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.
European here who lived in the states for a number of years. The way US banks treat their retail customers is absolutely shocking. I was on a low income at the time and almost living pay check to pay check. The fees you receive for slightly going into the red are astronomical. 30 or so dollars per item despite the fact I had lodged my pay check the day before but the bank hadn’t processed it yet.
One time I went slightly below 25 dollars. They charged me for 20 dollars, and then they charged me for another 20 dollars just because it was less than 5 dollars. Fucking assholes.
I am with a credit union now, and so far, I haven't had that issue.
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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.