Credit Card Payment Posting Times

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This thread - stared by DaveHanson, talked about BOA very liberal Credit Card Pay Posting Terms.

As the original topic was strickly BOA, This thread will be for all credit cards, and their payment poiting times. Only payments that are "pulled" from the banks payment website should be placed in this thread, and that are free, or considered very consumer friendly. Also, feel free to talk about payment pull times. That is if you make a payment later in the day, the funds are not deducated from your account the next business day, but later.

I'll update the OP as needed.

AMEX - Same day posting when paid by midnight mountain time. Payments after 8-9PM tend to ACH 2 business days out.

Citi - Pay online by 1 PM on the due date same day posting. Next day ACH. Note, only 4 payments per cycle, and citi does have a waiting period for a new linked account of about 6 days.

BOA - Pay online up to 11:59 PM on the due date. Payments made after 3PM will hit the statement the next day, but all late fees will be credited on the following statement.

Juniper - Pay online by 7 pm ET on your due date to avoid late fees and finance charges.

MBNA - Uses Check Free. Can schedule a payment on a business day by 1 PM, for next business day. From my evidence, MBNA will ACH on the payment postnig date. As far as MBNA goes, note the following additional restrictions: No more than 3 payments per rolling 30 day period and maximum of $35,000 per payment. All major and minor (Columbus Day, Presidents Day, etc) federal holidays excluded.

Penfed – Pay using an ACH and the payment posts immediately. This feature is not available for new customers though.

Payments made after 3:30 p.m. Eastern Time Sunday–Thursday will be credited to your Account the next day. Payments made after 3:30 p.m. Eastern Time on Friday or anytime on Saturday will be credited to your Account on Sunday. Online payments can be made once every eight days.

Capital One - Pay online by 3:00 p.m. Monday - Saturday, including holidays, except New Year's Day, Thanksgiving, Christmas for same-day credit. Limit one payment per day.

Discover - Payments made after 3:30 p.m. Eastern Time Sunday–Thursday will be credited to your Account the next day. Payments made after 3:30 p.m. Eastern Time on Friday or anytime on Saturday will be credited to your Account on Sunday. Online payments can be made once every eight days.

Chase - It costs you $15 if you want to do a same-day payment. If you schedule ahead of time, it would take on average 2 business days (and they are not kidding when they say arrange it for 2 days before due date).

Bankone/first USA - Pay Oneline until 1 PM on the due date, payment is credited same day.

Direct Merchants - Pay by 6pm CT on the due date, posted the same day. Mon-Friday

Member Summary
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Great info in this thread. Thanks guys.

peters317 (Jul. 27, 2005 @ 5:14p) |

MBNA Billpay just recently started charging the CC the day BEFORE the scheduled payment date. This is a recent change t... (more)

davelanton (Jul. 27, 2005 @ 5:23p) |

bump

mikeres (Sep. 15, 2005 @ 11:58p) |

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Juniper - Make your online payment by 7 pm ET on your due date to avoid late fees and finance charges.

Penfed – Pay using an ACH and the payment posts immediately. This feature is not available for new customers though.



Capital One - Pay online by 3:00 p.m. Monday - Saturday, including holidays, except New Year's Day, Thanksgiving, Christmas for same-day credit. Limit one payment per day.

As far as MBNA goes, note the following additional restrictions: No more than 3 payments per rolling 30 day period and maximum of $30,000 per payment. All major and minor (Columbus Day, Presidents Day, etc) federal holidays excluded.


Discover -
[Q]Payments made after 3:30 p.m. Eastern Time Sunday–Thursday will be credited to your Account the next day. Payments made after 3:30 p.m. Eastern Time on Friday or anytime on Saturday will be credited to your Account on Sunday.

Online payments can be made once every eight days.
Payments made earlier than 3:30pm during the week post the same day.

Thanks TheBigDon for doing this, green for you. <img src="i/expressions/face-icon-small-smile.gif" border=0> It might be worth adding whether the CC company allows scheduled payments in advance (MBNA, infibank, AMEX, firstusa, chase) or not (Cap1, citibank).


oelephant, MBNA lets me pay up to $35K per payment, not $30K. This $35K number is common to several systems I've seen--I believe it has to do with the ACH system the biller is using. And I've never seen anything about only 3 payments per cycle...it lets me make as many as I want (though I'm not certain I've made more than three to any one card.)


Infibank posts payments up till noon Pacific time same day, allows scheduling in advance, and pulls the next business day.

DaveHanson said: [Q]
oelephant, MBNA lets me pay up to $35K per payment, not $30K. This $35K number is common to several systems I've seen--I believe it has to do with the ACH system the biller is using. And I've never seen anything about only 3 payments per cycle...it lets me make as many as I want (though I'm not certain I've made more than three to any one card.)


You're right, it's $35,000, not $30,000.

Login and go to the Bill Pay Choice home page and click on "terms and conditions" at the bottom of the page. You'll find:


PAYMENT LIMITATIONS

Payments made to MBNA through the Service can be for any amount between $1.00 and $35,000.00. There are limitations on the number of payments you can make on your MBNA credit card accounts and consumer finance loan accounts using the Service. You may only make three (3) payments on each MBNA credit card account and consumer finance loan account during any thirty- (30) day period.

Payments made to other Payees through the Service can be made for any amount between $1.00 and $35,000.00. There may be other limitations imposed by your Payees or your financial institution. You are responsible for being aware of and complying with those limitations.


The limit is per any 30 day period, not per cycle.


oelephant said: [Q]You may only make three (3) payments on each MBNA credit card account and consumer finance loan account during any thirty- (30) day period.
The limit is per any 30 day period, not per cycle.

I think what it means is you can make 3 payments to each MBNA account using their service. It's a case of bad wording.

I have made more than 3 payments from my MBNA account (to another payee) in a 30 day period before, several times, and have had no problems.

mrbean said: [Q]oelephant said: [Q]You may only make three (3) payments on each MBNA credit card account and consumer finance loan account during any thirty- (30) day period.
The limit is per any 30 day period, not per cycle.

I think what it means is you can make 3 payments to each MBNA account using their service. It's a case of bad wording.

I have made more than 3 payments from my MBNA account (to another payee) within 30 days before several times and have had no problems.

I agree with that. I think that's exactly what it means. I don't think there is any limit to non-MBNA payees.

DH made the comment in his original post about a "per cycle" limit and I was just emphasizing that it's any 30 days, not just a cycle.

How about Chase / BankOne?

bill777 said: [Q]How about Chase / BankOne?

It costs you $15 if you want to do a same-day payment.

If you schedule ahead of time, it would take on average 2 business days (and they are not kidding when they say arrange it for 2 days before due date).

Thanks for clarifying, oelephant. That's consistent with my experience...I don't think I've had occasion to try more than 3 payments in a 30-day period, but am glad you pointed this out.

It could become an issue with especially large MBNA lines. My biggest is currently $40K, requiring two payments to pay it off...while a >$70K line would need 3 right there.



I have always had Chase payments credit the next business day after the payment is scheduled, but they don't give reason to count on this like most of the other issuers do. Bankone/first USA is better, if you make their cutoff (recently changed to 1pm Pacific time), it credits that day.


Wells Fargo is flakely in that they are similar to Chase, only less reliable. I can't get a consistent answer out of them about how they do it.

Thays for all who replied - Lets see if we can also post the ACH times of the payments when they hit your account. Most of the systems that have the cut off before 5 pm make it where the ACH is done next day, but some system can be allowed for one more day of "float", such as AMEX.

Thanks TheBigDon for summarizing the CC's and their payment processing times!

Direct Merchants
Pay by 6pm CT..posted the same day. Mon-Friday

a note about mbna; i had pmt. scheduled 7/10(sunday) for auto pay, they withdrew my checking acc. on friday7/8

MBNA pushes a payment scheduled for a weekend day up to a business day. It should have showed you this and warned you before you clicked to "schedule payment". That has always been my experience. Perhaps you overlooked this when you set up your payment? In such cases, your course of action should have been to revise the payment date to follow for Monday, 7/11.

Take this for what it is worth. I was told by a CSR that you can pay the Chase card at a branch and it will post the same day. When I pay my card online with Chase it seems to post the next day.

I have a COSTCO (yes, the mega-warehouses...) Credit Account, operated by HSBC through Chek-Free; and found peculiar that if you'd pay your bill online (COSTCO does't accept payments to its' credit card in-store...) and wanted to pay on the due date you had to pay an extra $15... Wonder if this is a HSBC rule (that would apply to that bank's other CC's in the 'States) or ChekFree's (that would apply to other users of their services, like MBNA, though AFAIK they doesn't have that rule for online payments?)...

You might want to include payment limitations.

If I recall, when I changed my linked checking account, my AT&T Universal Cash Rewards card limited my first payment to $500. And would not let me do another online payment for 10 business days.

For MBNA I have noticed that when you want to schedule a future dated payment, you often cannot schedule for the subsequent business day. For instance lets say it is a Tuesday and you go to schedule a future payment, the only dates available start on Thursday.

when i set up for auto pay, they won't let me pick the date, in my case it is always on the 10th. never saw any warning though

Great info in this thread. Thanks guys.

MBNA Billpay just recently started charging the CC the day BEFORE the scheduled payment date. This is a recent change that caught me by surprise when all my payments scheduled for the FIRST day of my billing cycle got charged on the LAST day instead.

bump



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