Late Payment. Will it affect me?

[Jaylima91]

Hello,

I recently made a payment on my Arrival+. The payment was made on 8/13 and my due date was 8/14. Everything was fine and the payment had been credited to my account. Suddenly I notice that the payment disappeared from my bank account. I waited the whole weekend to see if it was possibly a system issue. Both bank and lender said the account was in good standing and there are more than enough funds on the account. Well this morning I wake up and I have my account in Late status and returned payment fee charged to the Arrival+. After contacting both, Barclays and BofA, neither can tell me why the payment was returned. The Barclays rep decided to just reprocess the payment and waive all fees accrued due to this inconvenience. I asked if my account is late and she said it was apparently 2 days late. She couldn't tell me if it would report to the CRAs, which frustrated me even more. 

Very long story short, does anybody know if Barclays will report a 2 day late to the CRAs or is it only 30+ days late that they report it to the CRAs. Sorry for the for the long story, I am just a bit concerned. Thanks everyone. 

[yfan]

Were you using Barclay's account page to transfer your funds or were you using Bank of America's bill pay? I ask because generally, bill pay protects you when something like this happens. Usually banks promise that they will send your payments in time, and that if it doesn't get there in time or if there are any problems despite funds being available, they will do what they can to rectify the situation. I know my Bill Pay in Discover Checking and Consumers Credit Union have these promises in writing.

[Jaylima91]

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@yfan wrote:

Were you using Barclay's account page to transfer your funds or were you using Bank of America's bill pay? I ask because generally, bill pay protects you when something like this happens. Usually banks promise that they will send your payments in time, and that if it doesn't get there in time or if there are any problems despite funds being available, they will do what they can to rectify the situation. I know my Bill Pay in Discover Checking and Consumers Credit Union have these promises in writing.

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I didn't use Bank of Americas bill pay but from now on I will be using the bill pay option

[yfan]

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@Jaylima91 wrote:

I didn't use Bank of Americas bill pay but from now on I will be using the bill pay option

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Probably a good idea. I think you should be ok with a 2 day late, especially since Barclay's waived your late fees and returned payment fees. Lenders usually don't report a late to a CRA unless the payment had not yet been receievd at the time the following statement cuts. I know several of my cards are like this. But you want to make absolutely sure with Barclay though - send them an SM; that might work better than calling up a generic CSR. Good luck!

[ojefferyo]

you should be ok since it was only 2 day and not 30 days. As far as internal scores and whatnot with Barclay, that's a whole other issue. I would double check to make sure the routing and account numbers are correct. Have you made payments before and it go through ok?

[onstar]

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@Jaylima91 wrote:

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@yfan wrote:

Were you using Barclay's account page to transfer your funds or were you using Bank of America's bill pay? I ask because generally, bill pay protects you when something like this happens. Usually banks promise that they will send your payments in time, and that if it doesn't get there in time or if there are any problems despite funds being available, they will do what they can to rectify the situation. I know my Bill Pay in Discover Checking and Consumers Credit Union have these promises in writing.

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I didn't use Bank of Americas bill pay but from now on I will be using the bill pay option

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1. I've had <30 day late payments dozens of times (all >5 years ago), and they never got reported to CRAs. I'm not saying that no banks will ever do that. Just that I've never seen it done.

2. I always use the credit card online page to make the payment. Couple times I had issues, the CC company always took care of all fees. Seems to me, the CC company will protect you just as well as a Bill Pay bank, especially when the banks screw things up.

[Anonymous]

For the purposes of the CRAs, you aren't late until you're 30 days late.

[Jaylima91]

Thanks everyone. I spoke to a rep that is knowledgeable and she clarified that it won't report to the CRAs. Thank you all for the help as well.