Online banking question

[leahjade]

I'm new to online banking and wondered if I pay my credit card May 31, does it go into the company's account that same day electronically? I don't want any late fees!

 

[Marionnette]

I'm new to online banking and wondered if I pay my credit card May 31, does it go into the company's account that same day electronically? I don't want any late fees!

It depends on the bank and the credit card company. I pay my credit cards thru the card's website because my bank can take up to 3 business days for the funds to transfer to the credit card company. With the credit card company's website, my payment is processed the very same day as long as I do it before a certain hour.

 

[girli565]

My banks online bill paying service would take 2-3 business days to get the payment to the credit card. I now pay all my bill on the credit cards website because I don't like having to wait almost 7-10 days for the payment to post on my account.

 

[LJSquishy]

Most take a few days to process and be posted to the credit card account.

 

[POOHsie]

With online banking the first time you pay a bill, the process starts slower the first time you pay a certain payee, while your bank and the payee's electronic system establish an electronic relationship. The second month, a payment to that payee should have (about) a 2-day window. Your online account will say how much time to allow. Some payees don't have electronic connections, and your online bank will send them a manual check each time. In my case, I'm told to allow 5 days for manual payments. (Funny, one of my manual payments is to another bank, for my car payment!)

If you can't pay a certain online bill earlier than 3 days before due date, arrange to pay that bill directly with the payee. That's the only way to prevent the situation of a late fee or ding on your credit record, if you're recorded as paying late. Sometimes a payee's posted payment receipt date will differ from your idea of what that date is. The payee may only post payments during certain hours, and after that time, payments received will be credited next day. So don't try to cut it too close, unless paying by phone directly, or at a payee's place of business.

 

[Swimalie]

I select my bills to pay 7 days before they are due. With this system, I have never been late on a bill in the 8+ years I've done bill pay. I never go to the card's site to pay a bill because then you are allowing them to access your account. No one should have access to your account for withdrawals except you.

 

[paladin]

It depends on the bank and the credit card company. I pay my credit cards thru the card's website because my bank can take up to 3 business days for the funds to transfer to the credit card company. With the credit card company's website, my payment is processed the very same day as long as I do it before a certain hour.

This is what I do to and it has never been a problem.

 

[njmom47]

I get paid every Friday and set up my bills to be paid electronically. If my payment is due on a Tuesday, I pay it the previous Friday. The payment itself usually posts to the bill you're paying but the money may not come out of your account right away (example: my cellphone bill shows paid but the $ is not deducted from my bank account until 48 hours later). I haven't paid late fees in years on my bills in years by doing this.

 

[Disneybuckeye]

I have it set up that my banks makes cc payments the day before they are due (or the Friday before if due on Sunday). My bank guarantees the payment will not be late as long as it is set up to be paid the day before it is due. Same with all other bills whether paid electronically or via check.

Read your banks online bill pay policies. It will tell you the exact timeline. It does take more time to set up a new payee the frst time you pay them, so don't wait until the last minute to set up payees.

 

[Cheshire Figment]

I do not have my bank generate any payments. However, I have some accounts that will automatically tap my checking account on the due date. On others I go into the credit card account just prior to the due date and have them draw from my bank account as a one-time transaction.

This way, the recipient is drawing the money and I don't have to worry about my bank messing up.

 

[leahjade]

OP here - just called my bank and the credit card company will get the funds the day you pay, so if my bill is due June 1 and I pay online June 1, I'm safe! It works that way for any place they can send money electronically -there is no waiting period at all. Good to know!

 

[ICF]

OP here - just called my bank and the credit card company will get the funds the day you pay, so if my bill is due June 1 and I pay online June 1, I'm safe! It works that way for any place they can send money electronically -there is no waiting period at all. Good to know!

unless there is a reason driving waiting to the last minuite....I wouldn't want to trust that the bank or CC that's it's really going to work that way.

To be safe, if the bill is due 6/1 I'd pay a few days before then.

 

[bettymae1121]

I bank with Chase and it's usually next business day, but if I'm cutting it close I'll use the card's website so payment is credited that day. In general I try to pay bills at least 5 biz days before it's due but sometimes I need to cut it closer due to cash flow that particular week.

 

[RitaE]

OP here - just called my bank and the credit card company will get the funds the day you pay, so if my bill is due June 1 and I pay online June 1, I'm safe! It works that way for any place they can send money electronically -there is no waiting period at all. Good to know!

Just because your credit card receives the money that day doesn't mean they will credit your account that day. Some of them have clauses that if they receive the funds (and I've seen as early as 10 or 11am) after a certain time they do not credit your account until the next business day.

I agree with the others, do not play the due date game so close. Make your payments a day or two early and play it safe.