topic Re: Is NFCU no longer posting payments same-day? in Credit Cards

Is NFCU no longer posting payments same-day?

Anonymous — Mon, 01 Jan 2018 13:51:10 GMT

On Friday morning, I made a payment from my checking onto my CR Visa (both NFCU) for $5,000. It still doesn't even show as pending on my credit card account. I realize today is a holiday, but given that it was immediately deducted from my checking account, it seems a bit absurd that it's disappeared for the last 4 days.

Re: Is NFCU no longer posting payments same-day?

UpperNwGuy — Mon, 01 Jan 2018 13:59:43 GMT

Credit card payments post in two business days at NFCU. Saturday was day #1. Tuesday will be day #2. You should see it tomorrow. Also, the deduction from the checking account happens on day #0, which was Friday.

Re: Is NFCU no longer posting payments same-day?

Anonymous — Mon, 01 Jan 2018 14:05:41 GMT

@UpperNwGuy wrote:
Credit card payments post in two business days at NFCU. Saturday was day #1. Tuesday will be day #2. You should see it tomorrow. Also, the deduction from the checking account happens on day #0, which was Friday.

That's quite odd - I guess when I was banking with USAA I just didn't realize it was 2 days. Good to know. Thanks!

Re: Is NFCU no longer posting payments same-day?

Anonymous — Mon, 01 Jan 2018 14:08:31 GMT

Isn't there a law that states it must be posted the same day it is paid? The Credit CARD Act of 2009?

Re: Is NFCU no longer posting payments same-day?

UpperNwGuy — Mon, 01 Jan 2018 15:31:17 GMT

https://www.thebalance.com/how-long-does-it-take-a-credit-card-payment-to-post-960266

Re: Is NFCU no longer posting payments same-day?

HeavenOhio — Mon, 01 Jan 2018 19:22:23 GMT

@Anonymous wrote:
Isn't there a law that states it must be posted the same day it is paid? The Credit CARD Act of 2009?

What's actually covered is payments submitted by the close of business on the due date. The payment can actually post later, but it still must be treated as an on-time payment. When available credit is restored is anyone's guess.

With my cards (four banks), if I make a payment during the business day, the payment posts and available credit is restored by the next morning. If I pay in the evening after the close of business, everything's delayed by a day. When weekends are involved, things are cleaned up by Tuesday morning. One thing that varies is whether or not a bank counts Saturday as a business day.

Re: Is NFCU no longer posting payments same-day?

Anonymous — Mon, 01 Jan 2018 19:28:38 GMT

HeavenOhio you covered how my payments have been getting processed from eight banks. The FDIC changed the ACH processing time line effective to September 15, 2017 and it seems the payments made early AM on banking regular business days usually post the same day (credited) but, may not actually show up until the next business day. There is in law when banks have to have business days (as I remember it) but as we know many have more days open today (i.e. they are in grocery stores etc).

Re: Is NFCU no longer posting payments same-day?

Anonymous — Mon, 01 Jan 2018 21:48:02 GMT

In the past, my payments have always posted same day whether the payment was made on Monday-Friday or the weekend until December 2017. I paid on a Friday but it took two days to clear. Payment received was shown as Friday. I never paid attention to it until you mentioned it.

Re: Is NFCU no longer posting payments same-day?

CreditInspired — Mon, 01 Jan 2018 22:23:25 GMT

@Anonymous wrote:
On Friday morning, I made a payment from my checking onto my CR Visa (both NFCU) for $5,000. It still doesn't even show as pending on my credit card account. I realize today is a holiday, but given that it was immediately deducted from my checking account, it seems a bit absurd that it's disappeared for the last 4 days.

I've been with NFCU since 2006 and I've never seen my payment actually post the same day, even though subtracted from my account the same day. However, the payment always appear the next day and the payment date posted is the day I made the payment.

Re: Is NFCU no longer posting payments same-day?

Anonymous — Tue, 02 Jan 2018 00:26:27 GMT

I guess I've really never paid much attention to it before as I was paying via outside banks anyway. Thanks for all of the info! I was aware that after close of business was credited the next day, but as I stated in my post above, this was done Friday morning, so I knew it couldn't be that. I assume tomorrow morning the payment will be dated for 12/29.

Those saying that the law only applies on the payment due date, I don't think that is correct. I read it earlier and it states that payments must be credited the same day they are made (before 5pm that day, after 5pm, next day). I assume this must have to do with interest calculation, not only on-time status, which is the only reason I care.

Re: Is NFCU no longer posting payments same-day?

UpperNwGuy — Tue, 02 Jan 2018 10:41:20 GMT

It's now Tuesday morning. Did your payment post?