• Report: #881353

Complaint Review: first electronic bank

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  • Submitted: Fri, May 11, 2012
  • Updated: Fri, May 11, 2012

  • Reported By: trishan — north hills California United States of America
first electronic bank
po box 760 draper, Utah United States of America

first electronic bank frys credit card unethicle prractice draper, Utah

*Consumer Comment: It is not a petty reason..

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first electronic bank is an highly un ethicle and an unproffesional establishment who is self centered waiting for an oppertunities to rip of their customers sreating petty reasons, i would strongly recomend customers to not bank with such banks, my personal experience with them has been completely horrible compared to all other banks i have delt with in the past. i have always made sure that my paym,ents are on time and have always taken action to pay more than the minimum balance, last month since i had to ravel overseas i made my payment in advanced two days prior to my billing cycle, and to my surprice they had penalized me and charged me a late fee for paying in advanced, when called an explained the situation and advicing to them to re look at my account the simple answer they came out was that they dont reverse any fees no matter what circumstance is and its an company policy,which i think is bull, they cannnout establish such policys to rip off concumers and its un eticle and a wrong way of doing business ,such establishmnets should not be evn be granted to operate

This report was posted on Ripoff Report on 05/11/2012 09:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/first-electronic-bank/draper-Utah-84020/first-electronic-bank-frys-credit-card-unethicle-prractice-draper-Utah-881353. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

It is not a petty reason..

AUTHOR: Robert - (U.S.A.)

last month since i had to ravel overseas i made my payment in advanced two days prior to my billing cycle, and to my surprice they had penalized me and charged me a late fee for paying in advanced
-
The underlined part is your issue.  A credit card is considered an "open ended" account and by law the creditor MUST apply the payment the day it was received.  In fact if a creditor "held" the payment or tried to apply it to the next billing cycle, you could actually complain that they did that in order to try and get more interest.  Since it was received before your cycle closed it was applied to the previous cycle.  This is exactly what every other creditor would do.  If you then fail to make an actual payment in the next billing cycle you will be charged your late fees.

There are many ways you could have avoided this.  The simplest was to just delay the payment.  If you use on-line billing every on-line billing system I have seen has a date you can request to send/apply the payment.  All you had to do was set it up before you left to be sent a few days later.  If you mail your payment you could have asked someone else to drop it in the mail a couple of days later. 

While you seem to be upset about the late fee.  Remember they can't apply your "early" payment to the next cycle, so you still owe at least the minimum payment for that month.  So if you haven't paid that you need to immediately or you will continue to accrue more fees and interest, along with negative reporting on your credit.
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