It's about time!

[AVGWarhawk]

That is wrong Frau. If there is an electronic transfer that money is to be available immediately. I think I would be having a discussion with the bank or find a new one. That is to much of a game that bank is playing. What I have seen credit card companies do is mysteriously change you due date. The reason is a person sets in their calender and in the brain when it is due. It becomes automatic after a while until you do not look at the due date at all. Just cut the check and send it. This is when the company changes the date unannounced. You get zapped with a late fee! Do this across the board with all you card holders and you make a nice sum of money. I think under the new laws the card companies can not do this anymore without written notice three months in advance.

[AVGWarhawk]

No you cannot draw upon funds deposited for 24 hours.

I think this depends on the bank. My bank releases the funds immediately.

[frau kaleun]

Originally Posted by AVGWarhawk

What I have seen credit card companies do is mysteriously change you due date. The reason is a person sets in their calender and in the brain when it is due.

I've only had one card do that - and believe me, I notice, because I have all my regular bills and expenditures programmed into Quicken and as soon as I have a statement, I go in and update that month's listing for the item to reflect the exact amount and date it's due.

I had this card for maybe 15-20 years and the due date had always been on the third of the month. IIRC did get a notice that they were changing the date well before it became an issue for me, but they moved the date back by over a week which pushed it into the same month as the due date from the previous statment with only about three weeks in between the two. I can only imagine that they ended up collecting quite a few late payment fees from people who'd already paid the first statement and thought they had at least four weeks before they had to worry about the next one.