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PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

Regular Contributor

PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

Is it legal for companies to charge a processing fee if your payment is due on the day u are making the payment? I had a payment due today and when i made it i was charged a 10.00 processing fee even though i paid before the end of the business day. my statement said that hte paayment was due by 2pm today and i paid at 3pm. I know that under the new law they cannot charge a late fee if paid before 5pm the close of business. Why would they be allowed to charge a processing fee if paid on the due date?

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3 REPLIES
Senior Contributor

Re: PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

i might be wrong, but i believe they can charge you a "paying at the last minute" fee, but if you are paying it early, they cannot charge you a fee.  so if you want your payment to post today, they can charge you a fee.  if you don't care when it posts, then they are not supposed to charge you.
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Frequent Contributor

Re: PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

laz98 is correct. You cannot be charged if you want your payment to post according to the normal posting timeframe as stated by the individual card issuer. However, they may charge you for expedited posting to your account.
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Senior Contributor

Re: PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

What time zone are you in.  

 

Many want payment by 5 PM Eastern,  which is 2 PM Pacific.  I think that is how they got you. 

 

Who was it anyway?