<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Mary2e:
The FirstUSA payments are done electronically, and while the agreement may say it can take a few days to credit the payment, the funds were delivered to their account on a specified date, and the date of my payment should show as such.
I'm not a lawyer, but if I remember my business law classes correctly, they have constructive (if not actual) receipt of the funds and I have fulfilled my part of the agreement.
They are just playing some more of the usual games that they are well known (and already have been sued) for.
I think it's just a matter of time before some attorney gets fed up & files suit.
Mary
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I have to agree with you Mary. I've been watching my account since you posted this and it seems to post 4 days after they have received the money by ACH/EFT transfer out of my checking account, directly into their account.
At least AMEX seems to post the transaction date on the day they receive the money in their account (post date vs transaction date). In my AMEX case, the transaction date of my payments always equals the date the debit shows up in my checking account.
FUSA seems to use the float to their advantage here. They will back post credit/debit transactions to the transaction date, but will not post payment transactions on the transaction date, only on the posting date, which is arbitrary.
-David
[This message has been edited by LIH Prem (edited 08-24-2003).]