Answers about Credit Card Payments and Late Payments

Can the bank charge a fee for making payments, such as for making a payment over the phone?

Generally, the Credit CARD Act prohibits creditors from charging a fee for making a payment.  However, a fee may be charged if you make a payment using a payment method involving an expedited service by a customer service representative of the creditor.

A payment method involves an expedited service by a customer service representative if a payment is made with the assistance of a live representative of the creditor, whether in person, by telephone, or by electronic means, and applied that same day, or the next day, if received after the creditor’s payment cut-off time.

 Fees cannot be charged for payments made using only a voice response unit, or made at the branch without expedited service, or placed in an office mail slot.

September 2017