BoA reports as statement drops

ficus · ‎11-26-2007

My BoA account reported the balance right after the statement was generated, leaving me no time to pay it off. Granted, the balance is very small. However, this practice takes away from the control I have over what I want a CCC to report.

The thing is that before the balance is due, their system won't let me pay using their Pay CC option, but once the due amount is generated, it's already too late.

Do I have to resort to pushing a payment onto them directly from my checking account BEFORE the statement is generated, or is there a better way to deal with this?

I don't like the idea of BoA reporting what I owe before I have the chance to pay them. Some companies are slow, but this one is inconveniently fast.

Anonymous · ‎11-26-2007

Cap1 does the same thing, on my 2 accts. with them, I believe.

This is what I do: get the current balance about a week before the statement is due to come out, pif then don't use it until after you receive the new statement. So far it's seemed to have worked. And I pay 0% interest(and my interest rate is at the max...29.34%)

Anonymous · ‎11-26-2007

do you have online banking set up? if you don't then do. If the billpay option won't work you can go around it by doing a transfer through the transfer funds tab at anytime during the month. transfer from checking to CC, select date, Select amount, submit, confirm and print a receipt.

ficus · ‎11-26-2007

Thanks for your responses.

When you say "if BillPay won't work", why won't it? I guess it hasn't worked for some people, or you wouldn't be saying that to begin with. Well, that's what I'm trying to find out right now, because I have BillPay with another bank, and have already initiated a payment from it 3-4 days ago. I have until the 10th, so I'll wait to see how long it takes, and if it gets too close to due date, I'll pay via BoA's BillPay.

For those that this option works, how long does it take for an electronic BillPay payment to reach BoA? I'm also thinking that maybe the holiday and the weekend are slowing things down too.

About the Transfer Funds option. I don't have a checking account with BoA, and since I have no accounts whatsoever listed in the Transfer Funds section, the system seems to want to provide me with a way to sign up for some kind of BoA account.

What am I missing here? If I have a checking account with another bank, and have already added it to BillPay, how can still use this Transfer Funds option to make payments towards my BoA CC?

Anonymous · ‎11-26-2007

the transfer funds option only works with a BofA checking account. I should have clarified that.

I've never had any luck with billpay systems, something always goes screwy so i pay my bills the old fashioned way.

ficus · ‎11-26-2007

Would you recommend that I sign up for their FreeChecking?

Are there any surprises I should be aware of? Otherwise, I'll sign up online.

There are no local branches in my neighborhood, so I'd be using the Transfer Funds options to move funds.

By the way, this Free Checking account that they offer online, is it set up in such a way as to only provide you with online access to your account? Is there any mailing paper involved? If it's all done online, then I'll just use it for the Transfer Funds option.

Anonymous · ‎11-26-2007

I do all of banking with my bank, Chase. It's been a real blessing since I have. They tell me how long to deliver a check to my payee, and they are right about 99% of the time. I love it! I don't know how long it's been since I've put a check in the mail.

Anonymous · ‎11-26-2007

In addition, I opted to get paperless statements. Chase sends me an email the day it's available. Such a time saver.

Anonymous · ‎11-26-2007

ficus wrote:
My BoA account reported the balance right after the statement was generated, leaving me no time to pay it off. Granted, the balance is very small. However, this practice takes away from the control I have over what I want a CCC to report.

The thing is that before the balance is due, their system won't let me pay using their Pay CC option, but once the due amount is generated, it's already too late.

Do I have to resort to pushing a payment onto them directly from my checking account BEFORE the statement is generated, or is there a better way to deal with this?

I don't like the idea of BoA reporting what I owe before I have the chance to pay them. Some companies are slow, but this one is inconveniently fast.

I pay my BoA account online before the statement closing date.

On the BoA website, after you click the "Bill Pay" tab at the top of the screen, and arrive at the "Pay Bills" page, does anything appear on that page before your new statement has generated? If the word "Pay" appears anywhere on the "Pay Bills" page, even on an old statement dated well in the past, you can still click the word "Pay," and pay your current balance.

Message Edited by psychic on 11-26-2007 03:00 PM

Anonymous · ‎11-26-2007

all of my accts are with bofa, so before you open a new account, it probably wouldn't hurt to see if you can transfer funds from outside bofa to your bofa CC. It could work.

as far as you opening up an account, that is totally up to you. if you think it is worth it then go for it. you might want to review the terms of the free checking account. i think there is a fee involved unless you have some other services. I've had my acct for a while to i couldn't tell you the terms.

as far as i am aware you can choose to receive a paper statement or an online one. I have no idea if they will have to mail you anything to set up the account.