Answers about Credit Card Payments and Late Payments
Can the bank delay the posting of a payment to my credit card account?
The bank must credit a payment to a customer’s account as of the date of receipt of payment. 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 U.S. 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 5:00 p.m. or later, except for in-person payments at branches that close prior to 5:00 p.m.
If the bank specified reasonable requirements on the billing statement, but accepts a payment that does not conform to those requirements, the bank must credit the payment within five (5) days of receipt.
You should review your monthly billing statement and the account agreement to determine the bank's policies or contact the bank for an explanation.