Can the bank delay the posting of a payment to my credit card account?
The general rule is that the bank must credit a payment to a customer’s account as of the date of receipt. The bank can set reasonable requirements for making payments. Reasonable requirements include: • Requiring that the account number or payment stub be provided with the payment, • Specifying that only checks or money orders be sent by mail, • Specifying that payment is to be made in US Dollars, • Setting reasonable cut off times for payments received by mail, by electronic means, by telephone, and in person. The cut-off time must be 5 p.m. or later, except for in-person payments at branches that close prior to 5 p.m. If the lender specified reasonable requirements on the billing statement, but accepts a payment that does not conform to those requirements, the lender must credit the payment within five days of receipt. In general, payments made at a creditor’s Web site prior to the specified cut-off time would be considered timely. You should review your statement and the account ag
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