topic Re: US Bank reporting current balance, not statement balance?? in Credit Cards

US Bank reporting current balance, not statement balance??

expatCanuck — Fri, 27 Dec 2019 17:02:29 GMT

New to US Bank. I can see that it's reporting my (non-zero) card balance, and not the (zero) statement balance.

Is this typical?

Re: US Bank reporting current balance, not statement balance??

FinStar — Fri, 27 Dec 2019 17:08:48 GMT

US Bank typically reports on the last business day of the month, not on your statement cycle date unless it coincides with the latter.

Pro tip - to avoid these inconsistencies, have them change your due date to a timeframe that is close to the standard USB reporting timeframe.

Re: US Bank reporting current balance, not statement balance??

expatCanuck — Fri, 27 Dec 2019 17:14:25 GMT

Thanks.
Or, presumably, if it matters to you, pay the balance to zero (say) two business days before the last business day of the month.

Re: US Bank reporting current balance, not statement balance??

FinStar — Fri, 27 Dec 2019 17:18:34 GMT

Sure, that's definitely doable for anyone who wants to exercise AZEO methods, but it may shorten the float cycle.

Re: US Bank reporting current balance, not statement balance??

M_Smart007 — Fri, 27 Dec 2019 18:40:34 GMT

@expatCanuck wrote:
New to US Bank. I can see that it's reporting my (non-zero) card balance, and not the (zero) statement balance.

Is this typical?

I changed My Due Dates to the 23rd on one card and the 24th on the other.

then they report the balance on the last bus. day of the Month. can take a few days to hit all the bureaus.

So I usually PIF on the Due date.

Re: US Bank reporting current balance, not statement balance??

SBR249 — Fri, 27 Dec 2019 18:48:05 GMT

I would actually consider the fixed reporting date a plus if one is doing AZEO. It saves you from having to figure out which card will be the EO any particular month, you just have to make sure the USB card has a small balance at the end of the month and then pay everything to zero before statements cut. Way simpler.

Re: US Bank reporting current balance, not statement balance??

Trudy — Fri, 27 Dec 2019 18:50:44 GMT

@FinStar wrote:
US Bank typically reports on the last business day of the month, not on your statement cycle date unless it coincides with the latter.

Pro tip - to avoid these inconsistencies, have them change your due date to a timeframe that is close to the standard USB reporting timeframe.

This is exactly what I did since they report the balance as of the last day of the month. Moved it from the 20th to the 28th.