Do I get charged a late fee for a credit card payment if the check hasn't cleared yet?

Question

My payment is due on Monday 8/20 and I payed Friday 8/17 in the early morning over the phone by check. If on my account online it hasn't showed that I've payed yet and by Monday it still doesn't show. Do I get charged a late fee? Or do I always have to make sure that I give enough time in advance for the check to clear?

Answer 1

It depends on the bank.

My credit card company will apply the payment on the due date.

Typically, when you make the phone payments they are applied right away or the next business day. Sometimes there is a fee for the payments to apply right away.

Answer 2

Did they charge you a fee for that "check by phone"? I don't understand why people pay that extra $5 or $10 for the creditor to get the money faster.

Either mail a paper check far enough in advance to get there by the due date or check with your bank to set up online banking bill pay. Most of the larger banks offer it for free. You can set up all your bill payments in advance and have control over them till the effective date. Most places accept electronic payment which typically takes 2 or 3 days.

Answer 3

No you are not going to be charge a late fee as long as the check was posted on 08/17/2007 at the credit card company. It doesn't really matter how long is going to take to clear your bank. I could take a week... usually a check clear within 2 business day's. but don't worry your credit card company is not going to charge you at all.

Answer 4

If you paid by phone, you should be fine.

If you paid after like 1PM or so, it wont clear until Monday most likely, but they go by the day they RECEIVE the payment, which is when you were on the phone authorizing an ACH draft.

It probably wont clear your bank until Tuesday.... but you are still fine.