I had paid off my Wamu card more than a week before the due date. Thinking I had a zero balance, my new statement says I owe 2.60 in finance charges. I had questioned this to Wamu. Following is the email dialogue we went thru. Please pardon the lengthiness:
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Date: 03/21/2008
Subject: current finance charges
I am questioning as to why there is a 2.60 finance charge on a zero balance?
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Date: 03/23/2008
Dear ****,
Thank you for your recent e mail regarding your account.
Finance charges accrue daily on revolving account balances. The finance charges that have accrued during each billing cycle post to your account on the last day of the billing cycle when your monthly statement is prepared. The balance on the statement is the balance as of the day that statement was created.
Although you paid the balance on your statement dated 02/15/2008 in full, daily finance charges began accruing the day that statement was generated. The balance on your new statement dated 03/19/2008 includes the finance charges that have accrued each day during the previous billing period. If this amount is paid on or before the due date indicated on that statement, the account balance will be zero with no further finance charge accruals.
Sincerely,
Customer Service Representative
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Date: 03/24/2008
I paid the balance on 3/6/08. So there should not be any finance charges since this is before the due date as well as before the statement was generated. Correct?
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Date: 03/25/2008
Dear ****,
Thank you for your recent e mail regarding your account.
Providing there is no new activity, your account balance should be zero with no further finance charge accruals when the current billing period closes.
Sincerely,
Customer Service Representative
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Date: 03/25/2008
There has been no, nor any pending activity, on the account since I paid off the balance. So am I supposed to still pay the 2.60 before the due date? This does not seem right. Or will I be hit with a late charge even though the orignal balance has been paid before the previous due date and the date the new bill was generated?
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Date: 03/26/2008
Dear ****,
Thank you for your recent e mail regarding your account.
Finance charges accrue daily on revolving account balances. The finance charges that have accrued during each billing cycle post to your account on the last day of the billing cycle when your monthly statement is prepared. The balance on the statement is the balance as of the day that statement was created.
Each month that your account has a balance, you will receive a statement showing your account transactions, the total amount owing, the minimum payment due to keep your account current and the date by which we must receive the minimum payment. To avoid late fees, the minimum payment must be received on or before the due date. If we do not receive the minimum payment by the due date, a late fee may be assessed.
Sincerely,
Customer Service Representative
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Am I missing something here?? This still does not seem right nor fair to me and I want to understand this. I probably shouldn't fuss over 2.60 but it's about the principle of the situation.
