Creditors delaying payments

roybean · 01-12-2008, 05:16 PM

Didn't we discuss creditors that delay receipt of payment in order to bill you late fees and/or over the limit fees? That's part of the fair billing act, right?

Hedwig · 01-12-2008, 05:33 PM

They used to. A lot of them got in trouble.

I believe that they have passed a law saying that they must tell you when payments are applied.

I know that most of my statement say "payments received in our office by xxxx will be posted the same day.."

I've seen it as early as 9 AM. Now, their mail probably isn't delivered until after 9, so basically that one is posted the day after receipt.

That was part of the agreement--they must disclose when payments are applied.

That's why I always tell people who pay online to read the terms and conditions of electronic payments. Some are credited as long as 3 days after you submit the payment.

Gib · 01-12-2008, 07:33 PM

Quote:

Originally Posted by Hedwig

That's why I always tell people who pay online to read the terms and conditions of electronic payments. Some are credited as long as 3 days after you submit the payment.

I think my GM card was like that. They charged $15 for a "rush" payment.

Enigma · 01-13-2008, 12:48 AM

15 USC 1666c - AKA FCBA

“Payments received from an obligor under an open end
consumer credit plan by the creditor shall be posted promptly
to the obligor's account as specified in regulations of the Board.
Such regulations shall prevent a finance charge from being
imposed on any obligor if the creditor has received the
obligor's payment in readily identifiable form in the amount,
manner, location, and time indicated by the creditor to avoid
the imposition thereof.

See also reg E 205.10(3)

3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.

apexcrsrvc · 01-14-2008, 12:13 PM

The FCBA is a nice tool both for payment and credit reporting purposes.

magyar123 · 01-14-2008, 04:05 PM

Since banks are too cheap to hire sufficient staff in their mail/payment processing centers a lot of envelopes with checks in them are not getting processed ON the day they get there. While we, who have computers, have the possibilty of making online payments, there are more people out there who don't have computers and send in payments by checks/money orders. Those envelopes might get there by the due date, but not being processed. Just another way by the crooked loansharks to collect late fees.

foolsmission · 01-14-2008, 09:23 PM

be also advised that the agreements say you must use THEIR envelope.
USPS has "window" envelope to allow them to still be scanned in while using overnite/rush delivery options.

roybean · 01-15-2008, 05:46 PM

Ok, back when I first started trying to fix my credit problems I got a secured card, dollar for dollar of what you put into a savngs account. The card agreement said to keep your payments up for 18 months and then it would become an unsecured card. This was two yrs. ago, I've never missed a payment, usually pay my balance in full each months, a few times I made smaller payments, but I've never gone over the limit, and never been late and when I asked for it to be unsecured (twice) , they refused saying that I have delinquencies on my report.

I told them to close the #itch and I don't want it anymore. They tell me if I close it there is a few for early termination and I said, "What early termination? It's been two yrs.?"

Then they said, "Oh, well it will still take about ywo cycles to close and you still have to make payments on the balance."

I said, "Im not making no more payments and you have not kept your end of the agreement."

Then they said, "Well you have to notify us in wrting to close the account," and I said, "You have my verbal notice right now and I want that account closed and I am not making anymore payments."

I sent them an online email right then and PDFd it for my records and wrote a letter the next day. Ain't this some crap?

drivel · 01-15-2008, 06:10 PM

Wow, I don't know why they wouldn't accomodate you, especially with your obvious sparkling people skills!

Why don't you pdf the card agreement so we all can have a looksie?

magyar123 · 01-15-2008, 08:22 PM

Did you still have a balance on that secured card when you requested that they close it? Once the balance was down to 0/zero they should have closed the account, and returned your security deposit. As far as the card agreement/18 months is concerned they probably pulled your CR and saw that while you were paying them on time you were delinquent with others and did want to make their card an unsecured one.

Hedwig · 01-16-2008, 02:06 AM

What did the original terms say? Did it say no late pays on that card, or no late pays with any account?

Depends on how the original agreement was worded. Same with closing it. Did the original card agreement have a notification requirement to close the account? Did the balance have to be zero?

roybean · 01-16-2008, 02:19 AM

My patience is short right now and I will look for the agreement and terms later.

drivel · 01-16-2008, 10:51 AM

Quote:

Originally Posted by roybean

My patience is short right now and I will look for the agreement and terms later.

We can't wait!!!!!!!!

Enigma · 01-17-2008, 12:26 AM

Most secured cards require the balance to be PIF before they will close the account. If this is a BoA secured card, in my experience they rarely convert to non-secured.