Personal Finance

pay a VISA bill on due date through online banking - transaction date late charge???

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  • Apr 17th, 2018 4:55 pm
[OP]
Jr. Member
Jun 22, 2009
149 posts
13 upvotes
Oakville

pay a VISA bill on due date through online banking - transaction date late charge???

I am wondering if i will get a late payment charge if i have a bill due on 11 april and i pay it through my online banking on april 11 (posted date) if it goes through on the 13th(tranasction Date) lets say will i receive a late Payment charge??

Thanks In advance
27 replies
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Aug 18, 2008
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Depends on your bank, but most likely you would, since the agreement (for RBC anyways) says that processing is usually 2-3 days after you pay. So even if you see it in the authorized transactions, it wouldn't count.

On the other hand, BMO counts payment as the day it enters in. So if you did it via online banking, it's counted to be that same day.
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Feb 15, 2008
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Calgary
TD credited my payment against a TD VISA card a day or two late once, and charged me interest. Fortunately it was only a penny, but I still complained. They didn't back down, even though their system clearly shows the payment was initiated on-time.

If it was more than a penny, I would have raised hell with the branch manager. I have little tolerance for this sort of abuse, and even less tolerance for bank employees that can't put together a transaction trail and acknowledge that an IT mistake was made.
TodayHello wrote:
Oct 16th, 2012 9:06 pm
...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Sr. Member
Feb 28, 2013
945 posts
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Toronto
With my RBC visa I always transfer funds on the payment date from my RBC account to my visa and it always is posted for that payment date. It will sit in the authorized transaction limbo for a couple days but shows up as a payment the day I did it when it is posted. It's also always available as soon as I do the transfer too.

Of course if I pay a credit card at another bank it takes a bit longer because it isn't a quick transfer between accounts.
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Oct 7, 2007
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gtown324 wrote:
Mar 29th, 2013 9:52 pm
I am wondering if i will get a late payment charge if i have a bill due on 11 april and i pay it through my online banking on april 11 (posted date) if it goes through on the 13th(tranasction Date) lets say will i receive a late Payment charge??

Thanks In advance
In my experience I have found that if you call the credit card company immediately after you make the payment and tell them about your concern (and provide the reference #) BEFORE you actually see a charge hit your card, the customer service rep will almost always offer to put a note on your account and offer to remove any late payment charge later if there is one. I would strongly recommend doing this as a precaution if you are concerned about this.
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Feb 19, 2010
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I believe that most credit cards include in their terms the point that payments must be received by the due date and to allow time for mailing etc. This isn't the CRA where they consider postmarks.

I bank with BMO and simply do an online transfer from my chequing to my credit card on the due date. The payment is posted immediately.

As well, as an American Express cardholder, both credit and charge cards, there does exist a grace period of a few days beyond what they indicate as they end of the grace period so the example provided by the OP would not be an issue with Amex.
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Sep 1, 2005
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Vancouver
Might not apply to OP, but if you sign up for auto payment, it makes the payment on the due date. Great way if you pay off you balance every month, and want to pay on the very last day, without worrying about posting dates etc.
Sr. Member
Jan 5, 2006
946 posts
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Mississauga
Never had a problem before, but you should be mindful of business days versus calendar days. I always pay the transaction off the last business day possible. So let's say the payment due date lands on a saturday, I would pay it off the friday instead. Even though it's all computerized, the system may push a payment for the monday if it's paid on the saturday. So watch out for holidays and weekends!
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Apr 1, 2006
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Brisbane
Nope, do it all the time with RBC. I pay my RBC visa, MBNA MC, Amex, and Capital One MC all in full on the exact due date. Never received a late payment charge. With RBC, if you set up automatic full payments for credit cards, they apply the payment credit on the exact due date and then the amount from your chequing comes out a day or so later.
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Dec 5, 2006
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I think they consider payment date aswhen you do it not when they receive date
Sr. Member
Nov 13, 2007
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Toronto
yes, you will (if it's for a different bank) especially when it involves weekend or MbNA. it takes them few day to get the payment.

never have problem if visa comes from same bank.
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Mar 13, 2012
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Planet Earth
Mark77 wrote:
Mar 29th, 2013 10:09 pm
TD credited my payment against a TD VISA card a day or two late once, and charged me interest. Fortunately it was only a penny, but I still complained. They didn't back down, even though their system clearly shows the payment was initiated on-time.

If it was more than a penny, I would have raised hell with the branch manager. I have little tolerance for this sort of abuse, and even less tolerance for bank employees that can't put together a transaction trail and acknowledge that an IT mistake was made.
You admitted paying it late... Why do you think your in the right to not pay interest?
If at first you don't succeed, destroy all evidence that you even tried.
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Dec 8, 2010
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Allen32 wrote:
Mar 30th, 2013 9:29 pm
You admitted paying it late... Why do you think your in the right to not pay interest?
No that isn't what he said at all! TD *credited* it late:
their system clearly shows the payment was initiated on-time.
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Apr 1, 2006
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superping wrote:
Mar 30th, 2013 12:42 pm
yes, you will (if it's for a different bank) especially when it involves weekend or MbNA. it takes them few day to get the payment.

never have problem if visa comes from same bank.
Nahh that's not true. I do it all the time with payment from my bank to the CC. See my comment above.

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