I agree that waiting four or five days to credit a payment is a very bad business
practice. But while I am also not a lawyer, I think the cardmember agreement defines the terms you're stuck with. And if FirstUSA operates within those terms, you may have no available relief, other than to ask them to waive any fees or charges, or to take your business elsewhere.

I hate using bank billpays precisely for the reasons mentioned.

I just log onto FirstUSA and pay my bill there. The payment is posted within 12 hours, and the money comes from my bank account around the same time.

A pull payment system is so much better than the push payment system for consumers, except for the increased effort, of course.

In a PUSH payment system (one you initiate from YOUR bank account), your bank can be holding onto the money for 24 hours or more before they forward the payment to your credit card company or whomever you are paying via EFT.

You really have no way of knowing if this is the case or as you believe, FUSA getting the money right away and not posting it for a few days.

So, I have to agree with UALOneKPlus, a PULL system for the consumer is better than the PUSH system.



[This message has been edited by SNAGuy (edited 08-26-2003).]

First USA are known slimeballs:

http://aspendailynews.com/Search_Col...derNumber=1148

http://www.bcsalliance.com/x_creditcardtricks2.html

Sure you do. Full disclosure. But many bank systems do give away there service for free, but make it back on the float, like Citibank.

I use a third party payment system (paytrust). They push payments from my account directly to the merchants account when they are able to use the ACH/EFT system. In the cases where they have to send a paper check, they just cut a check directly from my account and send it to the payee. I retain all the float, and ACH/EFT payments are made directly without loss of float. The added benefit with this third party system is that they also scan your bills and/or pull them from the merchants online web site when they can.

-David

Another Update...

My most recent payment was due on Tues, 9/2. I decided to test my theory that they are not processing payments on the weekend.

My bill paying service sent the payment on Wed, 8/27. FirstUSA is showing the payment received date of Friday, 8/29. That's less than 2 days after submitting payment. The bill paying service sends after 4pm on the requested date.

Mary

I've always been happy paying my First USA Visa bill on there website. Now I'm sure I don't want to use a billpay service.

Den1k,

The problem isn't with the bill pay service. It is with FirstUsa playing some more games with the payments they receive & the post dates.

Mary

By the way, what is the difference betweeen ACH (Automated Clearing House) versus EFT (Electronic Fund Transfer)?

I have been using the pull method. Any dangers with the pulling? Other posters have mentioned they don't like giving authorization to companies accessing their money. I suppose one danger is that they inadvertly take too much out and cause many bounced checks. I am thinking of setting an account dedicated for pulling and only putting in money when needed to pay bills so that if the account ever got invaded not much money in there.

In the context of this thread, none.

I think EFT is a generic term, and ACH is the the specific method used.

I don't think the pull method is a problem, but you have be diligent about monitoring your bank account for any mistakes. I'm not sure how long you have to contest a transaction. For most bills, I prefer the push method using paymybills.com, but I do like to use the pull method for mortgage payments, and a few other recurring bills.

-David


[This message has been edited by LIH Prem (edited 09-15-2003).]

[This message has been edited by LIH Prem (edited 09-15-2003).]

Hi David, how do you decide to push or pull your payment?

How do I decide? I don't have an algorithm, but it seems for the mortgage its better to just let them pull it since you can decide the exact day they pull it, and they guarantee to credit it on that day. For everything else I just do what works for me. Some bills are on autopay because I can use credit card and collect miles/points that way.

I would not use autopay/pull with a creditor or business I didn't trust.

Basically it's subjective.

-David


[This message has been edited by LIH Prem (edited 09-16-2003).]

David, thanks for the feedback!! thought you might have had a system or something. :-)

I just paid my FirstUSA bill using THEIR web site, not any "bill paying service". The payment posted the same day (Thursday) and was deducted from my Wells Fargo checking account the next day (Friday).
Weekends aren't considered business days and I wouldn't be surprised at all if any bank wouldn't process anything over the weekend.

For those that use the pull method & find that it works for you - GREAT. I prefer having control over my funds.

BUT, my issue is that FirstUSA is getting the payment and not applying on the date they receive it. They have even LIED and told me they process payments on the weekends, when in fact, they don't.

Push has worked great for me, including my mortgage payment. I have it, and many other monthly payments, set up as recurring on a specified date.

As I said, if it wasn't my primary means of getting UA miles these days, I would dump it in a heartbeat.

Mary