If I mail out a payment thats due 2 days will I ge charged late fees if they dont receive the payment in time?

Question

I heard somewhere that as long as the payment is mailed out before the due date that no late fee will apply. Is this true?

Answer 1

They DONT care when you mail they only care when they receive it. Depending on where you are it will not get there in 2 days, you need to give it at least 5 days to be safe. If it is a credit card there is usually no grace period. Other loans such as Auto or House loans will sometimes have a Due date and a penalty date. Where it is due by say the 1st, but if it arrives by the 10th you are still okay.

If your bank has a Web Payment Option that may be the way to go. You should be able to do it from their site and have it post in time. You might need to do something like a Check by phone. This is usually an immediate credit to the account, but they do charge a service fee. However, this fee is usually much less than the late charge would be. Also, you have to be careful that if you are late on a payment if it is a credit card you will automatically be bumped up to the "default" interest rate which is usually in the 30%+ range.

Answer 2

It depends on the terms of your credit card agreement. Some cards will not charge you late fees unless you are 30 days past due. Others will charge you late fees if they have not received your payment by 11:59 pm on the date that it is due.
A law was recently passed that requires credit card companies to post your payment the date it was received so they cannot try to hold it for a few days and then charge you late fees....so as long as it gets there the day that it's due you should be fine.
Call them and ask about your particular account, though just to be sure.

Answer 3

Not true. If that the case then everyone would say the same thing. No one can control the post office or when they deliver the mails. You have to protect yourself and not rely on the post office. Most credit card companies suggest that you should send it in 7 days before the due date for the simple fact is that they have million of customers, they will not waive the late fee if paying your bills is your responsibilities.

I work for credit card company. If customers have never been late before, I would waive one for them as a courtesy. Be nice to them when you ask to waive the fee. Technically, they have no obligation to waive the late fee. That's why they have due date. When I have customers who demand to waive it, I wouldn't waive but if they explained nicely the reason why they were late, I would waive it.

If they have a website, enroll yourself into the website and make payments. Give at least 2 business day for the payment to post. Remember, credit card companies have million and million customers, kinda first come first serve unless you want to pay $12 for the payment to post on the same day.

Years ago, you may be able to have a posted check, not anymore. If you see how they process your payments, there is no way that anyone can stop the machine and look at each check just to see who has a posted check. The people who process payment do not have any contact with customers, they just sit infront of a machine type in the amount or put through a machine (just like the post office stamps your envelope). They don't look at the date.

Late fees access automatically by the system. If the credit card company didn't receive the payment by midnight of your due date, it'll access late fee. It doesn't matter if you called in in advance telling them when you send the payment. It doesn't work that way. People think if they call in, they can avoid the late fee.

By law, they have to post the payment at the day they receive , not the day you said you mail it in. Don't believe in what people told you You can easily ruining your credit if you're not careful. Protect yourself by send in the payment on time. If the company's mistake, they will fix your credit report but it takes awhile before they fix it. If you're late, they report to credit bureau every 30 days and it will stick and they won't go back and fix it if it's your fault. They have to report as it is.

Answer 4

Normally they will look at the posted mail date. And as long as it was mailed before due date and is only a couple of days late they wont charge you anything. But thats not set in stone, every creditor has their own rules on it. If you do get charged a late fee, simply call them and explain. If you have a good track record with them they would probably reverse something like that.

Answer 5

most of the time if its post dated before the due date u should be fine.. but I would call them