Consumer complaint received 2015-10-23
Product: Bank account or service — Other bank product/service
Issue: Making/receiving payments, sending money — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

This is a growing problem with electronic bill payment through banks and credit card companies. In the past, the representation was/is that an electronic payment started on a particular day would reach and be credited by the payee the next day. The electronic process is quick ; that it might take a day arises from the fact that payer must send, then payee must examine the " package '', i.e. XXXX separate electronic processes : sending is completed the day of sending, examination of package by payee is done the same day or the next day. Thus, sending should be complete on the day of payment, crediting should be done either that same day if payee is entitled to use the funds that day or by the next day if entitled to use them the next day. There is no reason for further delay, and banks accepting electronic payments must do so promptly. Recently, I have been charged late fees and interest by Bank of America and XXXX credit cards when evidence likely shows the sending was electronically done well before the due date, i.e. these credit card companies insist on crediting the day after so their computers can charge hefty late fees and interest. Meanwhile, the sending bank ( XXXX bill payment ) is now changing, without warning, its description of electronic bill payment to the effect that electronic payment will take 2 business days beyond the day of sending ( i.e. not counting the day of electronic sending ). This is not only unreasonable but collusion with other banks delaying crediting to charge late fees and interest. It is unreasonable because : Question & gt ; What is the sending bank doing on the day of sending electronically [ Note, these are recurring monthly payments, so the bank knows weeks in advance when to start ] if not sending an electronic package which arrives somewhere the same day? It should not take 2 extra business days for the receiving bank to examine the electronic package electronically. The one extra day allowed in the past is more than enough, and receiving banks should credit payment either the day of actual electronic receipt or actual availability of electronic funds which is the same day anyway [ just like a check is supposed to have sufficient funds when issued, an electronic payment should have sufficient funds also ]. The problems arose with electronic payments scheduled for a Friday with a credit card due date of Monday, with receiving bank ( Bank of America and XXXX credit cards ) crediting payment and charging late fee and interest on Tuesday. When informed of this development, XXXX now changes its representation that it would not be liable until 2 business days after, i.e. not counting the day of sending, this is collusion with the receiving banks. An electronic transaction started on Friday should not take til Tuesday. A receiving bank knows THE SUM TOTAL of the package on Friday and can use those funds on Friday even before it distributes fund into each separate account. There is no reason why it should not credit the separate accounts by Monday, even retroactively if necessary. Whereas XXXX was previously willing to inform the receiving banks that the electronic payment was started on Friday, now it says it has no duty to help for any due date until ( i.e. falling before ) Wednesday.