Capital One Bank ripoff didn't credit payment day it was paid electronically Salt Lake City Utah

A lot of people share the common misconception that electronic payments are instantaneous, or that if one bank completes their end of the process at a particular time/date, that the other bank does so as well. But that's not always the case.

The general rule of thumb is that it can take up to 3 business days for an electronic payment to be sent by one bank, received by the other, and processed and posted to the intended account. It usually takes less than that, but that's the rule of thumb.

In your case, you said you submitted an online payment through your bank's website before 1pm, and according to your bank, they would have sent the payment to Capital One that same day. However, that does not mean that Capital One was able to process it the same day they received it. Again, it's not an instantaneous process, it can take several hours or even a couple of days to complete.

Bottom line is that your bank can only guarantee payment processing timeframes for what's done on THEIR end -- they have no control over how long it takes for the electronic payment to get to another other bank and be processed and posted to your account. This goes not only for banks and credit card companies, but pretty much any biller who accepts electronic payments.

I pay all my bills online, and what I do to avoid this sort of thing from happening is schedule my electronic payments to be sent out at least 2-3 days before my due date. Waiting until the due date to pay is always asking for trouble, because you just never know what could happen. Hope that helps.