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haulingthescoreup
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Starting a thread on different banks' online payment deadlines and quirks

[ Edited ]
Hi, everyone--

I'm collecting info on how different banks/ CCC's restrict (or don't restrict) when you can pay online. For instance, Discover will credit a payment made by a certain time (5 pm? 7 pm?) Eastern any day of the week, 365 days a year, including your statement date. But Bank of America won't accept payments on weekends, at least by me, and HSBC won't credit a payment for 2 days, unless you're willing to pay them $15 to accept your money. :smileymad:

Also, many banks, including reputable mainline banks, only let you pay four times a month, or once every three days, and so on, which can be a problem if something posts late and you're trying to beat the statement posting.

Still other banks will only accept online payments from their own bank accounts, meaning that you would have to go to your checking account and "push" a payment in, which often involves a delay.

A lot of times we don't know about these things until we're about three screens in on the online pay option, and then it's cussing time.

I'm going to start making notes on each of my accounts as I make payments and post them here. If anyone else will add in their experiences, I'll boil it down into one reference post which we can sticky for easy reference.

PLEASE, even if you see something interesting, just post your experiences. If you're inspired to rant or ask questions, start a new thread. I don't want to sound like a meanie :smileysad: , but I'm trying to collect data here. Thanks!


--eta mention of restrictions involving a waiting period before paying again and paying from outside banks. Thanks, fevmlo!
Message Edited by haulingthescoreup on 01-01-2009 02:40 PM
* 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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notmyname
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Re: Starting a thread on different banks' online payment deadlines and quirks

BoA is very tough on both weekends and holidays. I either go in and check on one of those weeks or I pay a week in advance. My SO got caught on one of  these restrictive dates and it was the last for each of us. BoA did not penalize however. (but don't count on that)

NMN

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Equinox
Posts: 56
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Re: Starting a thread on different banks' online payment deadlines and quirks

[ Edited ]

Here's some Capital One information.

 

Payment posting timeframes

If you make your payment          Your payment will post to your account on

before 3:00 p.m. ET, Monday-Saturday  - The same day

after 3:00 p.m. ET, Monday-Friday   - The next day

after 3:00 p.m. ET, Saturday -   The following Monday; funds may be available Tuesday

any time Sunday -  The following Monday; funds may be available Tuesday

 

Online payments are not processed Thanksgiving Day, Christmas Day, or New Year's Day.

The availability of funds may be delayed at Capital One's sole discretion to ensure payment in good funds.

 

 

Personal Note:

1) If you're paying your bill online and your CC is only one month old, they tend to hold payments a little longer than they state above, up to a week. It's happened on both my Cap 1 cards.

2) You can pay Capital One multiple times in a month without having to pay an extra fee.

 

 In regard to Bank of America credit cards,

 

"Payments made after 3:30 p.m. EST will be credited the next business day."

 

Personal Note:

I've also paid them ahead of my statement with no fee incurred.

Message Edited by Equinox on 01-01-2009 02:11 PM
Message Edited by Equinox on 01-01-2009 02:13 PM
Message Edited by Equinox on 01-01-2009 02:26 PM
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fevmlo
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Re: Starting a thread on different banks' online payment deadlines and quirks

[ Edited ]

Discover is great with that same-day crediting of payments made before 5pm EST - that means that you can PIF at 4:55pm on the actual day your statement closes, and still have it close with a zero balance (as the statement closes at midnight), but less good in that they'll only let you make a payment every three days.

 

Not that that's a problem if you're aware of it - but it's one to remember if you're coming up on your statement closing date and feel tempted to impatiently pay the oustanding balance while waiting for other charges to post - cost me a score ding a couple of months ago as I couldn't make another payment until after the statement cut, so ended up with a much higher reported balance than I'd have liked. 

 

(Sorry, Hauling - I hope the three day thing isn't off the intended topic, but I thought it could be useful to know! No point knowing you can make a payment up to 5pm even on the date your statement cuts if you... can't, because you already made a payment a couple of days ago!) 

Message Edited by fevmlo on 01-01-2009 05:13 PM
EQ: 723 / TU: 760 (August 2009)
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haulingthescoreup
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Re: Starting a thread on different banks' online payment deadlines and quirks


fevmlo wrote:

Discover is great with that same-day crediting of payments made before 5pm EST - that means that you can PIF at 4:55pm on the actual day your statement closes, and still have it close with a zero balance (as the statement closes at midnight), but less good in that they'll only let you make a payment every three days.

 

Not that that's a problem if you're aware of it - but it's one to remember if you're coming up on your statement closing date and feel tempted to impatiently pay the oustanding balance while waiting for other charges to post - cost me a score ding a couple of months ago as I couldn't make another payment until after the statement cut, so ended up with a much higher reported balance than I'd have liked. 



That absolutely is the sort of additional info I'm looking for, and I forgot to put it in the original post! * goes back to edit *

Either Citi or Chase also does this --I think Chase --and I got burned once that way when something popped up at the very last minute.

Thanks!
* 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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fevmlo
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Re: Starting a thread on different banks' online payment deadlines and quirks

Duh - should have figured that days between payments and the like would come under 'other quirks' - brain not working properly today, sorry!

 

OK, to recap on my little contribution (will add more when I can remember/dig up anything useful):

 

Discover will credit any payment made before 5pm (whether on a weekday or weekend and, I guess, holiday) EST to the account with that date. Statements close at midnight, so you can pay just before 5pm EST on the statement closing date and have the payment show up on the statement - useful to know if you're a PIF-before-statement-cuts type who likes to cut things fine! The drawback with Discover is that they'll only let you pay online once every three days. 

 

That bit was repeating myself, I know, sorry!

 

US Bank - not sure about payment deadlines etc, but I do know that as of very recently, US Bank is finally allowing you to make online payments from external bank accounts via their site. If you make your payment from a US Bank account, I have a handy hint - while the 'make a payment' option will credit your payment to your CC account pretty quickly (1-2 days, usually), and even Billpay will do it pretty quickly, the best way to do it is via the 'transfer funds' link. That will credit funds from your US Bank checking account to your US Bank credit card INSTANTLY - I know it's kind of stating the obvious, but if you use the 'make a payment to this account' button that shows up on your credit card account page, you'll have to wait, whereas 'transfer funds' is instantaneous. :smileyhappy: 

EQ: 723 / TU: 760 (August 2009)
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Ulan
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Re: Starting a thread on different banks' online payment deadlines and quirks

[ Edited ]

Wells Fargo takes three business day to credit your credit card account, even for a transfer from a WF checking account. I don't know about the rest, as I usually use autopay with them. Fwiw, they usually pay themselves late.

 

I probably should add that there's another quirk: about 7 days around the statement closing day (most of it beforehand), the online information is like frozen. You cannot really see what happens.

Message Edited by Ulan on 01-01-2009 04:23 PM
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PurpleHaze
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Re: Starting a thread on different banks' online payment deadlines and quirks

Several of you mentioned not being able to make a same day or weekend payment with BofA. The only way to make a same day/weekend payment is to go to their website https://www.myeasypayment.com. This is for one time payments only. I have had to use this site when I forgot to pay my bill in time on their website for it to post on the same day.

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psychic
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Re: Starting a thread on different banks' online payment deadlines and quirks

Citibank's policies:

 

You can make up to 4 online payments per statement period but the total of all the payments cannot exceed the account balance. You can still mail payments, or for a fee call Customer Service to make a payment by phone.

 

Online payment requests received before 5 p.m. Eastern time on a weekday will be credited to your account as of that day. After 5 p.m. Eastern time, the payment will be credited as of the following weekday. Weekdays are Monday through Friday.

 

NOTE: If our system cannot validate your bank information after your first payment, you may have to wait up to 15 days to make an additional payment online.

 

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psychic
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Re: Starting a thread on different banks' online payment deadlines and quirks


haulingthescoreup wrote:

fevmlo wrote:

Discover is great with that same-day crediting of payments made before 5pm EST - that means that you can PIF at 4:55pm on the actual day your statement closes, and still have it close with a zero balance (as the statement closes at midnight), but less good in that they'll only let you make a payment every three days.

 

Not that that's a problem if you're aware of it - but it's one to remember if you're coming up on your statement closing date and feel tempted to impatiently pay the oustanding balance while waiting for other charges to post - cost me a score ding a couple of months ago as I couldn't make another payment until after the statement cut, so ended up with a much higher reported balance than I'd have liked. 



That absolutely is the sort of additional info I'm looking for, and I forgot to put it in the original post! * goes back to edit *

Either Citi or Chase also does this --I think Chase --and I got burned once that way when something popped up at the very last minute.

Thanks!

You're correct!  Chase allows only one internet payment every 3 days.

EQ 814 / TU 815 / EX 842

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