Is it legal for a card to have a Saturday/weekend due date?

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zpanderson
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Is it legal for a card to have a Saturday/weekend due date?

Postby zpanderson » Mon May 07, 2012 1:58 pm

To start with, I had a Citi MTVu credit card that has now become a Citi Forward card.

This past month my bill was due on Saturday 4/28. I thought I had scheduled a payment on that Saturday but apparently I either didn't click submit or whatever so I actually paid it on Sunday and I was charged a finance charge.

It was my understanding that (from credit card act of 2009) that anytime a bill was due on a weekend or holiday that the effective due date would be the Monday after as long as the company does not process payments on those days.

From Citicards terms and conditions, "Please Note: Any payment made on a weekend or holiday will be applied as of the day you make it. However, it will not be posted until the next business day. Your available credit will be updated and your payment account will be debited once your payment has posted."

Am I wrong in thinking that I shouldn't be getting a finance charge for this? If the payment doesn't post til Monday doesn't that equate to them not processing payments????


zpanderson
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Postby zpanderson » Thu May 10, 2012 7:57 am

BUMP.

Anyone have input on this?

Money card
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Postby Money card » Sun May 13, 2012 12:03 am

when did you receive your bill?

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Snowman
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Postby Snowman » Sun May 13, 2012 1:58 am

@zp, does you card allow for a grace period by any chance? because that could be it...
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zpanderson
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Postby zpanderson » Mon May 14, 2012 11:41 am

The statement date was 4/3/2012 and the due date was 4/28/2012 (Saturday).

I'm just asking if anyone has had experience with weekend due dates. It was my understanding if they don't process payments that the effective due date will be the next business day (Monday).

DavidNY
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Postby DavidNY » Mon May 14, 2012 2:31 pm

https://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009

The Credit Card Accountability Responsibility and Disclosure Act of 2009 ....requires the due date to fall on the same day each month. If the fixed due date normally falls on a Saturday, Sunday or legal banking holiday, then the due date shall be pushed to the next business day after the date. This measure prohibits due dates to fall on a weekend or holiday, unless the card company accepts payments on those days.

zpanderson
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Postby zpanderson » Tue May 15, 2012 10:14 am

Yeah, I've found the same information but I can't really see anywhere that people have talked about personal experience with it.

For example, if someone else has had this happen to them with Citicard?



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