“We live in a different world, then where we came from “
I live via electronics and plastic. I rarely write a check. Most of my debts are automatically deducted from my checking account. Less than a hand full of my bills are mailed to me. This is the new world.
Since I’m never late on my bills I rarely check the balances. One day I checked my balance on couple of my accounts because the balances staying near the same. For some reason I had difficulty setting up an auto pay on these two accounts. So I would pay them by phone on the due date.
After a little investigation, I discovered I was charged a late fee, even though the account was paid on time. In the case of the my bank card , I paid over $450 00 in late fees, even though I paid them on time. On the other card I paid more than $175.00 in fees and charges.
After five phone calls, I learned , to avoid late fees I had to make my payment by 3pm on the west coast, or 6pm (east coast time) on the date due. It didn’t matter if I walked into one of the mega bank’s branches or paid by phone, the account must be received by 3pm. The mega bank did agree to reverse $150 of the $400 in bank fees.
The other business was not so accommodating, in addition to charging me $23 in late fees, they charged me $7.00 for calling them. I once remembered questioning the $7.00 which was waived, I thought. Because I didn’t have a paper trail or monitor my balance, that conversation was only in MY mind.
It would be easy to blame the big bad mean creditors. But I didn’t monitor my balances. Apparently its all legal. Its in the fine print, page 716.
I’ve returned to the old tried and true, I get billing via the US Postal service.