How do you feel about late fees?

[John105]

I hate them. In my life, I've likely had a late fee < 10 times, because I tend to pay early or have autopay as my suspenders to my belt.

I missed an AMEX payment and got a $29 late fee plus $9 in interest, on < $500 lol

It was not easy to get them to reverse both, which imho is sad. Reps should be empowered to do that, esp for clients who've never paid late before.

Yes, it was completely my fault, but it was really amazing how difficult it was to get the fees and interest reversed. On the one hand, I beat myself up about it. On the other hand, I wanted to close my account based on the service.

How do you feel about late fees?

 

[PF52]

If it was completely your fault, why did you expect them to reverse the charge?

 

[John105]

If it was completely your fault, why did you expect them to reverse the charge?

Courtesy, that's all. Just like when I bought eyeglasses and the price dropped $72, I sent an email and they credited them.

Another analogy, when I drove 52 in a 25, why did I go to court and get it changed to a parking ticket? 1. Cop told me to 2. the insurance consequences would have been severe I did drive 52 and I was speeding.

 

[supton]

Dislike. But I just pay and move on.

Of course the wife pays the bills, so if we have a late charge then its her fault.

 

[JoelB]

Late fee's make complete sense. You agreed to make a payment on a certain date. If you don't hold up your end of the deal then there are consequences.

 

[John105]

Dislike. But I just pay and move on.

Of course the wife pays the bills, so if we have a late charge then its her fault.

I know it's the right thing to do. Sorta like when we attempt a DIY (like me and the 02 sensors) and can't do the job, I dislike it, and accept I'll have the independent garage do it.

With Amex, the reps said no problem right away. You've been a member for many years. But, nothing happened days later, so I called again

 

[John105]

Late fee's make complete sense. You agreed to make a payment on a certain date. If you don't hold up your end of the deal then there are consequences.

Don't disagree in any way. But I'd at least make a phone call to see if anything can be done. Swallow my pride if you will.

We see this concept all the time with speeding and red light running. DC recently lost a case and people rejoiced, and it's funny in a sense, the person who won did speed, which got lost in the story...

 

[JoelB]

Don't disagree in any way. But I'd at least make a phone call to see if anything can be done. Swallow my pride if you will.

We see this concept all the time with speeding and red light running. DC recently lost a case and people rejoiced, and it's funny in a sense, the person who won did speed, which got lost in the story...

I'm just talking about late fees as a general concept. How a company handles them is a different consideration. Like if you were a customer for 15 years with no late fees the company could be inclined to wave 1.

Of course it's difficult to wave a late fee (what company would make this easy??). The company has no reason to do so since the contract was broken.

 

[John105]

I'm just talking about late fees as a general concept. How a company handles them is a different consideration. Like if you were a customer for 15 years with no late fees the company could be inclined to wave 1.

Of course it's difficult to wave a late fee (what company would make this easy??). The company has no reason to do so since the contract was broken.

I should have been more accurate--first phone call lasted < 2 minutes the rep said no problem you will see the credit in 24-48 hours. 4 days later nothing. Called again, the rep checked the account and said it was denied. I asked why, and she said not sure but I'll work with my manager to get it waived. But at this point, I will admit I was agitated. I've always been one where one does what one says. But it's a process failure, meaning, I say I'll get it waived, but I really can't do it myself.

 

[JeffKeryk]

Not sure anyone likes 'em. I had one once, many years ago. Hated it so much I learned my lesson. Cards are on auto payment now.

 

[Finklejag]

Yes, it was completely my fault

end of thread

I received my first credit card 30 years ago and I never had a late payment on any of my cards or loans.

 

[DwightFrye]

I still pay most of my bills the old fashioned way, I write a check and mail it. Not a big deal, I write maybe 6 checks a month to cover my utilities and credit card bills.

However, the USPS can no longer be relied upon to get a first class letter from point A to point B in 3-4 days. I had a couple of credit card payments arrive late (or so the credit card companies said) in the last couple of years and they charged me late fees. In one case I got them to reverse the charge. In another they said too bad, so sad why don't you pay online ?

Well, I figure the more online financial transactions I make the bigger the chance of being hacked, that's why. Large corporations that supposedly have the best security have had data breaches so my confidence isn't that great.

So now I just pay the bills as I get them rather than waiting until a week before they are due. No more late fees.

 

[jeepman3071]

Late fee's make complete sense. You agreed to make a payment on a certain date. If you don't hold up your end of the deal then there are consequences.

+1

I wish I could send late fees to people who are late to my meetings at work and waste my time.

 

[Sayjac]

As you note, "autopay" is your friend. Set it to pay bill balance on due date.

Last time I did similar (forgot) many years ago with what was 'then' one of my less used cards, Kohl's. Called, they looked at my pay record and forgave it. I was grateful. Then like my other CCs, right to autopay it went.

 

[ARCOgraphite]

I should have been more accurate--first phone call lasted < 2 minutes the rep said no problem you will see the credit in 24-48 hours. 4 days later nothing. Called again, the rep checked the account and said it was denied. I asked why, and she said not sure but I'll work with my manager to get it waived. But at this point, I will admit I was agitated. I've always been one where one does what one says. But it's a process failure, meaning, I say I'll get it waived, but I really can't do it myself.

Funny, when I had a AmEx card in the 80's, I was late paying - sometimes by a couple months (!) - back when the saving acct. was exhausted monthly - and they would send me a letter saying that payment was due on purchases the next billing cycle and to please try to pay on time. I don not recall interest charges on carried balances back then - I think they just charged the businesses.
Gold card member for over a decade, back when it was a true privilege. I dumped them in the 90's when reps blatantly lied to me about closing my Father's account. That is a horrendous business practice.

Thankfully with electronic bill pay pushed through my bank of choice, I am good now - though a couple years ago Capital One was moving the due date around and trying to charge me a late fee for a payment a couple days" late". I recall I calling and scolding them and threatening to take my business elsewhere.

Now I look at may charges every month or so to check the due date and look for erroneous or fraudulent charges.

Good reminder, Ill go right now to look at that "fluid" due date that has been creeping up to the first week of the month.

 

[John105]

Funny, when I had a AmEx card in the 80's, I was late paying - sometimes by a couple months (!) - back when the saving acct. was exhausted monthly - and they would send me a letter saying that payment was due on purchases the next billing cycle and to please try to pay on time. I don not recall interest charges on carried balances back then - I think they just charged the businesses.
Gold card member for over a decade, back when it was a true privilege. I dumped them in the 90's when they just got ho hum.

Thankfully with electronic bill pay pushed through my bank of choice, I am good now - though a couple years ago Capital One was moving the due date around and trying to charge me a late fee for a payment a couple days" late". I recall I calling and scolding them and threatening to take my business elsewhere.

Now I look at may charges every month or so to check the due date and look for erroneous or fraudulent charges.

Good reminder, Ill go right now to look at that "fluid" due date that has been creeping up to the first week of the month.

Good point--my water and utilities change the due date every month. Also, I love JP Morgan, that if your due date falls on a Saturday, we'll withdraw the Friday before. The house doesn't lose!

p.s. I got Amex when I was a senior in college--both green and gold. Felt like a big shot and paid membership fees on both for nothing.

Today, all I have is the free Blue, which is 3% groceries.

 

[gman2304]

Years ago forgot to pay my BP card, the next statement included a $25 late fee. I Called customer service and due to my payment history, they forgave the fee as a courtesy.

 

[joekingcorvette]

Many companies will waive up to two late fees. I have never paid a late fee other than at the day car center several years ago. I paid the next day but they would not waive a $20 fee even though I paid on time every month except that particular episode. I believe borrowers should have to pay late fees because they have to hire collector's to obtain payments and make payment arrangements for delinquent accounts. Companies make lots of money charging fees and that is why they can afford to service people with good credit for free. Some preditory credit card companies even charge if you make a debit card payment. Companies offer auto pay which eliminates delinquent payments. Banks charge high amounts for return NSF checks too. I usually check my balances every day it only takes a few seconds on the computer or phone.

 

[Dave Hess]

John105,

Late fees suck but you agreed to them when you signed on the dotted line….

 

[joekingcorvette]

I should have been more accurate--first phone call lasted < 2 minutes the rep said no problem you will see the credit in 24-48 hours. 4 days later nothing. Called again, the rep checked the account and said it was denied. I asked why, and she said not sure but I'll work with my manager to get it waived. But at this point, I will admit I was agitated. I've always been one where one does what one says. But it's a process failure, meaning, I say I'll get it waived, but I really can't do it myself.

The call should have been escalated to a supervisor with more authority. Obviously this was a fairly new employee who told you it would be credited. Many of the lesser paying call centers have work that is hard and tedious and turnover is very high. Customers can be very rude and feel they can say anything they want to and the employee has to take the abuse or hang up.