I have a question.....I have a Cap One Card.....and I would send a payment out via my online bank payment service on the 10th of the month (electronic payment). But Cap One holds the payment until the 15th, making it a late payment.....and recieving a late payment charge. is there any way I can challege this?
I bank online and according to my bank, it takes about 5 days for the CC company to receive the payment because they do send it via us mail. I did have a problem where it was taking over 2 weeks (thereby getting late charge of $25)to post. When I called the CC company, they told me it was the bank's fault because the bank would hold the $$ until they had several payments from several people and then send it. I checked with the bank, and was told that by law they have to release the funds within 24 hours and the CC people were wrong. I never did find out what happened, but the CC & the bank both credited me the $25. So, I made $25 on the deal and the payments have since been credited within 5 days. Don't know if that helps, but check with your bank and find out when they released the funds.
Yeah, I had this problem too. Except, that I found out Capital one wasn't holding the payment. It was the online banking bank. Bank of America regularly holds a payment for 5 days before wiring it to the payee. So, with a large payee like Capital One, they take all the money from the day that was to be paid to them from the online payers. Then, they write themselves a cashiers check for the amount which they invest for the 4 or 5 days to make some interest. Then they wire the amount to Capital One. It probably isn't even up to Capital One. Note, if you set your gramma up online, she gets paid same day. However, your mortage payment and credit card companies get paid about 5 days later.
Skip the lenghty delay and sign up to do payments using your checking account on Capital One's website. They post within three business days, often times the same night. If I may say so, I cannot understand why anyone would pay someone else to pay their bills. Seems like putting your credit history in their hands is very risky.
