The concept of a payment due date isn’t hard to grasp. It means you have to make a payment before the end of the day when your payment is due. Back when you’d need to send a check by mail, you’d need to make sure to take mailing time into consideration so the payment arrived in time. But on the other hand, banks were generally more lenient about assessing late fees because they understood how the post office worked and that it would take several days for a payment to arrive.
However, very few people pay bills by sending a check to the bank anymore. Most payments are done electronically and happen in an instant. So, banks have become less forgiving about late payments and will charge a late fee at the drop of a hat. I’ve noticed that banks handle the situation differently, with Chase being one of the most aggressive banks in charging late fees.
If you pay your Chase bill between 8 PM and 11:59 PM ET, the payment might not show up for 1 to 2 days. This means you’re likely to get a message like this even if you paid your bill in full. In addition, you’re also likely to see a late fee charged to your account. Hopefully, it will be accompanied by a late fee reversal.
I can’t stand that Chase is in such a hurry to charge a late fee (and accompanying interest fees) that they post the fee before the end of the day that your payment is due. In addition, even if you’ve made a payment they send you an email that you’ve missed the payment.
At least Capital One has a straightforward rule that payments are due by 8 p.m. ET.
You may be charged a late fee if you haven’t made your minimum payment by 8 p.m. ET on the due date. Your payment will post the same day if you make it online or by text, except:
▪ After 8 p.m. ET, Monday-Friday, it’ll post the next day
▪ After 8 p.m. ET Saturday and all day Sunday, it’ll post the following Monday
▪ On Thanksgiving, Christmas, or New Year’s Day, it’ll post the next business day
This rule is more strict than Chase but at least they’re upfront about it. If I miss a payment, then I feel fine about paying a late fee. But if I make a payment in time according to the rules, then I’d prefer not to be charged a late fee, even if it will eventually be reversed.
Chase, you can do better than this.
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