Citizens bank

[Jnbmom]

I have an auto loan through them always pay on time . I also am always a month ahead with my payments . This morning I logged in to see my account was past due😳 stated payment was due 7/19/22 so of course panic strikes me I pay that and also pay the current amount due . So then it got me thinking I went through my account and payments and like I thought I had paid twice in April , not an extra principle payment an extra payment . When I paid in May it stated no payment was due same with June . Of course their annoying website doesn't work properly ever and I couldn't even see my statements, stated unavailable 🙄.Maybe I am not understanding something on my end .

I immediately called them and asked the rep how I was late when I made 2 payments in April and was one month ahead like I always am . Rep stated if I want to make another regular payment I have to wait until after my due date ?  So she waived the late fee and stated I am now paid next payment due in September .

maybe I am missing something I have had a lot going on lately , but I almost died when I saw past due . I know it wouldn't report anyway even  if it was correct because it wasn't 30 days, but still the horror I thought .

[Gmood1]

Glad it all worked out.

I know you've heard it before. But I set accounts like this up on auto pay through the lender. If it gets screwed up, it's on them.

Brother recently had that happen with AOD. Guess who actually screwed up the payment? 

AOD had to remove the late fee and correct the issue on their end.

[Jnbmom]

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@Gmood1 wrote:

Glad it all worked out.

I know you've heard it before. But I set accounts like this up on auto pay through the lender. If it gets screwed up, it's on them.

Brother recently had that happen with AOD. Guess who actually screwed up the payment? 

AOD had to remove the late fee and correct the issue on their end.

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Thanks , yes I should do autopay . Funny got an alert today statement ready go online still can't view 😡 Not sure if this is a temporary issue but it's very annoying .

[cashorcharge]

Thanks goodness you caught it @Jnbmom 

I have done something similar but not with Citizens...

[Jnbmom]

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@cashorcharge wrote:

Thanks goodness you caught it @Jnbmom 

I have done something similar but not with Citizens...

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Yes thank goodness .

[Remedios]

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@Jnbmom wrote:

I have an auto loan through them always pay on time . I also am always a month ahead with my payments . This morning I logged in to see my account was past due😳 stated payment was due 7/19/22 so of course panic strikes me I pay that and also pay the current amount due . So then it got me thinking I went through my account and payments and like I thought I had paid twice in April , not an extra principle payment an extra payment . When I paid in May it stated no payment was due same with June . Of course their annoying website doesn't work properly ever and I couldn't even see my statements, stated unavailable 🙄.Maybe I am not understanding something on my end .

I immediately called them and asked the rep how I was late when I made 2 payments in April and was one month ahead like I always am . Rep stated if I want to make another regular payment I have to wait until after my due date ?  So she waived the late fee and stated I am now paid next payment due in September .

maybe I am missing something I have had a lot going on lately , but I almost died when I saw past due . I know it wouldn't report anyway even  if it was correct because it wasn't 30 days, but still the horror I thought .

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I'm a little confused, does making extra payment pushes future due date with Citizens bank?

Loans are predicated on a single payment, and that payment meets the monthly obligation. If additional payments are made, they reduce amount you owe, but next due date is still next month. 

While there might be a CU that pushes date in the future, I'm not aware of any major bank where this is possible. 

[simplynoir]

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@Remedios wrote:

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@Jnbmom wrote:

I have an auto loan through them always pay on time . I also am always a month ahead with my payments . This morning I logged in to see my account was past due😳 stated payment was due 7/19/22 so of course panic strikes me I pay that and also pay the current amount due . So then it got me thinking I went through my account and payments and like I thought I had paid twice in April , not an extra principle payment an extra payment . When I paid in May it stated no payment was due same with June . Of course their annoying website doesn't work properly ever and I couldn't even see my statements, stated unavailable 🙄.Maybe I am not understanding something on my end .

I immediately called them and asked the rep how I was late when I made 2 payments in April and was one month ahead like I always am . Rep stated if I want to make another regular payment I have to wait until after my due date ?  So she waived the late fee and stated I am now paid next payment due in September .

maybe I am missing something I have had a lot going on lately , but I almost died when I saw past due . I know it wouldn't report anyway even  if it was correct because it wasn't 30 days, but still the horror I thought .

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I'm a little confused, does making extra payment pushes future due date with Citizens bank?

Loans are predicated on a single payment, and that payment meets the monthly obligation. If additional payments are made, they reduce amount you owe, but next due date is still next month. 

While there might be a CU that pushes date in the future, I'm not aware of any major bank where this is possible. 

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Same here. The only loans that I know of that push the next due date down the line are SSLs but those are a different financial product compared to auto/home loans so kind of interested in this answer now

[cashorcharge]

I have an auto lease with Chase.  I have made 3 extra payments on the lease so it shows my "next payment" which is next month has an amount due of $0.00 and then the next line states my next payment is due in October.  So each month when the payment is due, I kick $125 to it and it just keeps me ahead of the bank and the payments.

[simplynoir]

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@cashorcharge wrote:

I have an auto lease with Chase.  I have made 3 extra payments on the lease so it shows my "next payment" which is next month has an amount due of $0.00 and then the next line states my next payment is due in October.  So each month when the payment is due, I kick $125 to it and it just keeps me ahead of the bank and the payments.

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Honest question being asked here. Is this common with some banks operating with processing extra money to go along with the expected payment to push the due date back?

[cashorcharge]

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@simplynoir wrote:

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@cashorcharge wrote:

I have an auto lease with Chase.  I have made 3 extra payments on the lease so it shows my "next payment" which is next month has an amount due of $0.00 and then the next line states my next payment is due in October.  So each month when the payment is due, I kick $125 to it and it just keeps me ahead of the bank and the payments.

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Honest question being asked here. Is this common with some banks operating with processing extra money to go along with the expected payment to push the due date back?

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I can only speak to my experience with Chase and BMW FS @simplynoir .  With Chase, I discovered this by accident.  The payment is very small and I had some extra money so I made a larger payment...when paying it asks you to pay "amount due" or "other amount" and I picked "other" and the next day it was reflected that I wouldn't owe anything for 3 months...it was a surprise to me so then I just kept doing the "other amount" each month with small payments and it keeps pushing it out.  I would think I will eventually pay it off early but the contract term of 36 months wouldn't change and since it's a lease...I could return it early or ride it out.  

With BMW FS, I have made extra payments there too and it does push it out...that payment is much larger so it doesn't get the frequency like Chase.  However, when I have made multiple payments in a month, it does push out my next payment farther ahead as I'm caught on payments.  I don't give them the incrementals but extra payments does negate me from making a payment the following month.

Maybe because these are both leases...I don't know if that has anything to do with it.