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Orchard Bank Complaint - Don't make your payment to early!
Complaint
CITY OF INDUSTRY, CALIFORNIA -- This bank raised my APR to 29.46%, stating that I was late on a payment. A review of my payment history, with the company representative, showed that all of my payments have been early, in fact some of them have been over 30 days early. There is the problem, if you make two separate payments within a payment cycle they consider both as payment for that cycle, even though you intended that the second payment was for the next cycle, (over 30 days early). The bank will not budge on this saying that even though they have received a payment every month, two of them were received in the same cycle, that the next payment was late. This company had a customer who made every effort to make his payments early how do they treat the ones who do make late payments? The moral of the story is do not make a payment until you receive your statement because even if your intent was to pay over 30 days early, in there eyes, you are late and refuse to make it right for a good customer.
Comments:
Posted by trmn8r on 2010-12-20:
Here is the root cause of the problem:
"if you make two separate payments within a payment cycle they consider both as payment for that cycle"
Though it does not affect me, I am aware of this policy and I believe it is common with banks. It sounds like you are making partial payments each month. Food for thought - if you pay the balance each month, your interest rate would be zero.
"if you make two separate payments within a payment cycle they consider both as payment for that cycle"
Though it does not affect me, I am aware of this policy and I believe it is common with banks. It sounds like you are making partial payments each month. Food for thought - if you pay the balance each month, your interest rate would be zero.
Posted by tnchuck100 on 2010-12-20:
Today's financial world is a jungle. Processing is all done by computers which follow exact algorithms. They are oblivious to your intent. Everything revolves around billing cycles.
Sounds like you have a handle on the process now. Hopefully your post with help others avoid the same pitfall.
Sounds like you have a handle on the process now. Hopefully your post with help others avoid the same pitfall.
Posted by momsey on 2010-12-20:
They can't read your mind. I and a lot of other people make multiple payments in one month to be applied to the current billing cycle. I am cognizant of the billing cycles and I know when bills are due and I make sure that my payment is applied properly.
The bank probably thought you were just making an additional payment in that month. It would be nice if they waived the penalties for the first time it happened, but they're probably not in the business of being nice.
The bank probably thought you were just making an additional payment in that month. It would be nice if they waived the penalties for the first time it happened, but they're probably not in the business of being nice.
Posted by Venice09 on 2010-12-20:
Call me old-fashioned, but this is why I like paper statements. I get the bill, tear off the coupon thing and send in my payment on time, once a month. I've been doing it that way my entire life with no mishaps. It's well worth the price of a stamp.
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