when will the credit card company take the money out of my account?

Question

my bill was due 11/19 so I paid it Friday,and they still havent taken the money out of my bank accout. so now it looks like I'm two days late paying it. Has this happened to anyone else and if so did it effect you credit score

Answer 1

You may be getting hit with finance charges. It all depends. If you paid the bill after 3pm EASTERN time, then probably (you can get the finance charges removed if this was an isolated occurrance).

The best thing to do is to have automatic payments taken out of your account through the credit card issuer. That way, even if the funds don't come out of your checking account until 3 days after the bill is due, you won't get charged for it.

For a lot more information, check out "Personal Finance 101 - A Beginner's Guide" at www.GoldenRocFinancial.com or on Amazon.com. There's a LOT of great information there on credit, credit cards, how to beat credit card companies at their own game, etc.

Answer 2

If you paid online at the credit card company's website, it should have told you when the payment would be applied. Each card issuer has different policies regarding when a payment will post the same day. One of my cards requires scheduling the payment at least 2 days in advance even if you use their site. Another allows same day payments until 9:00p Eastern time. I often see payments appear on my bank statement 1 or 2 business days after they are applied to my credit card.

Many people falsely assume if they pay online from there banks website, the transaction is done electronically. While this is sometimes the case, many times a physical check is cut and mailed. I know this for certain because I work in a bank mail room and see these checks every day.

Answer 3

If you did it Friday before 2 or 3 pm EST on there website it should be credited to your account once the payment has left your account. Most companies will consider the date you paid rather than the date they got the money. Some companies wait itl they've got the money before they credit your account and this will make you late. Call the 800# and ask the rep how it works. If you're a few days late just take it as a lesson learned and don't do it again.

Answer 4

If you have a credit card with your bank and an account, yes, they can deduct what you owe or a payment from those accounts. When you signed up for an account, the papers you signed, gave them permission to do this. As for other credit cards that have nothing to do with your bank, if they go to court and get a judgment, they can get a wage garnishment order or bank levy to get money that way. I think bankruptcy though would put the kabosh on that. Ask your lawyer. ( I hope you aren't trying to do your own bankruptcy! )

Answer 5

It depend at what time of the day you pay. You need to remember that some banks will NOT process online payments after noon, some no later than 2PM and some like GE Money no later than 5PM. Banks do not work on weekends. They will likely withdraw the fund on Monday. If your account was due on 11/19 you should not have pay the same day.

Answer 6

Yeah, always give yourself a little cushion when paying online. Only paying over the phone is seemingly instantaneous.

Always pay bills online with 7 days to spare. That is, 5 days before the payment is due. And remember, weekends don't count, as well as Holidays, so be careful.

Learn more about credit, personal finance, and mortgage at:

http://www.thetruthaboutmortgage.com

Answer 7

Call the company and tell them you want to verify that your payment was received. I pay all of my bills by phone, so I get a confirmation number with my payment. Even still, sometimes my payments might not clear my bank for up to a week.

If you have any doubt, I would definitely call the credit card company.

Answer 8

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Answer 9

ma be it has no money.