I hope I'm in the correct forum to ask this question. This happened prior to the new credit card laws, I went online to make a payment 3 days prior to the due date. It was on a Friday after 5pm, the payment was due on a Monday. Unknown to me at the time, my Monday due date was on a bank holiday. The bank considered my payment late. On my new car loan the payment is due on Sunday so I thought I'd check it out early today, (Thursday) just to make sure the bank would accept Sunday as a posting date. They don't and Friday is Veterans Day. Lucky I made the payment before 5pm today so I won't be considered late. My question is, I thought the new credit card laws provided that financial institutions who accept online payments have to accept online (posting) dates on weekends and holidays. I realize the banks are open on those days, however, I thought as long as online payments are accepted, the posting dates have to be recognized on weekends and holidays. Anyone have this experience? Thanks in advance for any answers.
According to the CARD Act, if a due date falls on a weekend or holiday, payments must be credited to the account the next business day without late penalties. If this happened prior to the new credit card laws taking effect, you didn't have this kind of protection.
Usually when you make a payment online it will tell you when your payment will post to your account. I always thought if you make a payment online over the weekend it will post on the next business day. Thanks! Heather with BoostMyScore.NET
