NFCU paid on 23 Nov put wont post until 26 Nov

[FixnCred]

With NFCU you could have just 'Transferred' from Checking to your CC and that works too.

 

Although... I always PIF via Transfer and it posts by the next morning if done before 7:30PM EST

 

Not sure if transferring less than a PIF would post and count as a payment or not.

[Rakurai]

Autopay is a great option, but not everyone here is in the PIF every month boat. I think most of us have had to do the juggling act where we pay the most pressing bills first, and sometimes they run right up to the deadline before we have the money in the bank.

[tireredsquare]

With NFCU you could have just 'Transferred' from Checking to your CC and that works too.

 

Although... I always PIF via Transfer and it posts by the next morning if done before 7:30PM EST

 

Not sure if transferring less than a PIF would post and count as a payment or not.

 

That is what I did. Stil. it took something like 3 days to be credited to my account. PSECU instantly applies payments. I have no idea why NFCU does not do with especially when the money used for the payment is sitting in a NFCU account.

[steelers1]

 

 

 

 

 

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

This is 2017. If a bank does not have proper auto recurring payment, it's time for another line of business.

I'm old school... I only trust ME to pay my bills.

So, you log on to every bank or CU website and pay every month?

:-)

 

Yes.

 

I log on to all 10 of my accounts several times a week, whether I've charged on them, or not

 

+1 So do i that's my OCD lol.

 

 

That's good OCD it allows you to early detect any activity that's not yours.

[tireredsquare]

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

 

Does it really matter if I pay on day 1 or on day 28? No it does not. If transfer money from a checking account to a CC, it should be applied automatically. Think of this as if you walked into a back to pay. Would the bank hold your payment for 3 days when you asked them to move money from your checking account to your CC? Nope.

[Rakurai]

 

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

 

Does it really matter if I pay on day 1 or on day 28? No it does not. If transfer money from a checking account to a CC, it should be applied automatically. Think of this as if you walked into a back to pay. Would the bank hold your payment for 3 days when you asked them to move money from your checking account to your CC? Nope.

 

I think you're right in principle, but that's not reality. When you choose to play the game you're bound by the rules, and the rules are that transactions on CCs don't post immediately.

[tireredsquare]

 

 

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

 

Does it really matter if I pay on day 1 or on day 28? No it does not. If transfer money from a checking account to a CC, it should be applied automatically. Think of this as if you walked into a back to pay. Would the bank hold your payment for 3 days when you asked them to move money from your checking account to your CC? Nope.

 

I think you're right in principle, but that's not reality. When you choose to play the game you're bound by the rules, and the rules are that transactions on CCs don't post immediately.

 

Depends on the bank. It should be a law.

 

So I go to a store and buy something for a #1 on day 1. Store does not charge me for the something on day 1 but waits till day 3 when the price went up. Now I dont have enough $$ to buy something.

 

Same principle. It should be a law.

[SomeGuyInCA]

The law IS that payments must be credited on the day they are made, unless the payment falls past the cut-off time, which by law cannot be earlier than 5:00 pm. Further, if a payment due date falls on a weekend, holiday, or on any other day when the business is closed, late fees cannot be charged for the delay in processing a payment that occurs as a result.

 

The core of this - which only one person has mentioned - is that even if you missed the payment due date, you would not have a 30 day late unless you actually are already late on the payment. That is, unless you've already blown past the original due date, and rolled on past the next one, the worst you could expect would be a fee. On the other hand, if you didn't pay by the original due date, and were instead relying on the period between that and the next due date as a sort of 'float'... in that case, the advice is this: don't do that. Pay early, and even often if that floats your boat.

[mec]

Did Navy record the payment as late?

[nooneimportant]

With NFCU you could have just 'Transferred' from Checking to your CC and that works too.

 

Although... I always PIF via Transfer and it posts by the next morning if done before 7:30PM EST

 

Not sure if transferring less than a PIF would post and count as a payment or not.

 

Is there a maximum transfer amount from an external account?

[Savannah1]

 

With NFCU you could have just 'Transferred' from Checking to your CC and that works too.

 

Although... I always PIF via Transfer and it posts by the next morning if done before 7:30PM EST

 

Not sure if transferring less than a PIF would post and count as a payment or not.

 

Is there a maximum transfer amount from an external account?

 

 

According to chat this morning, yes - there is a $250 max from an external account which seems to cause posting delays. (See bold & underlined)

Also, I have made cash deposits to checking and savings account and I have made cash payments on my credit card in a branch and it still did not post until midnight. Anywhere else, cash is usually immediately credited and available. I'd say NFCU is slow to post all-around. I still like them though

 

Ashley: Thank you for contacting Navy Federal. My name is Ashley. How may I assist you today?

ME: I made a payment on 1/5/17 for $251 toward my credit card. It's been 6 days and the payment is still on hold. The money has already been debited from my checking account. Is something wrong?

Ashley: Thank you for your questions today, Savannah. When you make a payment from an external account, it may be placed on hold for seven days to allow it to post and clear the banking system.

Ashley: If you are needing the funds to be available, you can contact us with your external financial institution information, and we will be more than happy to call and confirm the payment.

ME: Thank you - I do not need the funds immediately available. I was just concerned that it was taking abnormally long. I thought 2 days was pretty standard. Will it always take 7 days to post, or is it because it's a new account? I'm just trying to decide if I'll be processing payments this way in the future.

Ashley: It can be any payment from an external account that is over $250.00.

ME: Oh ok - so I just passed it with the extra $1

ME: Thank you - I appreciate it. I think I will push payments from my other account instead from now on if more than $250

Ashley: Absolutely. Are there any other questions that I may assist you with today?

ME: No, that's all. Thanks again - I appreciate the explanation. Have a nice day

Ashley: It has been a pleasure. Thank you for chatting with me today. I hope that you have a wonderful day.

[spacemule]

 

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

 

Does it really matter if I pay on day 1 or on day 28? No it does not.

 

Considering the thread, it obviously does.

[spacemule]

 

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

 

If transfer money from a checking account to a CC, it should be applied automatically. Think of this as if you walked into a back to pay. Would the bank hold your payment for 3 days when you asked them to move money from your checking account to your CC? Nope.

 

Can't agree. What happens when someone uses uses your account without permission and transfers funds? A reasonable holding period makes theft and misappropriation more difficult. Walking into a bank is not he same thing, as this is a face to face interaction. They have you on video. They have a face to face business relationship with you. Sure, stealing money is not impossible, but the simple fact of a face to face transaction in a recorded setting provides a degree of security that doesn't exist online. And even then, a lot of banks will hold checks for a period of time before making them fully available.

[SomeGuyInCA]

 

 

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

 

If transfer money from a checking account to a CC, it should be applied automatically. Think of this as if you walked into a back to pay. Would the bank hold your payment for 3 days when you asked them to move money from your checking account to your CC? Nope.

 

Can't agree. What happens when someone uses uses your account without permission and transfers funds? A reasonable holding period makes theft and misappropriation more difficult. Walking into a bank is not he same thing, as this is a face to face interaction. They have you on video. They have a face to face business relationship with you. Sure, stealing money is not impossible, but the simple fact of a face to face transaction in a recorded setting provides a degree of security that doesn't exist online. And even then, a lot of banks will hold checks for a period of time before making them fully available.

 

 

Again, all of this is moot. The Card Act lays out very specific rules about how banks must handle consumer payments on credit accounts. In the vast majority of cases, the payment must be credited on the day that it is made, as long as it is made before the cut-off time (which by law cannot be earlier than 5:00 PM). If a payment date falls on a holiday or outside banking hours for any reason, the bank is not permitted to use failures to process the payment in a timely manner as an excuse for counting a payment late - they must credit the payment to the account as on time and cannot charge a late fee. It does not matter at all how long it takes them to post the payment, so long as it is credited on the day that it is made. And as I've said, there are clear laws around how this works that are very consumer friendly. It should be noted that this is why you should use the credit card payment gateway NOT your bank's pay by check system.

 

Also note that consumer reporting agencies don't count a payment as 30 days late unless it is not made for 30 days after the initial due date. That means that a person missing a due date by a few days will not get a 30 day late - they may get a late fee, but they will not receive a 30 day late on their credit report. The only way a consumer can get a 30 day late from missing a payment deadline is if they have already blown almost 30 days past the initial due date. And at the point that this has happened, it seems disingenuous to argue about posting times for payments and whether or not the payment should have been immediately credited or not. Based on what was said, here, OP played a game of chicken with a 30 day late and lost. That sucks. But the moral of the story is this: don't treat the interval between a due date and when the payment would be recorded as 30 days late as some sort of grace period: it isn't one, and it is a dangerous game that can bite you hard, as OP discovered: > 100 point drops in FICO across the board.

Edited January 11, 2017 by SomeGuyInCA

[SomeGuyInCA]

 

 

With NFCU you could have just 'Transferred' from Checking to your CC and that works too.

 

Although... I always PIF via Transfer and it posts by the next morning if done before 7:30PM EST

 

Not sure if transferring less than a PIF would post and count as a payment or not.

 

Is there a maximum transfer amount from an external account?

 

 

According to chat this morning, yes - there is a $250 max from an external account which seems to cause posting delays. (See bold & underlined)

Also, I have made cash deposits to checking and savings account and I have made cash payments on my credit card in a branch and it still did not post until midnight. Anywhere else, cash is usually immediately credited and available. I'd say NFCU is slow to post all-around. I still like them though

 

Ashley: Thank you for contacting Navy Federal. My name is Ashley. How may I assist you today?

ME: I made a payment on 1/5/17 for $251 toward my credit card. It's been 6 days and the payment is still on hold. The money has already been debited from my checking account. Is something wrong?

Ashley: Thank you for your questions today, Savannah. When you make a payment from an external account, it may be placed on hold for seven days to allow it to post and clear the banking system.

Ashley: If you are needing the funds to be available, you can contact us with your external financial institution information, and we will be more than happy to call and confirm the payment.

ME: Thank you - I do not need the funds immediately available. I was just concerned that it was taking abnormally long. I thought 2 days was pretty standard. Will it always take 7 days to post, or is it because it's a new account? I'm just trying to decide if I'll be processing payments this way in the future.

Ashley: It can be any payment from an external account that is over $250.00.

ME: Oh ok - so I just passed it with the extra $1

ME: Thank you - I appreciate it. I think I will push payments from my other account instead from now on if more than $250

Ashley: Absolutely. Are there any other questions that I may assist you with today?

ME: No, that's all. Thanks again - I appreciate the explanation. Have a nice day

Ashley: It has been a pleasure. Thank you for chatting with me today. I hope that you have a wonderful day.

 

 

When a payment is posted and when the payment is credited are different things. If you made the payment using your bank's payment card payment system, it doesn't matter how long they hold the payment before posting it; it is 'on time' if it was made before the due date cutoff time.

Edited January 11, 2017 by SomeGuyInCA

[nooneimportant]

 

 

With NFCU you could have just 'Transferred' from Checking to your CC and that works too.

 

Although... I always PIF via Transfer and it posts by the next morning if done before 7:30PM EST

 

Not sure if transferring less than a PIF would post and count as a payment or not.

Is there a maximum transfer amount from an external account?

According to chat this morning, yes - there is a $250 max from an external account which seems to cause posting delays. (See bold & underlined)

Also, I have made cash deposits to checking and savings account and I have made cash payments on my credit card in a branch and it still did not post until midnight. Anywhere else, cash is usually immediately credited and available. I'd say NFCU is slow to post all-around. I still like them though

 

Ashley: Thank you for contacting Navy Federal. My name is Ashley. How may I assist you today?

ME: I made a payment on 1/5/17 for $251 toward my credit card. It's been 6 days and the payment is still on hold. The money has already been debited from my checking account. Is something wrong?

Ashley: Thank you for your questions today, Savannah. When you make a payment from an external account, it may be placed on hold for seven days to allow it to post and clear the banking system.

Ashley: If you are needing the funds to be available, you can contact us with your external financial institution information, and we will be more than happy to call and confirm the payment.

ME: Thank you - I do not need the funds immediately available. I was just concerned that it was taking abnormally long. I thought 2 days was pretty standard. Will it always take 7 days to post, or is it because it's a new account? I'm just trying to decide if I'll be processing payments this way in the future.

Ashley: It can be any payment from an external account that is over $250.00.

ME: Oh ok - so I just passed it with the extra $1

ME: Thank you - I appreciate it. I think I will push payments from my other account instead from now on if more than $250

Ashley: Absolutely. Are there any other questions that I may assist you with today?

ME: No, that's all. Thanks again - I appreciate the explanation. Have a nice day

Ashley: It has been a pleasure. Thank you for chatting with me today. I hope that you have a wonderful day.

Thanks. I thought this might be a good method to pay off my account since my bank's bill pay service has a $10k cap. I see it is not.

[Kat58]

 

 

 

These type of threads MAKE ME CRAZY!!!!!!!!!!

 

DO NOT MAKE YOUR PAYMENT ON THE DUE DATE, NO MATTER WHAT BANK IT IS!!!

 

ALWAYS PAY EARLY!!!

 

If transfer money from a checking account to a CC, it should be applied automatically. Think of this as if you walked into a back to pay. Would the bank hold your payment for 3 days when you asked them to move money from your checking account to your CC? Nope.

Can't agree. What happens when someone uses uses your account without permission and transfers funds? A reasonable holding period makes theft and misappropriation more difficult. Walking into a bank is not he same thing, as this is a face to face interaction. They have you on video. They have a face to face business relationship with you. Sure, stealing money is not impossible, but the simple fact of a face to face transaction in a recorded setting provides a degree of security that doesn't exist online. And even then, a lot of banks will hold checks for a period of time before making them fully available.

Again, all of this is moot. The Card Act lays out very specific rules about how banks must handle consumer payments on credit accounts. In the vast majority of cases, the payment must be credited on the day that it is made, as long as it is made before the cut-off time (which by law cannot be earlier than 5:00 PM). If a payment date falls on a holiday or outside banking hours for any reason, the bank is not permitted to use failures to process the payment in a timely manner as an excuse for counting a payment late - they must credit the payment to the account as on time and cannot charge a late fee. It does not matter at all how long it takes them to post the payment, so long as it is credited on the day that it is made. And as I've said, there are clear laws around how this works that are very consumer friendly. It should be noted that this is why you should use the credit card payment gateway NOT your bank's pay by check system.

 

Also note that consumer reporting agencies don't count a payment as 30 days late unless it is not made for 30 days after the initial due date. That means that a person missing a due date by a few days will not get a 30 day late - they may get a late fee, but they will not receive a 30 day late on their credit report. The only way a consumer can get a 30 day late from missing a payment deadline is if they have already blown almost 30 days past the initial due date. And at the point that this has happened, it seems disingenuous to argue about posting times for payments and whether or not the payment should have been immediately credited or not. Based on what was said, here, OP played a game of chicken with a 30 day late and lost. That sucks. But the moral of the story is this: don't treat the interval between a due date and when the payment would be recorded as 30 days late as some sort of grace period: it isn't one, and it is a dangerous game that can bite you hard, as OP discovered: > 100 point drops in FICO across the board.

All of this^^^

 

READ, PEOPLE!!!