Bank Of America
When is "payment due date" not a due date?

When is "payment due date" not a due date? I recently discovered that even though I was mailing payments 5 to 7 days prior to my "payment due date" via Priority Mail; I was being charged interest. When I called to inquire why... I was told that banks are allowed something called "white mail"... Mail that they are allowed to HOLD for up to five days without opening it.

So even tho' I was able to track my payment and find that it had indeed made it before my due date... It was not opened and credited until two days later. I want to know how this can be? Why aren't consumers furious. What's to keep banks from routinely holding a quantity of this "white mail" and charging interest and late fees? Yes, this is written in your contract that you received when you applied for your credit card.

I'm sure I read it nearly 25 years ago (I've had the card for at least that long) but who remembers that stuff? Especially when I am one who generally pays early; it rarely happens that I pay interest. I'd bet that the majority of credit card holders are not aware of this practice and would be FURIOUS if they did know. How is it that we've let banks, IRS, and various other institutions obtain so much power over our finances.

I want this to STOP. I've had it. A friend of mine was enduring obvious harassment from the IRS and my husband and I were actually AFRAID that we may get called as witnesses and if we stood up for our friend that the next year would find us being audited. This is a REAL concern for many Americans. But back to the issue; white mail. Let's make it stop! Or at the very least require payments to be posted on the date that the mail is received regardless of when these @#$@ banks open it.

Company: Bank Of America
Country: USA
State: Delaware
City: Wilmington

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