RBC VISA processed payment late -> Charged Interest

[ipeefreely]

Anyone ever had a problem with RBC not processing your payment on the due date?

I always pay in full every month and this is the first time it's happen to me... it took them 3 days to process my payment so they charged $90 in interest! :banghead: :bullshit:

The money left my account on the due date as per usual. :dunno:

I'm going to call tomorrow and see what they say but I've been had a card with them for the past 16 years so this must be new or something! :nut:

Also is this a hit to my credit because it would be a "late" payment?!? :guns:

[Mitsu3000gt]

Lots of banks will reverse that if you call them, some won't. My CC applies the payment to the day I sent it even if they post it late, it's back dated.

[D'z Nutz]

They'll probably waive it if you call them. It's happened to me before and I've called and they can see if you have a history of making payments on time.

And no it won't hit your credit report. Late payments aren't usually reported until at least after 60 days, depending on the company.

[ipeefreely]

Cool! Thanks guys! :thumbsup:

I always hate calling them because they always try and sell me a bunch of crap/increase credit limit when all you want to do is activate your new card! :banghead:

[benyl]

RBC is brutal. I always pay avion 5 days early.

I can pay AMEX 5 days late and they don't care.

[ipeefreely]

Well, they were nice enough to waive the interest charge! :clap:

They recommended paying 5 days in advance like benyl said. :nut:

WTF it's 2014 not 1920, bank transfer shouldn't take that long from a major bank! :banghead:

[Seth1968]

Originally posted by ipeefreely
WTF it's 2014 not 1920, bank transfer shouldn't take that long from a major bank! :banghead:

I've wondered that as well. Anyone know why it takes days for such transactions?

[Disoblige]

Doesn't RBC show the transfer to your VISA instantly on your VISA transactions after you make a payment? It may show as "pending", but it shows you transferred on that particular date. If RBC still charged you interest and you had to call in to reverse, damn that sucks.

[CompletelyNumb]

Takes mine a minimum two business days every time. Scotiabank, however. Still inconvenient.

[Seth1968]

Originally posted by CompletelyNumb
Takes mine a minimum two business days every time. Scotiabank, however. Still inconvenient.

I also wonder if the money is in some electronic limbo, or is the bank making money off money that doesn't belong to them.

[lint]

Originally posted by Seth1968
I've wondered that as well. Anyone know why it takes days for such transactions?

it takes that long so that they can make interest on the float.

[C_Dave45]

That's strange because I pay both my Avion Visas online and it's credited immediately. Both the biz and personal. I pay it via "transferfunds" rather than through online bill payment as a "payee".

[msommers]

I usually give it 5 business days before it's due. Haven't had an issue yet.

[pheoxs]

If I make a visa payment through the pay bills ive noticed it takes a couple days to even hit the available balance. But if I do a transfer funds it's immediately. Maybe it's your bank not making the payment right away to gain some interest money

[triplep]

Also, it most likely depends when you make the payment. I believe after 5 or 6 the transaction gets posted the next business day, therefore even if you make a payment say late thursday night, it doesn't get processed till friday AM, so you payment is late.

It is worse with Friday's as sat and sun aren't business days, and stuff that happens after the cut off time on Friday gets posted on Monday (along with any banking transactions you make on sat and sunday).

[benyl]

I bank with TD. Avion visa for points.

No fund transfers. Always bill payments. Hence 5 day lead time.

They will waive the charges once or twice. After that pay your balance in full if you miss the deadline.

[Mixalot27]

I always pay my RBC Visa only a day or two before its due. I pay it online by doing a transfer from my savings account to the visa. I assumed it is an instant transfer and have never paid interest. When I pay my PC Mastercard through my RBC online banking, it takes a couple days.

The chip on my RBC Visa always fails. I have to replace it every 6 months or so. My Mastercard doesn't seem to have the same problem.

[jwslam]

Originally posted by Disoblige
Doesn't RBC show the transfer to your VISA instantly on your VISA transactions after you make a payment? It may show as "pending", but it shows you transferred on that particular date. If RBC still charged you interest and you had to call in to reverse, damn that sucks.
I think that only happens with the same bank and their card.

i.e. I pay my TD visa through a TD transfer, it shows as transferred out and on hold, whereas if I paid the same card through Scotia, Scotia shows it's out, but TD has no idea it was paid until the day it was cleared on the TD end.

[Disoblige]

Originally posted by jwslam

I think that only happens with the same bank and their card.
Right, and I was referring to OP's situation. RBC VISA paid through RBC transfer.

[jwslam]

Originally posted by Disoblige

Right, and I was referring to OP's situation. RBC VISA paid through RBC transfer.
Oops. Didn't get that when I read it the first time. derp.

[shakalaka]

Good to know this. I use Avion as well and usually pay a day or two before it's due. Never really noticed if I've ever been charged interest though. I guess I should pay closer attention to my monthly bill.

[GTS Jeff]

If you truly always paid in full monthly, it would be smart to setup preauthorized debit. I haven't had to manage any bill payments for years. No time to mess with that shit.

[C_Dave45]

Originally posted by ipeefreely
Well, they were nice enough to waive the interest charge! :clap:

They recommended paying 5 days in advance like benyl said. :nut:

WTF it's 2014 not 1920, bank transfer shouldn't take that long from a major bank! :banghead:
just pay your credit card via "transfer funds" like has been pointed out here. That is immediately applied to your visa account.

I've been at a till, paying for an item with my Visa, card gets declined. I say hold on a sec...take my phone out, log into RBC, transfer funds into the Visa...
"Okay, try again"....Voila!

[shakalaka]

I do always 'transfer funds' from the chequing account to Visa account through online banking and it takes them a couple of days to process it.

[C_Dave45]

Originally posted by shakalaka
I do always 'transfer funds' from the chequing account to Visa account through online banking and it takes them a couple of days to process it.

From an RBC account to your VISA account, via "transfer funds"? and it takes a couple of days??...then you're doing it wrong.
Just before you hit submit, it even gives you a warning that the transfer is immediate and cannot be reversed.

[shakalaka]

Perhaps I haven't paid enough attention. I will look at it more carefully next time I pay the bill.

[C_Dave45]

Actually it might be different, who knows. I just made a payment to my Visa now (transfer), and it actually takes me to the same window as if I'm going to make a payment to a vendor (payee). So I actually don't see an option.

If I pay a vendor, it will take a few days. If I pay either of my Visas...it goes through immediately. :dunno:

Who knows with banks. Sometimes different accounts will be set up differently. So I shouldn't say you're doing it wrong. All I know, is with mine, it's immediate. If I ever make a deposit through an ATM, and deposit it into the Visa account, THAT will take several days. So I just deposit into chequing...then go onto my phone and transfer over to VISA account...immediate.

Banks can be so frustrating.

[FiveFreshFish]

Originally posted by C_Dave45
Actually it might be different, who knows. I just made a payment to my Visa now (transfer), and it actually takes me to the same window as if I'm going to make a payment to a vendor (payee). So I actually don't see an option.

If you make a payment to a vendor (payee), then you can set the date. Very useful if you like to take care of the payment as soon as you receive the statement, without handing over the money any earlier than necessary.

With TD, it takes a couple of days for Visa to receive the funds no matter which method I use (all accounts/Visa are TD).

However, I heard that if payment is made in person at a branch, it is supposed to be quicker than any online transaction.

[Seth1968]

and yet, still no valid explanation why the speed of light takes days in the bank's eyes.

Oh wait. There's that fraud thing.

[kenny]

Originally posted by FiveFreshFish

With TD, it takes a couple of days for Visa to receive the funds no matter which method I use (all accounts/Visa are TD).


I have TD and TD Visa and my payments are instant. Available balance on card changes within a minute of transferring funds. I've never tried the pay bills method because I've never had a reason to try it.

[stealth]

Just did a transfer from my TD account to my TD Visa and this is the message I got:

Please note: Your TD Credit Card Available Credit will be updated immediately. Funds will be withdrawn from your payment account immediately. The transaction will be applied to your TD Credit Card balance and appear in your Account Activity in 2 business days.

It has always been instant for me.