BOFA Grace Period Changed; Poor Disclosure
John Baker
previously branded MBNA credit card. However, the only notice of the
change was the following disclosure on my monthly statement.
Please Note: Your due date has changed. Please ensure your
payment is received by the payment due date to avoid late fees
or other impacts to your account.
Pretty slimy way to disclose important changes in the terms of agreement
and certainly not clear language. Did the due date change for this
month only? Is the grace period now an average of 20 days or a minimum
of 20 days?
clams casino
How about a maximum of 20 days? When you factor in 3-5 days to receive
the bill & 3-5 days for them to receive a mailed payment (more if
weekends are involved), you likely have a 1-2 week window to make
payment which becomes a real nightmare if you do any traveling.
Electronic payment is becoming the only means to avoid late fees.
Chloe
news:r2zzi.286153$LE1....@newsfe13.lga...
> John Baker wrote:
> How about a maximum of 20 days? When you factor in 3-5 days to receive
> the bill & 3-5 days for them to receive a mailed payment (more if weekends
> are involved), you likely have a 1-2 week window to make payment which
> becomes a real nightmare if you do any traveling.
>
> Electronic payment is becoming the only means to avoid late fees.
It works really well for me, too. I wonder if in addition to getting their
money faster, the card issuers are doing this to attempt to get more and
more customers to switch to electronic payment. That's got to be cheaper for
them than processing paper checks.
I've noticed something similar at my bricks and mortar bank, where it seems
to take longer and longer to get waited on by a human teller. I cut my
aggravation level way down once I started doing every possible transaction
electronically or at the ATM.
Dennis
wrote:
Same here -- it works great for me. I recently put my (2) electric
bills on auto pay with a credit card that gives extra cashback for
utility bills. Likewise the annual bill for satellite TV. I pay the
credit card off in full each month via online banking. Quick, easy
and convenient. I like it. I think we usually write about 2 or 3
paper checks a month now. I can't remember the last time I actually
went inside my bank (probably about two years ago when I withdrew some
cash for a vehicle purchase).
Dennis (evil)
--
I'm behind the eight ball, ahead of the curve, riding the wave,
dodging the bullet and pushing the envelope. -George Carlin
Chloe
news:2ivtc3lick4rv21dk...@4ax.com...
I hadn't fully gotten with the program until I had a hassle over a bill
where the payee (a medical office) claimed they never received my check.
Indeed, whether they received it or not they didn't cash it, but after
waiting several months to bill me at all, they went straight to a collection
agency in a matter of a couple weeks. Since DH and I have a high credit
score and want to keep it that way, this sort of thing unnerves us. That was
my wake-up call to set up online bill payment for any entity that accepts
it. I won't set up a month-to-month recurring payment from my checking
account, though. It may be more convenient, but I want to be spared the
horror stories of billings run amok that wipe out people's account balances.
I don't mind automatic billing to a credit card, though. You always have the
option of not paying and disputing the charge if the payee makes an error.
I had to go into the bank last week to get a cashier's check for a payee who
requested one. It had been so long I couldn't remember where the entry door
to the lobby was <g>.
pc
I also pay 99.99% of my bills online through my bank.
Where I differ from you is that I have most of my bills set on automatic
payment. I don't do automatic payments through my credit card and I
don't do automatic payments through any business [letting them debit my
accounts]. My reasoning for that is because if there is ever an error I
just have to go to my bank to fix it. I don't have to hunt down where
the error occurred [and I don't have to give out bank account info to
those businesses].
I've even set up recurring payments for bills that are not the same each
month.
I averaged out my electric bill and send them equal payments [my utility
doesn't have static pay budget billing]. I overpay in winter [I'm in FL
so no heating costs]. I underpay in summer. But I pay the same amount
each month.
With my credit card, I set up a recurring payment for the average amount
I historically charge every month. When I get the bill and I owe more,
I send it in. If I forget [which happened a couple of times] then I'm
hit with a little bit of interest but no late fee. It only took one
time for me to be hit with that huge late fee for me to decide to do a
recurring payment.
..PC