Answers about Credit Card Payments and Late Payments

Can the bank delay the posting of a payment to my credit card account?

The general rule is that the bank must credit a payment to a customer’s account as of the date of receipt. The bank can set reasonable requirements for making payments.

Reasonable requirements include:

  • Requiring that the account number or payment stub be provided with the payment,
  • Specifying that only checks or money orders be sent by mail,
  • Specifying that payment is to be made in US Dollars,
  • Setting reasonable cut off times for payments received by mail, by electronic means, by telephone, and in person. The cut-off time must be 5 p.m. or later, except for in-person payments at branches that close prior to 5 p.m.

If the lender specified reasonable requirements on the billing statement, but accepts a payment that does not conform to those requirements, the lender must credit the payment within five days of receipt.

In general, payments made at a creditor’s Web site prior to the specified cut-off time would be considered timely.

You should review your statement and the account agreement to determine the bank's policies or contact the bank for an explanation.

March 2010