What Does Payment date actually Mean?

keithattwood

What Does Payment date actually Mean?

A good question. I recently paid my statement (online) on the 3rd March, (payment was due on 6th March).

My next statement is trying to charge £5.90 interest for late payment.

On contacting the credit card company I am told they did not receive payment untill 7th March. My bank Statement says payment was made on 3rd March.

What happened to the money?

The Credit card company say that Payments have to be authorised and this takes time (2 working days). as my payment was made on a Friday I Cannot count the weekend. I thought payments were made electronically. Do electronics not work on a week end?

The Crdit card company have stated they would Halve my Bill for what they say is my Mistake. But they will charge me to send a revised statement.

Total Payable? £5.90

Who's taking the P*ss

Result? my account Switched.

virgin_moneysaver

most credit card bills state 3 working days for payment as they are paid via the BACS system so the latest time you should have paid for it to reach the company on 6th March would have been Thurs 2nd March before 6pm - if you check your C/C bill it can be found under payment details though some companies like to show it on the front of the bill as well so it can't be missed

grumbler

keithattwood wrote:

...my account Switched.

...where to? And where from? I am just curious ...

amy21_2

think he means is gonna move bank?

yea the stupid BACS system, its annoying but true. if paying by using the tearoff slip on statement or my transfer from current acc(internet) i do it at least 5 days b4 date on statement.

Thenotsowyzewun

Well, since he's using a trademark comment, maybe he's moved to the Natwest


now someone'll turn round and say, "actually its Lloyds" or something like that. Go on then! hehe

The_Boss

grumbler wrote:

...where to? And where from? I am just curious ...

He's done something thats his fault and doesnt understand that it is. So therefore he is passing the buck and blaming the bank.

dc

Keith you have hit on the wonderful British banking systems way of making muchos money. The Bacs came out of the same thinking that gave you cheque clearing time. £5.90 is cheap it is usually a £25 late payment fee on top. You were "lucky", tho may not realise.

Hence one of the many reasons for Martins site. The Banks set the rules unfortunately, and "we" work on get-arounds.

Payments online at the credit card website is usually the quickest was to pay, payments arrive usually on the next working day in my experience and the banks that uses Worldpay, like Sainsbury/Halifax back date to the day you paid.

dc

Clariman

As others have said, an online payment from your bank account to your credit card will use the BACS system. This take 3 to 4 working (i.e. banking) days for the payment to reach the target account. Weekends and bank holidays do not count as working days. This is absolutely standard and will be the same for all banks and all credit cards.

My failsafe method is to set up an online banking payment to leave my account 1 week before the payment is due. That way, I know that all my payments will arrive on time, even if there is a bank holiday weekend in between. I just don't have to think about it - I just set the payments up and forget about it.

Clariman

keithattwood

I would like to thank everyone who has responded to this Thread, and I take all the comments on board. My main concern is that once again certain Banks are not being friendly towards there customers.

As I have stated BACS payments are Electronic, Therefore all the safeguards, all the Permissions are in place, Why then, should we the people, have to put up with this excuse for what is classed as a weekend. It should not make any difference. All it boils down to, is as someone has previously stated. The British banking systems way of making muchos money. Or in other words. Their Policy or our stitch up. I think if everybody took a stand on issues like this (and closed their accounts) then we might get the Banks to change their attitude.

Anwen_2

In principle, I agree with you, however in practice, unless you are able to have no dealings with banks whatsoever, you are going to have to have an account somewhere, and on this issue, they are all about the same.