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Established Contributor
Watchmann
Posts: 989
Registered: ‎05-14-2008
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Re: Chase payment Due Today Sat, paid in cash and......

[ Edited ]

No comment on all of the issues in this thread, but I'll offer one solution for the future:  Set up automatic bill payment and have the payment automatically taken out on the due date.  Problem solved. I retired a couple of years ago and my wife and I travel a lot:  3 months overseas last year and 2 months this year.  I have ALL my accounts set up for auto bill pay (mortgage, utilities, medical premiums, charge and credit cards, 12 accounts in total).  If you are a PIF person this makes sense.  I know the first argument is that people don't want these companies with a link into your account.  But let's be realistic, all of our financial data is floating around in cyberspace anyway (look at all the hacks we hear about and how many don't we hear about) and over many years of online bill paying I've not had a single problem with any company doing any mischief with my accounts.  Once you set the link up the ball is in their court and they have the responsibility to do the transfer, not you.  My AMEX payments were due on Saturday, June 18th,  and they credited my account with the payment on Sat. and I'll see the actual payment debited from my checking account today or tomorrow.  I did not have to worry about making the payment, it was their responsibility.    The downside to auto bill pay is nil, the upside huge.in convenience and protecting your credit score.  Just my opinion.

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john398
Posts: 3,526
Registered: ‎01-19-2009
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Re: Chase payment Due Today Sat, paid in cash and......


Watchmann wrote:

No comment on all of the issues in this thread, but I'll offer one solution for the future:  Set up automatic bill payment and have the payment automatically taken out on the due date.  Problem solved. I retired a couple of years ago and my wife and I travel a lot:  3 months overseas last year and 2 months this year.  I have ALL my accounts set up for auto bill pay (mortgage, utilities, medical premiums, charge and credit cards, 12 accounts in total).  If you are a PIF person this makes sense.  I know the first argument is that people don't want these companies with a link into your account.  But let's be realistic, all of our financial data is floating around in cyberspace anyway (look at all the hacks we hear about and how many don't we hear about) and over many years of online bill paying I've not had a single problem with any company doing any mischief with my accounts.  Once you set the link up the ball is in their court and they have the responsibility to do the transfer, not you.  My AMEX payments were due on Saturday, June 18th,  and they credited my account with the payment on Sat. and I'll see the actual payment debited from my checking account today or tomorrow.  I did not have to worry about making the payment, it was their responsibility.    The downside to auto bill pay is nil, the upside huge.in convenience and protecting your credit score.  Just my opinion.


What if you forget about an autopay and have limited income and had an emegency expense...your bank account could possibly be over drawn..........

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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Chase payment Due Today Sat, paid in cash and......

[ Edited ]

I've heard of examples of auto billpay breaking down. I think it can be a great system for some, but it could be disastrous for me, because I think I'd get lazy about checking and confirming that this that and the other happened by the due dates. The only thing that works for me consistently (and this is because I'm a poster child for adult ADHD) is paying before the due date, so that the balance reports as $0. That gives me some wiggle room.

 

I do have auto billpay on a few accounts, as part of a belt-and-suspenders strategy. It spooks me to think of it as my primary tactic for CC management.

 

Oh, and I do have things like insurance, mortgage, auto loan, etc. drafted. These are fixed monthly expenses, falling due on the same date each month. I'm happy to have them vacuumed out of my account! Feels different for changeable balances like CCs though.

 

btw, OP, I'm throwing this out here as part of a general discussion on the merits and weaknesses of automated payments, not as a comment on your situation. I think that's been beaten to death by now. :smileytongue:

 

dead horse.gif  <-- man beating dead horse (gotta use your imagination, I'm afraid)

 

edit: Well, poo. This thing used to be animated. One of these days I'll figure out/ remember how to post animations. :smileymad:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
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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MarineVietVet
Posts: 14,945
Registered: ‎07-14-2009
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Re: Chase payment Due Today Sat, paid in cash and......

How about this?

 

Beating_A_Dead_Horse_by_livius.gif

Established Contributor
andre181
Posts: 628
Registered: ‎07-29-2010
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Re: Chase payment Due Today Sat, paid in cash and......

[ Edited ]

usmc58555 wrote:

Ok, Lets talk.

 

Its a Chase Freedom Card.

 

The Due Date was/is 6/18. Saturday. Today.

 

Online Billpay from my two main Banks/accounts USAA AND NFCU, (and even if I used my local Dollar bank) does not do weekends.


When setting the online bill pay I accidentally set it to Capital One one the 17th, when I logged into my account this morning I saw the error realized what I had done and immediately drove to Chase with cash to pay the bill.

 

My mistake? Yes. My Issue? Why make the payment due date a day that payment by mail or in the actual you know lending institution, won't credit.

 

 


Because the CARD Act says your payment due date has to be the same every month. Chase can't help that the 18th is a saturday this month...

 

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JagerBombs89
Posts: 406
Registered: ‎09-13-2009
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Re: Chase payment Due Today Sat, paid in cash and......


andre181 wrote:

usmc58555 wrote:

Ok, Lets talk.

 

Its a Chase Freedom Card.

 

The Due Date was/is 6/18. Saturday. Today.

 

Online Billpay from my two main Banks/accounts USAA AND NFCU, (and even if I used my local Dollar bank) does not do weekends.


When setting the online bill pay I accidentally set it to Capital One one the 17th, when I logged into my account this morning I saw the error realized what I had done and immediately drove to Chase with cash to pay the bill.

 

My mistake? Yes. My Issue? Why make the payment due date a day that payment by mail or in the actual you know lending institution, won't credit.

 

 


Because the CARD Act says your payment due date has to be the same every month. Chase can't help that the 18th is a saturday this month...

 



It also states:
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.’."

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andre181
Posts: 628
Registered: ‎07-29-2010
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Re: Chase payment Due Today Sat, paid in cash and......


JagerBombs89 wrote:

andre181 wrote:

usmc58555 wrote:

Ok, Lets talk.

 

Its a Chase Freedom Card.

 

The Due Date was/is 6/18. Saturday. Today.

 

Online Billpay from my two main Banks/accounts USAA AND NFCU, (and even if I used my local Dollar bank) does not do weekends.


When setting the online bill pay I accidentally set it to Capital One one the 17th, when I logged into my account this morning I saw the error realized what I had done and immediately drove to Chase with cash to pay the bill.

 

My mistake? Yes. My Issue? Why make the payment due date a day that payment by mail or in the actual you know lending institution, won't credit.

 

 


Because the CARD Act says your payment due date has to be the same every month. Chase can't help that the 18th is a saturday this month...

 



It also states:
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.’."


I'm aware of that; obviously, Chase shouldn't have charged him a late fee.  I was just addressing the comment above where the OP stated that Chase shouldn't have scheduled his due date on a weekend, despite federal law.

 

 

Discover IT $25K | FNBO Visa $22K | Citi Forward $14.5K | US Bank Cash+ Visa Sig $15K | Priceline/Barclays $10K | Chase Freedom $10.5K | Amazon/Chase Visa Sig $8.3k | Citi Double Cash $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Amazon/GEMB $2.5K | Younkers/Comenity $2.4K | AMEX BCE $2K Target $1K | AMEX Green
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Chase payment Due Today Sat, paid in cash and......


MarineVietvet wrote:

How about this?

 

Beating_A_Dead_Horse_by_livius.gif


Yup!

 

I keep holding my mouth wrong or something.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Watchmann
Posts: 989
Registered: ‎05-14-2008
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Re: Chase payment Due Today Sat, paid in cash and......


haulingthescoreup wrote:

 

I do have auto billpay on a few accounts, as part of a belt-and-suspenders strategy. It spooks me to think of it as my primary tactic for CC management.

 

Oh, and I do have things like insurance, mortgage, auto loan, etc. drafted. These are fixed monthly expenses, falling due on the same date each month. I'm happy to have them vacuumed out of my account! Feels different for changeable balances like CCs though.


Well, I felt differently about auto paying the non-fixed charges each month, too.  But when I really thought about it I couldn't come up with a good reason not to have them set up to automatically pay.  I still check the accounts when they drop, still dutifully download the PDF's of each statement to the hard drive,  and verify that the auto draft is set to pay (you can set up a notice so they remind you the payment will automatically be paid), but I see no real need for me to physically sit in front of the monitor and punch in the total amount due to AMEX, Visa or MC each month.  It doesn't accomplish anything other than opening up an opportunity to forget to make a payment and then incurring fees and interest.  Money management runs the gamut from writing paper checks each month to all creditors and eshewing all electronic payment forms (I know a few of these people) all the way to complete automation.  I'm all for automation and not babysitting the process.  Everyone is different. 

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kjm79
Posts: 1,008
Registered: ‎01-22-2008
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Re: Chase payment Due Today Sat, paid in cash and......

First, IMHO, if a bank can debit your account on a Saturday, Sunday, or holiday, then they should equally be able to credit your account on a Saturday, Sunday, or holiday.  The transaction is date and time stamped and that's the date and time that SHOULD count.

 

I prefer to use my bank's online bill pay for all my bill payments.  One, easier to manage.  One username, one password, ALL my accounts in ONE place.  Two, less chances for identity theft as I'm not entering payment inforamtion on multiple websites.  Three, payment scheduled date, date funds debited, date funds transferred, date funds recieved and confirmation number all available in ONE place.  Most payments are made via overnight electronic payments.  Some creditors do no participate in the bill pay and an actual check must be mailed. 

 

Will I set up repeating auto payments, most likely no.  My mom did this with her mortgage payment (largest monthly bill).  The bank glitched and withdrew the payment twice.  My mom caught it and called to let the bank know what happened and get the second debit credited to her account.  The $2100 for both payments were on put "hold" and she did not have access to that money.  The bank cancelled the bill payments and the payment was actually never recieved.  She still needed to make her mortgage payment, fortunately she had reserves to do so.  Took 3 and 1/2 weeks for the bank to "release" the funds.  They claimed they could not release the funds to my mom because the transactions had already been processed and her account was debited.  Even the though the bank cancelled the bill payments they couldn't confirm the Mortgage Co had not in fact received the payments and needed to wait to make sure the money had not really gone anywhere.  Now the Mortgage Co confirmed payment was never recieved but that wasn't good enough for the bank.  Nope, 3 and 1/2 weeks to get access to money that never really went anywhere.   In this day and age of INSTANTLY VIRTUAL information, none of that should've been necessary. 

 

My own bill pay horror story happened last month, with CHASE online bill pay.  My cc payment was due on 6/3.  I scheduled my payment on 5/23.  The payment was to be sent electronically overnight.  The payment was funded and processed on 5/25 per my online bill pay.  The morning of 6/3 (cc payment due date), Chase sends me a message (not an email message, but the online secure message center you only see when logged into your account) that stated that an account had changed it's bill pay processing time.  I open the message to find that the cc account I scheduled a payment for on 5/23 no longer accepted electronic overnight payments and now required 3 days to mail an actual check.  As the payment was due that day I got worried and called Chase.  I explained what happend to the CSR and asked her to confirm whether the payment was sent electronically or not.  CSR stated the payment had processed electronically and went through as scheduled and it was next month that I needed to worry about the new processing times.  I thanked her and hung up.  On 6/4 I received an actual email from Chase stating that due to an error some online bill payments were not processed electronically and they were attempting to contact the creditors to try and make sure Chase customers were not hit with late fees.  Email stated if a company did charge a late fee, Chase would be responsible for the fee.  I log onto the CC account website to see if the payment had posted.  I could not even get to the acount overview screen becasue it was prompting me to make my "overdue payment" as payment had not been recieved by the payment date.  The payment was not received until 6/9.  No late fee was charged.  However, additional interest was charged and when the account reported it showed a higher balance than the previous month due to interest (only $9) and the fact no payment had been recieved.  The CC company reported the account before the errors were fixed regarding the payment.  Now I'm stuck with the wrong account balance reporting until the CC updates next month.   

 

No matter how you pay your bills, auto payments, online bill pay, online account website, check, or cash and no matter how diligent you and who you talke to  mistakes can still happen.  The banks and credit companies have the ability to be more cooperative and make banking more convienent for their customers, they simply refuse to majority of the time.  In the electronic data age we live in, these kinds of issues should not occur, and if they do, should be remedied without hassle. 


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