ford credit

Confirmations and postings are like apples and oranges - never the same. The outfit still has to process the payments through your bank, which could take days. Assume you make an online payment from your WElls Fartgo account, you give your banking info. aba/transit, account numbers to an outfit that handles its payments/banks with Bank of America. Sure the outfit will confirm the payment date, but at that time the funds are still in your Wells Fartgo account. Until B of A actually gets the funds from Wells the payment is not posted.

 

Fordcredit is the third party. Transactions go through banks. Fordcredit is not a bank.

 

Even if Ford Credit were a bank, the payment would go through the Fed's Automated Clearing House system. Takes time.

But it is interesting that they can take take money from your bebit account instantaneously from almost anywhere when you go to buy something.

Go figure.

 

Only if you use a debit card, and enter your PIN. If you run your Visa/MC logo checkcard through on the terminal and press "debit", the system will ask you for your PIN, enter that - 10 minutes later the money is already deducted from your bank account. Normally called a Point of sale transaction.
On the other hand - if at the terminal you press "credit", it will be processed as a credit card transaction - and could take 2-3 days to hit your account.

 

It may or may not work but, you can submit a dispute to Ford pursuant to the Fair Credit Billing Act. Make sure you send it to the correct department and in writing. This seems the most applicable in this case and may get you to where you ultimately want; a report without 30 day lates.

 

Greg, the point was the dichotomy of the ability to take money instantaneously versus days to credit one's account.

All depends on what side of the fence you are on.

 

They should tell you on their website what their conditions for payment are. Some creditors will credit the payment the day you make it, some as much as two or three days later.

It may say something like "payments received by 10 AM will be credited the next business day, later payments will be credited the second business day." It could be third business day. Some will credit the same day.

I have one account that will credit the day you make payment. If it's after a certain time, it will show as late but reverse the next month. I have another account that takes three business days to credit.

So you have to see what the terms of online payments are.

 

Hedwig's advice regarding stated posting times is good information. You also need to look at where the day falls. In your case it looks like you "missed the 30 window" by one day, as Sep 8th fell on a Saturday. So from the 7th on, it would be transacted as of Monday the 10th.

There are differences in "payment set ups" as well. If you have a "payment account" set up, usually it is a very quick posting and clearing of funds. If you are just making an "electronic payment", it is essentially the same as processing a check (w/o the mailing time), and usually is a three day processing window (though they are allowed up to two weeks).

You should see when the "funds" actually came out of your account, and if you have the information, perhaps when the "authorization hold" was entered.

Call Ford Motor Credit and see what you can work out with discussion. But, be aware that you are "using up your goodwill" with repeated late payments. Credit issuers usually have certian "allowance" guidelines, you may have used them up. But calling and trying to work it out is the recommended strategy.

Further, as Apex suggested, it is prudent to document this in a dispute form under the FCBA, this gives you documentation should you need it, and covers you down the road.

 

Just looked on my Orchard credit card website. Their version(s):
Standard payment. No fee. Before 4 pm Eastern time - (which would mean 3 central time, 2 mountain time, 1 Pacific time, and whatever Hawaii/Alaska time)
THe earliest date your payment will post is 12/5 - tomorrow.
Rush payment. $12.95 fee. Before 11:59 pm Eastern time.

Payment will be credited to your account today, but may take up to 3 days to display online.

 

I'd suggest two things:
1) figure out some way to get your payments in ahead of the payment due date, and

2) make the goodwill call to the customer service (you might need to go up to a supervisor).

But, because you're really on thin-ice in the goodwill department, I'd start with the sweetest plea using the most appealing excuse possible to get this reversed. I don't think that coming on strong will help your case. You might sweeten the pot and call when you can make a payment (ahead of the due date) and tell them that whatever hardship you had was past and you're trying to clean things up and oh, by the way, here's this month's payment...

Just remember that, if this works (and it might or it might not) you can pretty much be assured this is your last chance for any good will for a while so use it wisely.

 

BoA posts immediately, but now they only accept transfers from their bank accounts. When they used to accept payments from other institutions, they would accept until something like 10 PM Eastern, but it might not show right away. If they charged a late fee they credited it back the next month.

I know Barclays is something like 10 AM.

Some cards give you a grace period of a day or two, most don't.

That's why you have to make sure you read the terms.

 

I agree with everything herein but, the OP does have some recourse under the FCBA should it come to that. Again, adopt the goodwill measure but, not to the extent that your window expires under the FCBA.

 

Definitely dispute under the FCBA--keep all avenues open. You may not need them, but they're there if you do.

 

Just out of curiosity, how is this transaction different than a check? If you were to send a check that you can prove (through CRRR) arrived on the 5th doesnâ??t that count as paid on time even though the check has yet to clear? If you can verify an electronic payment on the 5th doesnâ??t that count as paid on time even though the transaction has yet to clear? Isnâ??t it on time when they receive payment?

 

Wishful thinking. Even if you send it CRRR, it does not mean that the check payment processing center will process the check that same day. It will get "dumped" into the mail bin to be processed. If the payment center is poorly staffed, or the employees goof off all day long, processing a handful of envelopes here and there, that envelope might become a holdover item until the next working day, even though your return receipt indicates the date it got there.

 

Many cc companies (Cap One is one) used to hold checks 2-3 days, thereby causing the payment to be late.

Now they have to tell you, either on the statement or in the terms, what the conditions are. In many cases, the check must be received by 9 or 10 AM to be considered paid on that date. So, a CMRR wouldn't prove what time it was received. If it was due today and they received it at 1 PM, it would be late.

The reason they have to disclose the terms is exactly because of what a lot of them used to do--hold payments to get late fees.

Another reason to read your statement and all the disclosures that come with your credit card. And check the periodic updates.

 

Well, there's "should be", and then there's "actual". Yes, the payment is supposed to be processed as "received" when the payment form is received. It "should be" posted as that "transaction date" as well. However, the date of "posting" the payment to your account can be days later, this practice is considered "reasonable" if a few days. Many banks got into serious trouble when they were found to "let sit" payments, and only post after a late charge would incur. The defense given is that the "receipt date/time" becomes unknown to the "poster" of the transaction.

So, yes, technically the "transaction date" is when the transaction ocurred "over the counter" as it's called (the exchange). However, in the real world there is a delay.

 

The trouble with those disclosure statements/and the crap that they send along is that after a minute or so the whole thing looks like Chinese/other languages mumbojumbo, which only a CPA can decipher. "WE might screw you, WE may not" - are much easier to read/comprehend. 7 simple words.