Warning re payment due dates

Tan4a

I have just had an amazing conversation with Ikea credit cards. I paid my last bill in full to arrive 4th July, the date on the front of my bill. I paid on line from First Direct, which confirmed the payment had arrived on 4th July (a Friday.....) I then got a bill from Ikea for this month, showing that they had taken £12.00 late payment on the 6th July (a Sunay, funny they cant take money on a Snday, but they can apply charges) then taken my payment on the Monday, and wacked on £7.11 in interest. When I complained, they said that I should have allowed 5 working days and that they had not signed up to the instant transfer that many banks now do. So the money was there on the 4th, they had just decided not to take it. Quite where that leaves the customer is anyone's guess. Ikea agreed to revoke the £12.00 but insisted that the interest would stand. First Direct were outraged and have credited me with the £7.11 interest, even though it is not their fault. So be warned, the date on the front of the bill is meaningless, you need to calculate 5 days earlier. Me, I am cutting up my Ikea card, it is just sharp practice.

JimmyTheWig

When did the payment leave your FD account?

jd87

What do you mean when you say FD "confirmed the payment had arrived on 4th July". They don't know when it arrived, they only know when it left them, which isn't the same date. I think it's well known that you need to allow plenty of time for payments to go through and you cut it too fine. Hasn't cost you anything anyway.

latecomer

I'm sure it wont be much consolation but setting up a direct debit for the minimum/full amount will always avoid late fees as they are responsible for claiming the funds.

BritBrat

latecomer wrote: »

I'm sure it wont be much consolation but setting up a direct debit for the minimum/full amount will always avoid late fees as they are responsible for claiming the funds.

That is what I do but not a direct debit a standing order to pay the minimum.

Then I pay the rest due when I get the bill.

If you can use their own online payment system it should be there in 24 hours.

honeypop

jd87 wrote: »

I think it's well known that you need to allow plenty of time for payments to go through and you cut it too fine.

I was going to say exactly this. Also it normally says on the 'ways to pay' section of credit card bills that if paying online, then to allow so many working days for payment to reach them.

methusala_2

With the new FTS (fast transfer service) that most banks use the money you transfer arrives at the destination in about 3 hours. However if the recieving system has not signed up to the system then the transfer sits in the recieving stations holding account till they deal with it. IKEA obviously have not signed up as well as many credit card companies have also not done. Its not to their advantage, so untill it filters down to the customers voting with their feet these cases are going to get more and more attention.

exel1966

The question which needs to be answered is when did you make the payment ?