I made a payment, but it has not shown up on my credit card / home equity line of credit / personal lines of credit statement. What can I do? Notify the bank that your payment has not been posted to your account. You should be prepared to provide documentation showing that you made the payment, such as a copy of the cancelled check or a copy of confirmation of an electronic payment.

You also should file a written billing error dispute with the bank. Use the address specified after “Send Billing Inquiries to:” on the back of the statement. This address is usually different from where you send your payment.

You should file your written dispute within 60 days of the date the bank mailed the statement on which you believe the credit should have appeared.


I paid my credit card on the 31st day after the payment due date, and the bank reported that I made a late payment to a credit bureau. Can the bank do that? Generally, yes. Whether a payment is late is determined by your account agreement, which is the contract governing your account. The bank would have provided this agreement to you when you opened the account. As long as the information is accurate, the bank can report its experience with your credit card account, including late payments.


My bank increased the minimum payment on my credit card account. What should I do if I can’t afford it? If you cannot afford the increase, you should contact your bank directly to discuss a payment plan.


Can I make special payment arrangements on my credit card account? You will have to contact your financial institution or credit card company. However, many lenders will work with their customers on an alternate repayment or collection program.


The bank is not giving me enough time to make the payment on my credit card/ home equity line of credit/ personal line of credit account. How many days in advance of the due date does the bank have to send the statement? Banks are required to have reasonable procedures in place to make sure that periodic statements are mailed or delivered at least 21 days before any grace period ends. Further, for credit card accounts only, banks are similarly required to have reasonable procedure in place to make sure that periodic statements are mailed or delivered at least 21 days before the payment due date shown on the statement. 

A credit card issuer may not treat a required minimum payment as late for any purpose if the minimum payment is received by the card issuer within 21 days after mailing or delivering the credit card statement disclosing the due date for that payment. This means that, if your minimum payment is received by the card issuer within 21 days after the statement is mailed or delivered, the card issuer cannot

* increase the APR as a penalty,
* report you as delinquent to a credit reporting agency,
* assess a late fee,
* terminate benefits (such as rewards on purchases), or
* initiate collection activities.


After a payment is made, when does the bank make the additional credit available? If you are referring to a credit card or other type of loan known as open-end credit, your available credit limit typically increases when the payment is posted to your account. However, the decision of when to replenish the credit limit is up to the bank and, in some circumstances, a bank may delay replenishing a credit line. If the bank delays replenishing a credit line, it cannot charge an over-the-limit fee even if the consumer has opted in to allow overlimit fees.

If you are referring to a closed-end credit arrangement, then your payments simply reduce the outstanding balance—with no ability to charge other amounts to it.

To learn more about your particular account, consult with your lender.


Can the bank charge a fee for making payments, such as for making a payment over the phone? It depends. Generally, the Credit Card Act prohibits creditors from charging a fee for making a payment. However, a fee may be charged if you make a payment using a payment method involving an expedited service by a customer service representative of the creditor.

“Service by a customer service representative” means any payment made to the account with the assistance of a live representative or agent of the creditor. It includes those made in person, on the telephone, or by electronic means.

Fees can not be charged for payments made using only a voice response unit or placed in a branch or office mail slot.


My payment is due on the 4th of the month, however this month the 4th is a federal holiday. I generally mail my payments to the bank. Why don’t they change the due date on the bill? Effective February 22, 2010, the law will require that

* The due date must be the same day each month. The due date could be set as the last day of the month or it could be a specific date in the month, such as the 4th.
* The payment cut-off time generally cannot be earlier than 5 p.m. on the due date.
* If the payment due date falls on a weekend or a holiday when the bank does not accept or receive mailed payments, then any mailed payment received by the bank before the cut off time on the next business day would be considered an on-time payment.

Since you mail your payments, you would have until the cut-off time on the next business day to make your timely payment. However, if the bank accepts or receives payments on the due date by a method other than mail, such as electronic or telephone payments, and you make a payment using that other method, you would still need to make the payment by the due date.

If you followed the payment requirements and you were still charged a late payment fee, you can dispute the charge with the bank. Notify your bank in writing using the billing error notice instructions, which should be on the back of the periodic credit card statement. Be sure to use the address specified after "Send Billing Inquiries to:" on the back of the statement. This is usually not the same address where you send your payment.


I mailed my credit card payment prior to the due date, but the bank still charged me a late fee. Can it do this? Banks are not obligated to honor postmark dates when considering timeliness of a payment. The bank considers the date when the payment was received—not when it was mailed.

Please keep in mind that your payment must be mailed in enough time for the bank to receive it on or before the due date.

Beginning February 22, 2010, if the payment due date falls on a day when the bank does not accept or receive postal mail, your mailed payment is considered timely if the bank receives it by the cut-off time on the next business day. For example, if your due date falls on a federal holiday when the bank does not receive mail, you generally have until the cut-off time on the following business day to make a timely payment by mail.

Is there a new law for protection of credit card members? Yes, The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act) for credit card companies will result in new credit card policies and protections for you. Effective February 22, 2010 there will be new rules for rates, fees, and payment due dates. The new law also provides protections for consumers under age 21.

The Federal Reserve has prepared a brochure titled: What You Need To Know: New Credit Card Rules, that highlights the key changes.

You can view and print the pamphlet at the following link:
http://www.federalreserve.gov/consumerinfo/wyntk/creditcardrules.htm


I was receiving my monthly credit card statement, but now I am not. What can I do? Notify your credit card company that you are not receiving your monthly statements. You should also file a written billing error dispute with the bank. Send this to the address specified after "Send Billing Inquiries to:" on the statement. This address is usually different from where you send your payment.

File your dispute within 60 days of the date you should have received your statement. If you are waiting for your statements to arrive before making your payments, then you could be incurring late fees or interest charges.

Please note there are some times when a card issuer is not required to send you a periodic statement, including if your balance is less than $1 or if it has begun delinquency collection proceedings.


Can the bank change my credit card from a MasterCard to a Visa; or from a gas card/department store card to a MasterCard? Yes. While the law does not permit the mailing of unsolicited cards, the bank can substitute one credit card for another credit card, as long as the cardholder requested or applied for and received the original credit card. Substitution is permissible as long as only one account remains active for use. Circumstances when a bank may send a substitute card include when there is a change in the account relationship, such as a change in the bank name, the name of the card, or the features of the card.


My new credit card won't work. What should I do? Most new credit cards are sent in a de-activated state to the mailing address you provided on your application. This is to prevent unauthorized use should the card be stolen in the mail before you receive it.

Instructions on how to activate the card will be enclosed. If you don't see them, call your credit card company.


Does the Truth in Lending Act apply to credit cards issued for business purposes? The Truth in Lending Act only applies to credit extended for business purposes in limited situations.

If a credit card is involved, then the requirements of the regulation that govern the issuance of credit cards and liability for unauthorized use apply. So, credit cards for business purposes can't be issued on an unsolicited basis. Also, if the card is lost or stolen, the cardholder generally cannot be held liable for more than $50 for the unauthorized use of the card.


When I apply for a loan/credit card, can the bank request income information? Yes. A bank that offers you a credit card account is required to consider your ability to pay the minimum payments required. A bank must consider your income or assets and debts in deciding whether you are able to make these payments.

If you are not yet 21 years old, and cannot show an ability to make payments, the bank may also request financial information about a cosigner.