Complaint Review: Walmart - 702 SW 8th St, Bentonville Arkansas
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- Walmart 702 SW 8th St, Bentonville, Arkansas 72716 702 SW 8th St, Bentonville, Arkansas USA
- Phone: (479) 273-4000
- Web: www.walmart.com
- Category: Credit Services
Walmart Charging late fees on wire transfers on Due Date 702 SW 8th St, Bentonville Arkansas
*Consumer Comment: Nice try....
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I was charge a late fee by WALMART when my online direct payment from my Bank to them was recieved on the Due Date was posted late.
20 years ago before the advent of paying "online" we all sent paper checks to pay our bills. A slow process for companies and their Billing departments. Checks had to be entered by hand, and the accounts had to be verified sending the checks back to thier respective banks to clear. Postal delays and slow entering of data meant almost all payments were late. Walmart collected alot of late fees this way.
We live in a time now where you can send money from your bank to walmarts bank via a wire transfer of funds that take what? Seconds!? Why then when you send a payment via your bank to walmarts bank account and your banks posts it arriving on the Due Date...why is there a Late fee being charged? With todays computers (they can calculate billions of calculations per nano second) it should register the same day as recieved. Walmart still with all their Billions cannot register your payment. They wait a Day! They now will charge you a Late Fee.
This is all done electronically. Remember there is no waiting for Checks to clear. No waiting for a slow data entry clerks. This is a Direct Bill Payment to a Company done online by my bank and it was posted on the Due Date. How much money is Walmart adding to thier Coffers with this bogus and deceptive practice?
This report was posted on Ripoff Report on 11/25/2013 07:56 PM and is a permanent record located here: https://www.ripoffreport.com/reports/walmart/702-sw-8th-st-bentonville-arkansas-72716/walmart-charging-late-fees-on-wire-transfers-on-due-date-702-sw-8th-st-bentonville-arkan-1102194. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Nice try....
AUTHOR: Robert - ()
SUBMITTED: Tuesday, November 26, 2013
Well nice try but your logic is very flawed.
20 years ago before the advent of paying "online" we all sent paper checks to pay our bills. A slow process for companies and their Billing departments....Postal delays and slow entering of data meant almost all payments were late. Walmart collected alot of late fees this way.
- Well first Walmart for all intensive purposes didn't have a credit card 20 years ago. The closest you got was their layaway program. Next, a payment is considered on-time when they receive it, not after they verify funds. Finally 20 years ago people realized the mail took some time so they mailed their payments 5-7 days in advance of the due date to account for this.
We live in a time now where you can send money from your bank to walmarts bank via a wire transfer of funds that take what? Seconds!?
- Okay I doubt you sent a "wire transfer". What you did was use your banks on-line payment system to submit a payment. But contrary to what you think it is NOT seconds. If you submit the payment before your bank's cut-off time it will start an ACH transaction. These are batch transactions that get processed overnight. So for example if you submited a payment on Monday before your bank's cut-off time it would get processed early Tuesday morning. It would then be received by the company and depending on the exact processing time may take an additional day. Now just like any other banking transactions they don't get processed on Weekends or Holidays. So if for example you submited the payment from your bank on Saturday, it would be processed overnight on Monday.
Then of course this is figuring that your bank has the ability to send an ACH transaction. There are many banks and creditors that they must send an actual check to. In this case it could take the normal 5-7 days to process.
There is of course an easy way to avoid this. Just make your payments several days BEFORE the due date.
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