not paying balance with no minimum due

[ptatohed]

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@villemiami wrote:

After seeing your messages saying that I would pay interest, I decided to pay the remaining balance using my Bank of America checking account. Does using a Bofa account make the payment post faster on a Bofa credit card or is there no difference if I use a bank account from another bank?

Now, the problem is that I have less than $1500 in my Bofa checking account so I'm exposed to a $12 fee. I tranferred money from my Capital One bank account to my Bofa checking account but it said that it would take 1 to 3 days for the transfer to post.

I don't know if Bofa checks that there is a minimum of $1500 every day at midnight.

Anyway, I'm sure paying $12 fee is better than paying interest on $1500.

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You should be fine.  It's usually a 30 day rolling average.  Just make sure that the amount in your account over any 30 day period averages out to be above $1500.

But, wait, what kind of checking account makes you tie up $1500 or pay a monthly fee?  I wouldn't put up with that.  Are there other ways to avoid the fee?

[villemiami]

Key Features of Bank of America's Advantage Plus Banking:

• Monthly Fee:

  $12, but can be waived. 
• Waiving the Fee:

  By having at least one qualifying direct deposit of $250, maintaining a minimum daily balance of $1,500, or being a Preferred Rewards client. 

[villemiami]

I just checked and I will be fine because this morning, I read that when I sell on eBay, it count the same as a direct deposit to get a Welcome bonus for a checking account, so it must be the same in order to waive the $12 fee. I got paid $236 on 5/2 and 5/6, so it's over $250.

[Remedios]

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@villemiami wrote:

After seeing your messages saying that I would pay interest, I decided to pay the remaining balance using my Bank of America checking account. Does using a Bofa account make the payment post faster on a Bofa credit card or is there no difference if I use a bank account from another bank?

Now, the problem is that I have less than $1500 in my Bofa checking account so I'm exposed to a $12 fee. I tranferred money from my Capital One bank account to my Bofa checking account but it said that it would take 1 to 3 days for the transfer to post.

I don't know if Bofa checks that there is a minimum of $1500 every day at midnight.

Anyway, I'm sure paying $12 fee is better than paying interest on $1500.

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Please help me understand ..you're thinking about making payment with account that has insufficient funds? 

If you have insufficient funds in BOA checking and you make a payment today, it will be returned and card may be closed. There are very few things worse than returned payment 

Also, you already lost grace period so just make the payment from your cap1 or boa account once it's funded. Yes there will be some interest but you'll still have your card 

[villemiami]

My Bofa checking account had enough fund to pay the remaining balance of my credit card. It's just that my checking account dropped below $1500 and I was afraid to have to pay the $12 fee because of that.

[FicoMike0]

Ditto @ptatohed !

Don't you up with those fee pirates.

Here's a no fee account that pays you a $300 bribe to join.

https://www.thepolicecu.org/welcome-to-the-police-credit-union

As an extra bonus, their debit card says The Police on it!

[Follower]

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@ptatohed wrote:

But, wait, what kind of checking account makes you tie up $1500 or pay a monthly fee?  I wouldn't put up with that.  Are there other ways to avoid the fee?

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Any direct deposit occurring in the month that is $250 or more will also waive the fee.

[Follower]

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@villemiami wrote:

After seeing your messages saying that I would pay interest, I decided to pay the remaining balance using my Bank of America checking account. Does using a Bofa account make the payment post faster on a Bofa credit card or is there no difference if I use a bank account from another bank?

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Even though the transaction is completed by now, I'll also answer OP villemiami's question "Does using a Bofa account make the payment post faster on a Bofa credit card or is there no difference if I use a bank account from another bank?"

I believe it will post faster; when I pay one of my BoA credit cars from my BoA checking account, there is an option to set the day of the payment/transfer as today. If I do that, the payment will process overnight and be credited to the card the next day. (It works on weekends, too.)

And BoA may be changing their systems; just recently I noticed a payment made in the morning posted to the card that night around 9 p.m.

So definitely faster than an ACH payment from another bank.