Same day payments for credit card bills?

Q: Is there any way to pay my credit card bills faster, like the same day? 95% of the time I have no problem paying before the due date but sometimes when I am busy I don’t get to my bills until a day or two before their due date. My bank takes 3 or 4 days for online bill pay, is that the quickest I can do?

A: I totally understand, as that is a predicament I think all of us find ourselves in at least once in a while. In fact, not too long ago I had that happen with one of my Chase credit cards but luckily, I caught it just in time – the online bill pay arrival date (72 hours later) was also the due date.

However if you’re down to the 11th hour and need to make a same day payment you may have a few options available:

Same day payments through the credit card company

If you already have your bank account linked to your Chase cards, you might be able to make a payment the same day but you will have to do it through Chase.com and not your bank. However this is what is says for payments made after 5 pm Eastern:

Note: If it is after 5:00 PM ET and your payment is due today, please call the number on the back of your card and speak to a service specialist. A fee may apply for same day payments made with the specialist.

The Chase same day payment fee can vary by account but there’s a good chance it will be lower than a late payment fee. In addition to Chase, some other credit card companies offer this.

Same day payments through your bank

Same day payments through BofA

The same day option on Bank of America's website

Some banks offer the option of ponying up a fee for a faster bill payment – sometimes by the same day, other times by the next business day. If you are doing it past 5 PM Eastern it will likely be next biz day (unless you are paying a card that’s also issued by your bank).

The Bank of America Quick Payment gives you the ability to do this. The fees vary depending on which company is getting paid, but next day payments to outside companies usually run $10 and same day payments (if available) vary by region and company.

Bank of America isn’t the only one that offers this, so check with your bank to see if this an option.

Bill payments through Western Union

Western Union is quite expensive so I would only turn to this route as a last ditch effort. But if you are a willing to be hit with the hefty fees, you can pay credit card bills through Western Union. Not all card issuers allow this option and if you are doing it past 5 PM EST it may not work. Call your card’s customer service to find out whether the Western Union route would work for you.

 
Comments
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Bank of America has DISCONTINUED its “Quick Payment” option and has not replaced with with a similar service. Refer to: http://message.bankofamerica.com/quickpaymentsFAQs/ for further information.

What should be in place is a rule that requires the time on the due date to go by the customer’s time zone and not the bank.

Avoid Fifth Third Bank at all costs. This sleazy bank imposes due dates on a Saturday, yet disallows all payments on their stated due date. I made two payments on the billed due date, one by ACH via telephone after 45 minutes, and a second payment directly to their local retail bank. CSR indicated they cannot accept my online payments via ACH on their 53.com website. Both resulting payments were posted late on the following Monday. Our credit scores are about 800, but I expect FifthThird to adversely impact our rating due to their unethical policies. This dishonest policy of disallowing same day ACH payments on the due date is never a problem with our dozen credit cards, but only with Fifth Third.

Honesty is the best policy. If payment is really due on a Friday, don’t falsely state it is due on a Saturday. Vote with your pocketbook by staying away from banks such as Fifth Third.