Internet Bill Payment Processing Time

I try to give at least 2 business days. It may go through for you but there is no guarantee.

Especially if you wait till later today, it won't get processed till tomorrow. Usually the cutoff times are around 2-3pm for the current day, otherwise they won't be processed till the following day.

Dibble wrote:I was wondering, how long does it usually take for a bill payment (over the internet) to be processed?

For example, I have to pay for an [rfdlink=/forums/autolink/redirectpage.php?linkid=185]HBC[/rfdlink] credit card that's due by July 16th (yes, i know it's July 13th with only 1 more business day left). If I pay it today, say, after hours over the internet (around 6:00pm), would the payment go through by July 16th (Sunday)?

The reason why I'm asking, is because I don't know whether these bill payments are processed instantly and simply take a little bit of time to show up in my bill payment history... or whether it actually does take a certain amount of time before the person whom i'm paying to actually gets credited (not instant).

Thanks for all your help!!

P.S. I'm paying using BMO online banking.

The payments will not be processed immediately.

The general rule is to set it up 2 business days ahead of the due date. I usually do set it up for 3 business days just in case. The keyword is BUSINESS DAYS.

Thanks guys.

Yep, I'm screwed

Here comes the interests... for like, $3 I bet.

Dibble wrote:Thanks guys.

Yep, I'm screwed

Here comes the interests... for like, $3 I bet.

Go to the bank to pay it now.

Interest should be the secondary concern, your credit rating should be the first.

The thing is, I can't.

I'm at work, and I can't get back to the house until 7pm or so... which is when I will be paying the bill online.

Seeing as how I'm only 19, my credit rating (if any) will recover by the time I require any kind of large loans.

First time I'm late (by like a day) in over 2 years.

The easiest way is go to the Bay and pay it. You probably can even do that on Sunday. That will be on time.

I don't have problem to pay my bill one day before the due day using internet banking (CIBC). That even works sometime when I was one day late. I think I was paying Citibank Master and the due day is on Sunday but I paid it on Monday or sometime like that.

But, I usually schedule the payment to be 2 business day before.

bembem wrote:Go to the bank to pay it now.

Interest should be the secondary concern, your credit rating should be the first.

Credit rating is only an issue if your payment is more than 30 days late.

TheDude79 wrote:Credit rating is only an issue if your payment is more than 30 days late.

I know that, but trust me, it always starts with *only* 1 day late... then progresses from there.

But yeah, you are right

gman wrote:The easiest way is go to the Bay and pay it. You probably can even do that on Sunday. That will be on time.

I don't have problem to pay my bill one day before the due day using internet banking (CIBC). That even works sometime when I was one day late. I think I was paying Citibank Master and the due day is on Sunday but I paid it on Monday or sometime like that.

But, I usually schedule the payment to be 2 business day before.

Wait, I can go and pay at the Bay?!

Oh sweet mother of...

Thanks buddy!

Dibble wrote:I was wondering, how long does it usually take for a bill payment (over the internet) to be processed?

For example, I have to pay for an [rfdlink=/forums/autolink/redirectpage.php?linkid=185]HBC[/rfdlink] credit card that's due by July 16th (yes, i know it's July 13th with only 1 more business day left). If I pay it today, say, after hours over the internet (around 6:00pm), would the payment go through by July 16th (Sunday)?

The reason why I'm asking, is because I don't know whether these bill payments are processed instantly and simply take a little bit of time to show up in my bill payment history... or whether it actually does take a certain amount of time before the person whom i'm paying to actually gets credited (not instant).

Thanks for all your help!!

P.S. I'm paying using BMO online banking.

Instead of asking here..why don't you go READ the POLICY STATEMENTS at your bank online..they will have it VERY CLEARLY defined. I know TD does and I've been paying bills with them online for almost 10 years.

I'm assuming each financial institution would be different..so you need to query your own bank and their policies. What I or someone else could tell you about TD, or Scotia would be totally wrong and not apply to you at all.


They have it very clearly marked with respect to posting times, days that may be exempt due to holiday or weekend, processing time etc. I always pay 1 day ahead of the due date and it's never failed me since day 1.

rc51 wrote:Instead of asking here..why don't you go READ the POLICY STATEMENTS at your bank online..they will have it VERY CLEARLY defined. I know TD does and I've been paying bills with them online for almost 10 years.

I'm assuming each financial institution would be different..so you need to query your own bank and their policies. What I or someone else could tell you about TD, or Scotia would be totally wrong and not apply to you at all.


They have it very clearly marked with respect to posting times, days that may be exempt due to holiday or weekend, processing time etc. I always pay 1 day ahead of the due date and it's never failed me since day 1.

Thanks for the rude reply.

But I thought a point of a forum was to ask questions, post articles, discuss things, and just about anything else I've missed (?) so that others who are in the same situation, passer by's, and practically anyone can draw reference to it?

Everyone else replied in a helpful manner, why be rude?

I would understand if it wasn't posted before in the forum, but for asking a question that was never answered on here and others could read it so they'll know what to do when they need to pay a bill?

Dibble wrote:Thanks for the rude reply.

But I thought a point of a forum was to ask questions, post articles, discuss things, and just about anything else I've missed (?) so that others who are in the same situation, passer by's, and practically anyone can draw reference to it?

Everyone else replied in a helpful manner, why be rude?

I would understand if it wasn't posted before in the forum, but for asking a question that was never answered on here and others could read it so they'll know what to do when they need to pay a bill?

It wasn't my intention to be rude..but you asked a very specific question, to me that doesn't fall under the domain of discussion in a message board. The time you spent posting here, you could have browsed to your bank's homepage and got the 'exact' answer you're looking for.

From the replies, I've read to your question, I don't see a concrete answer, they're all opinions or other people's experience, so in the end you will still have to go to your bank and get the 'definitive' answer... no?

I'm all for discussions, but when someone asks for a specific answer and especially relating to a 'policy' then you really should go to the source of the policy.

In the end you'll be doing yourself the favour..instead of possibly getting wrong information.

rc51 wrote:It wasn't my intention to be rude..but you asked a very specific question, to me that doesn't fall under the domain of discussion in a message board. The time you spent posting here, you could have browsed to your bank's homepage and got the 'exact' answer you're looking for.

From the replies, I've read to your question, I don't see a concrete answer, they're all opinions or other people's experience, so in the end you will still have to go to your bank and get the 'definitive' answer... no?

I'm all for discussions, but when someone asks for a specific answer and especially relating to a 'policy' then you really should go to the source of the policy.

In the end you'll be doing yourself the favour..instead of possibly getting wrong information.

Agreed,

But one guy mentioned that I can go to the Bay to pay for it directly (which I didn't know until now), so there was no need to go to the bank in the first place.

Of course, I could have called the Bay and simply find this out myself in a split second. However, the point of a Forum is to leave a question -> possible answers -> answer trail so others can also benefit.

Based on the logic that if there is a question with such a concrete answer (i.e. policy) you shouldn't post it in a forum, we probably wouldn't need a forum in the first place -- The amount of basic questions that are asked (over and over mind you) far outweigh the number of legitimate questions which garner a "discussion" and it's a complete waste of time.

However, the thing is... When I am browing through forums, I learn new things even from these "basic" question/answer threads that others consider useless. Whether these questions don't warrant a thread or not is dependent on the people who are viewing it.

Dibble wrote:Agreed,

But one guy mentioned that I can go to the Bay to pay for it directly (which I didn't know until now), so there was no need to go to the bank in the first place.

Yes, you did get some possibly good info but IIRC, your original question what something about 'how long does it take for bill processing over the Internet"..which still really hasn't been answered.

Just looking out for your best interests that's all...so you know "YOUR" banks policy.

PCF I pay my bills 1 day before the due date. Amex has a 1 day built in grace period though, eg) Pay on the due date and as long as they receive it the following day your ok.

But yea at least 1 busi day ahead of time. If the bill falls due on a Sat or Sun that means payment received on Monday is fine.

1) You could try calling the company to report that you've made a payment, and give them the transaction number

2) Some companies give a grace period (but don't count on this)

Option number one is best, just give them a ringy-dingy and let them know the cheque is in the mail =)

rc51 wrote:Yes, you did get some possibly good info but IIRC, your original question what something about 'how long does it take for bill processing over the Internet"..which still really hasn't been answered.

Just looking out for your best interests that's all...so you know "YOUR" banks policy.

Lol, the dude asked a question. The dude did not ask whether he should ask the question.

This is from the PCF website which was what I stated above:"How far in advance should I schedule my online bill payments?

Though most companies accept the date on which the bill is paid from your account as the date on which they received payment, some require an additional day or two to process your payment. Therefore, you may want to schedule your payment 2 to 3 days before the due date to ensure it arrives in time."

I have a business account at BMO and can't even find the answer on their website. I could call my account manager to find out the info but honestly, I'd rather post on here and come back in a few hours to find a few helpful answers.

It's a legitimate question, and it's always useful to find out other people's actual experiences as opposed to the posted policies of institutions.

I've watched to see how quickly my online bill payments appear on various accounts, and in my experience it's the next business day after the payment is made from my bank. If I make a bill payment online in the evening so that it takes effect the next day, or I have one pre-scheduled for a particular day, the money leaves my payment account on the morning of that day. The bill payment usually appears on the destination account statement dated the following business day. It's not 100%, sometimes (rarely) it takes a day longer, so it's best to make the payment at least 2 business days in advance. But most accounts also allow at least a day's grace on receiving payments that were made before the deadline and are working their way through the banking system. When a payment due date falls on a weekend or holiday, they put it off to the the next business day.

I think you're probably safe to pay online the day before most of the time, but even if you paid on the actual due date, most payees wouldn't count it as overdue, or would accept your argument if you called in to complain about an overdue charge. I wouldn't try that with companies that make their living based on late payments though, like department store credit cards.

All my bills are paid via online banking, and the payment is always scheduled for the exact Due Date specified on the bill. I've never had any of them flagged as paid "late" (and I've been banking online like this for 10 years.)

I don't think companies can report anything to credit agencies unless it's over 30 days delinquent, either.