Mastercard Finance Charge
Question: Matthew, do you support this legislation? The fact is that whatever >additional cost businesses incur because of this will be picked up by >consumers. I for one don’t want to pay extra because some people don’t >care to mail payments in a timely manner. If this passes, I think you >will see fewer companies accepting checks (or they will make it more >expensive to pay by check).
Problem is many payees, through greed or incompetance, take too long to credit payments. The bank that has my home equity loan never credits payments until 8-10 days after I mail them. They are required to credit the payment when received but there is no proof … so what can you do?
Answer: It seems that if the credit is consistently posted 8-10 days after you mail the payment then you could simply mail your payment 8-10 days before you want the credit to be posted.
If your lender is deliberately posting credits late to defraud you then they are already violating the regulation you spoke of. What good would another regluation be? Don’t you already have some sort of legal recourse?
With the new law you still don’t have any proof. The bank has the postmark. Even if they don’t destroy it, you’re not going to get easy access to it.
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Filed under: Home Equity Loan
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