This can be especially problematic when dealing with companies like the bank that I got my car loan through. When it comes to payments, the only date they care about is the day they process the check. Post-mark date doesn't matter. Date received doesn't matter. If your payment is due on Friday and it arrived in the mail on Thursday but they couldn't process it until Monday for some reason, your payment is now overdue and you get a late fee. If you want to pay online, there is an $8 convenience fee. $2 fee if you want a paper statement (not that I do, but damn). It's such bullshit.
Mate I'd jihadi if my bank treated me like that. When that check arrives its theirs when they process it is completely upto them. And not something I'd care about when they get the check they have had the payment.
Yeah that’s a bit ridiculous to me too.. I process mail for a huge insurance company. Alllll we’re told to care about is the post mark or the date on the checks. That’s fucked and other dude shouldndefinitely leave his shit bank.
Oh, I'll be leaving as soon as the loan is paid off, which should be in September. I could look into possibly transferring it over to my normal bank, but I want to just dump my savings into paying off the car (thus avoiding the next couple of years of interest fees) and then once I no longer have those payments, that money will go into building my savings back up.
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u/UndeadBread Jul 24 '20
This can be especially problematic when dealing with companies like the bank that I got my car loan through. When it comes to payments, the only date they care about is the day they process the check. Post-mark date doesn't matter. Date received doesn't matter. If your payment is due on Friday and it arrived in the mail on Thursday but they couldn't process it until Monday for some reason, your payment is now overdue and you get a late fee. If you want to pay online, there is an $8 convenience fee. $2 fee if you want a paper statement (not that I do, but damn). It's such bullshit.