can't agree that such a policy is stupid, I don't know what's wrong with them.  If Chase doesn't want to accept CC payments at its branches, that would be one thing.  But is it really too much trouble to note a cash payment as being received the date it was received.   


Exactly.


+1 I guess everyone deserves to forget about a payment every once in a while and wait til the due date....I think a lot of people here check there accounts daily as do I but not everyone is as compulsive


I check mine daily too, usually. But stuff happens. A bad case of flu is a great way to lose track of things! Kid breaks a leg, tree falls and puts a hole in the roof, relatives come to visit and never ever leave...

 

But to me, the main point was that you can hand cash to a real live employee of a bank and not have it credited then and there. They have computers and other fancy stuff, and I don't believe that they couldn't credit a cash deposit if they thought it was important.

 

At any rate, the Credit CARD Act apparently protects consumers who pay on a weekend, for whatever reason.


Notice that it says they can't treat it as late.  But it doesn't say anything about creating new weekend processing fees.  I'm sure they would be called weekend convenience fees.  Wouldn't surprise me to see that. 


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Re: Chase payment Due Today Sat, paid in cash and......


usmc58555 wrote:

MrShush wrote:

Saturdays and Sundays do not count as banking days--they count as Monday. The bank dates it forward to the next business day because they operate as the Federal Reserve Bank does. Business days are Monday-Friday. Your payment made Saturday at the branch in case was, according to bank rules, made Monday. Cash doesn't mean a whole lot in terms of banking. It's available for withdrawals and checks, but not really for purchases or loan payments. No, I do not work for Chase, but I am extremely familiar with how retail banks operate.


Have you read the thread?


As has already been stated:

 

1- Policy changes in credit card rules do make it seem they will have to accept it as on time.

2-as many people have pointed out there are existing, although seemingly more complex, ways to get a SUNDAY or SATURDAY payment to credit.

3-If they have ways that do give crediting on a weekend then why does a payment in cash at the bank not credit?

4-If I can make a Saturday, online ACH Transaction from a FIRELANDS FARMER (one small branch) CREDIT UNION that they will give me credit for, it seems silly that they will not accept a cash payment in their branch with the same timeliness.

5- Since they have" some" ways of doing it it really does seem that not allowing an in branch teller payment to credit is an artificial construct.

Again my whole post is about the Sillyness.



I understand your frustration, and I'm not trying to knock you... It is a stupid system. But the issue with the payment is NOT that they can't apply the payment that date.

 

What you need to keep in mind is that you made 2 seperate transactions that day.

 

For all intents and purposes, you made a deposit, and then transfered it. Yes, it is incredibly stupid, but since they must first process the deposit, the entire transaction is delayed until Monday. In theory they SHOULD be able to move the money around once it's deposited pretty easily (whether or not they choose to is an entirely seperate issue) but since they can't process the deposit (as it is dated for monday) the end result is that you can't make your payment.

 

No one here was trying to attack you. Most people were trying to be helpful and offer you alternatives so you didn't get hit with any fees (though you shouldn't anyway, but who knows... it is chase)

Anyways good luck with getting the whole thing sorted ^_^


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Re: Chase payment Due Today Sat, paid in cash and......

Fyi: I did receive a late fee on the 19th. Lets see what happens tomorrow.
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Re: Chase payment Due Today Sat, paid in cash and......


usmc58555 wrote:
Fyi: I did receive a late fee on the 19th. Lets see what happens tomorrow.

That's right!    They won't waste no time to charge any fees.

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