Statement Generation

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Whatamuji
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Statement Generation

Postby Whatamuji » Sat Aug 29, 2015 2:25 pm

Anyone know why some lenders take an absurd amount of time to generate a statement while others do it within 24 hours?
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k


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CarefulBuilder14
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Re: Statement Generation

Postby CarefulBuilder14 » Sat Aug 29, 2015 5:55 pm

Whatamuji wrote:Anyone know why some lenders take an absurd amount of time to generate a statement while others do it within 24 hours?

Which issuers have taken a long time for you? What amount of time is "absurd"?

Discover is consistently quick in having the statement ready the next afternoon or evening. Amex and Chase can be as quick, but sometimes need another 48 hours.

For Barclaycard, Citi, and Synchrony, I've not really noticed.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Vermonster
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Re: Statement Generation

Postby Vermonster » Sat Aug 29, 2015 7:11 pm

Citi took 7 days last time. I made a payment after statement ended but it was before the statement was "available" so it didn't count towards my minimum. Kinda a PITA.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Whatamuji
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Re: Statement Generation

Postby Whatamuji » Sun Aug 30, 2015 1:10 am

CarefulBuilder14 wrote:
Whatamuji wrote:Anyone know why some lenders take an absurd amount of time to generate a statement while others do it within 24 hours?

Which issuers have taken a long time for you? What amount of time is "absurd"?

Discover is consistently quick in having the statement ready the next afternoon or evening. Amex and Chase can be as quick, but sometimes need another 48 hours.

For Barclaycard, Citi, and Synchrony, I've not really noticed.



Well Discover takes about 5 days which I can kinda tolerate. Capital One and BoA take 3 to 4 days. Amazon takes the cake at 9 days for statement. Chase I'm not sure about and AMEX is next day. Ultimately most of these cards are gonna be SD'd anyways but until that day comes I want my statements and I want them NOW! :)
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k

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CarefulBuilder14
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Re: Statement Generation

Postby CarefulBuilder14 » Sun Aug 30, 2015 1:25 am

Whatamuji wrote:Well Discover takes about 5 days which I can kinda tolerate. Capital One and BoA take 3 to 4 days. Amazon takes the cake at 9 days for statement. Chase I'm not sure about and AMEX is next day. Ultimately most of these cards are gonna be SD'd anyways but until that day comes I want my statements and I want them NOW! :)

5 days does sound weird for Discover. I just checked my email, and of the 16 or so statements I've gotten, only two took between 24 and 48 hours.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

flan
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Re: Statement Generation

Postby flan » Sun Aug 30, 2015 11:46 am

Whatamuji wrote:Anyone know why some lenders take an absurd amount of time to generate a statement while others do it within 24 hours?


dinosaur powered computers.

Some lenders are still using the same batch systems they did 20 (or 40...) years ago, when speed was not expected, and haven't upgraded them to be less slow. There's no good reason that a bank can't generate a statement a second after the billing period closes. (or, at least, start the process then, and let it run until it finishes sometime later, depending on how many customers they have.)

Whatamuji
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Re: Statement Generation

Postby Whatamuji » Sun Aug 30, 2015 1:53 pm

One would think that sending a statement faster than another company would be good cause for competition. :)
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k

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CarefulBuilder14
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Re: Statement Generation

Postby CarefulBuilder14 » Sun Aug 30, 2015 6:25 pm

Whatamuji wrote:One would think that sending a statement faster than another company would be good cause for competition. :)

In the days of snail mail and writing checks, a late statement could be a headache.

But we have online banking and automatic payments, so I don't see it as a big deal.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

flan
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Re: Statement Generation

Postby flan » Thu Sep 03, 2015 10:53 pm

CarefulBuilder14 wrote:
Whatamuji wrote:One would think that sending a statement faster than another company would be good cause for competition. :)

In the days of snail mail and writing checks, a late statement could be a headache.

But we have online banking and automatic payments, so I don't see it as a big deal.


one thing I find amusing is that every month, amex sends me an email saying my statement is now available, usually the day after the close date, sometimes two. The email contains the balance on the statement, so it's actually been generated. Between 24 and 48 hours after I get the email, the statement is actually available on the website. Every other bank I deal with, the statement is available before they tell me.



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