Postal Strike + Bank Penalty Charges

PasturesNew

Banks are looking to cash in on the national postal strike by hitting customers with penalty fees if they miss payment deadlines on credit card bills

http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=486032&in_page_id=1770


The banks, which are in line for a huge windfall, have indicated there will be no leeway or period of grace because of the strike.
This is likely to mean many customers will not get credit card statements and utility bills as expected.
The banks insist they should take steps to find out how much they owe on their cards and make a payment by the normal monthly deadline.
A failure to make the minimum paycouldment would leave customers open to a fine of £12 each.
They could also end up paying extra interest on the bills.
The first 48-hour postal strike finishes at noon today, while a second is due to start early on Monday.
The banks' trade body, the Association for Payment Clearing Services, hinted at the imposition of late payment fines, saying the strike means "important post could be delayed that could have a knock on affect on finances".
It warned: "Although your bill may not arrive in the next few days, you shouldn't assume that payment isn't due within the normal timescale.
"Anyone who is due to pay a bill by cheque in the post during the strike should check they are not going to miss a payment deadline and be penalised as a result."
Customers also find themselves paying penalty charges to their suppliers if they fail to pay their utility bills by the deadline.
Eddy Weatherill, of the Independent Banking Advisory Service, criticised the banks, saying: "It is only the banks who would look to cash in on a national strike which is causing huge disruption. "It is typical that they view every crisis as an opportunity to make money."

PasturesNew

Gotta get some funds in ... keep that liquidity going....

riad_2

It's not the credit card companies' fault that there is a postal strike... their point of view is why should they be out of pocket for Royal Mail's mess.

Most credit cards have a 25 day payment cycle (some 15 days... I assume most utility bills also allow enough time to make payments)... hence a 4 day strike is unlikely to delay statements to the point where people will not have enough time to pay.

In addition in the credit agreements we all sign we agree to make payments by the due date every month. Whether the statement is received or not, we still have an obligation to find out what we owe and pay it. I'm sick to death of the excuse, "I didn't receive my statement that's why I didn't pay!".