BofA Statement closing date change

[Odiseous]

I didn't see any posts with a quick search, so appologies if this has already been discussed.

I just got off the phone with a BofA Rep, who confirmed that there was a major change with their systems in February. The rep stated that approximately 95% of their CC customers statement cut dates were moved back a day or 2. While most people won't notice it, I figured a lot of you at MyFico would like to know (if you are like me, and make payments immediately after the statement closes). Oh, and he stated that they didn't notify *anyone* about the change. You "just had to notice that it was changed."

In my case (using a 0% BT offer, to float some unexpected expenses), my due date varied from the 12th - 14th, with a due date on the following 10th. My auto-pay pays on the 15th just after closing, to post on the 16th.

My statement cut date was changed to the 15th, due on the 12th. Since my auto-pay payed on the 15th of February, the payment was applied to the *previous* cycle, even though though it shows as posted on this cycle. When I logged into my account today, it showed I still owed the amount that I knew I had already payed. Had I not payed attention, my next auto-pay would apply on the 15th (3 days late), since the payment was applied to the previous cycle. Which, would have immediately cancelled the 0% offer, due to a late payment.

They opened a ticket to get the payment adjusted to show as applied to the current cycle. Luckily I have a 6 days before the payment is late, and enough time for them to make the adjustment. Others may not be so lucky.

So, if yu have a BofA CC:   CHECK YOUR STATEMENT CLOSE DATE(s)!

Edit: The above was for my BofA 1-2-3
I just checked my other Bofa CCs.

Cash rewards Platinum
Cut date changed from 6th-8th, to the 11th

Better Balance (opened in Jan, but not used yet)
Cut date unchanged

[Anonymous]

Thanks for the heads-up, though it doesn't really make any difference to me, as I have my bill paid in full automatically on the due date.  I first asked why you didn't do the same,  but it looks like you're purposely paying early to have a $0 balance at statement time?

With BBR, it's sort of a different problem, as you *want* a balance to report every month on that card.  The problem with changing statement dates on that one is that if you're depending on *using* the card right after the statement date to ensure a balance for the current month, you might make your charge too early, so you end up with an extra purchase posted before the statement cuts and then no purchase recorded next month, resulting in a $0 balance, losing your $25 credit.

Personally, I wait until I get the email that "You have a new bill from Bank of America Credit Card," then I know it's time to use that card.

Chris.

[Odiseous]

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@Anonymous wrote:

Thanks for the heads-up, though it doesn't really make any difference to me, as I have my bill paid in full automatically on the due date.  But I'm curious why you don't just do the same thing?  I've noticed that my BofA statement cut dates vary the widest of any issuer I have.  By paying on a set date, you're bound to be paying early all or most of the time.  And of course, there's no guarantee they won't surprise you my moving it even earlier, as they've apparently just done.  Auto PIF on due date seems to be the most foolproof method for any lender, but especially BofA.

Chris.

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2 reasons:

1) Things happen. Glithches, servers go down unexpectedly, etc. Any number of things can cause a delay of a single day, causing the payment to be late. This can result in loss of 0% offers and Penalty APR being applied.

2) In the case of something happening in reason 1, I have a buffer zone of approximately 3 weeks to make other arraingements, or shuffle things around, if needed.

[Anonymous]

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@Odiseous wrote:

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2 reasons:

1) Things happen. Glithches, servers go down unexpectedly, etc. Any number of things can cause a delay of a single day, causing the payment to be late. This can result in loss of 0% offers and Penalty APR being applied.

2) In the case of something happening in reason 1, I have a buffer zone of approximately 3 weeks to make other arraingements, or shuffle things around, if needed.

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Interesting.  I guess it's theoretically possible.  In 15 years of doing autopay on everything (and I have a lot of them!), I've never seen this happen.

Something to think about, anyway.

Chris.

[core]

I just wish BofA would stop autopaying needlessly.  For example if my statement cuts with $0, I shouldn't have anything taken out of my bank account on the due date ~25 days later, right?  Wrong.  If there are new charges on the due date they'll take out a minimum payment even though I had no balance for the statement I'm supposedly paying. 

I don't understand this.  It's enough to make me consider cancelling autopay, but with several accounts to keep track of it's only a matter of time before I have a senior moment and a wet diaper.

What was the original topic again?    Oh yes, changing dates.  Mine is also 3 days later than it was.  This started the first part of Feb for me.  I didn't notice it either.  Better later than earlier.  _That_ I would have noticed.

[Odiseous]

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@core wrote:

I just wish BofA would stop autopaying needlessly.  For example if my statement cuts with $0, I shouldn't have anything taken out of my bank account on the due date ~25 days later, right?  Wrong.  If there are new charges on the due date they'll take out a minimum payment even though I had no balance for the statement I'm supposedly paying. 

I don't understand this.  It's enough to make me consider cancelling autopay, but with several accounts to keep track of it's only a matter of time before I have a senior moment and a wet diaper.

What was the original topic again?    Oh yes, changing dates.  Mine is also 3 days later than it was.  This started the first part of Feb for me.  I didn't notice it either.  Better later than earlier.  _That_ I would have noticed.

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I never knew they did that. I always like to pay evrything as soon as I can, so my e-Bill auto-pay was always payed ASAP, before my next recurring charge showed up.

Maybe I'm just weird, preferring to pay ASAP, instead of waiting until the due date.

[Membersince2013]

I noticed it..i'm rather too happy about it. It's so annoying to have the statement close a day after payment is due because sometimes when i send a payment to them, it takes about 2-3 days for the payment to actually post.

[Anonymous]

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@Membersince2013 wrote:

I noticed it..i'm rather too happy about it. It's so annoying to have the statement close a day after payment is due because sometimes when i send a payment to them, it takes about 2-3 days for the payment to actually post.

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Both dates would have shifted.

[asphaltcowboy]

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@Odiseous wrote:

I didn't see any posts with a quick search, so appologies if this has already been discussed.

I just got off the phone with a BofA Rep, who confirmed that there was a major change with their systems in February. The rep stated that approximately 95% of their CC customers statement cut dates were moved back a day or 2. While most people won't notice it, I figured a lot of you at MyFico would like to know (if you are like me, and make payments immediately after the statement closes). Oh, and he stated that they didn't notify *anyone* about the change. You "just had to notice that it was changed."

In my case (using a 0% BT offer, to float some unexpected expenses), my due date varied from the 12th - 14th, with a due date on the following 10th. My auto-pay pays on the 15th just after closing, to post on the 16th.

My statement cut date was changed to the 15th, due on the 12th. Since my auto-pay payed on the 15th of February, the payment was applied to the *previous* cycle, even though though it shows as posted on this cycle. When I logged into my account today, it showed I still owed the amount that I knew I had already payed. Had I not payed attention, my next auto-pay would apply on the 15th (3 days late), since the payment was applied to the previous cycle. Which, would have immediately cancelled the 0% offer, due to a late payment.

They opened a ticket to get the payment adjusted to show as applied to the current cycle. Luckily I have a 6 days before the payment is late, and enough time for them to make the adjustment. Others may not be so lucky.

So, if yu have a BofA CC:   CHECK YOUR STATEMENT CLOSE DATE(s)!

Edit: The above was for my BofA 1-2-3
I just checked my other Bofa CCs.

Cash rewards Platinum
Cut date changed from 6th-8th, to the 11th

Better Balance (opened in Jan, but not used yet)
Cut date unchanged

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I received a letter from them advising of the changes, that my new payment date would always be on the 8th of the month

[NRB525]

Good topic, OP

I checked my recent BofA statements. The AMEX includes a note on page 2 of the January statement Important Messages, Please review any scheduled recurring payments... This card went from statement date 8-9 with due date on the 7th, to statement on 12th, due on 9th. The autopay is on the 2nd so in the middle of the due date range.

The regular BofA Platinum MC, however, already had a due date of the 1st each month. That one has not changed. No autopay on this account.