Late Payment charge

Late Payment charge

Late Payment charge

SOLVED
I'm a Contributor Level 1

Late Payment charge

Hi 

 

I got my bill today and it has a late payment charge on it and Im confused as to why.

 

I have over paid mutiple times and its not like you deducted fees from my payments. I have never had a late payment prior to this, i called fido to set up automatic credit card payment but the person put me on hold for 15 mins and i just ran out of  patience . 

 

I need to speak to someone about this now! 

Accepted Solution

Re: Late Payment charge

Solved by I'm Qualified Level 1

Unfortunely a late payment constitutes to paying your bills past its due date and it has nothing to do with how many times you have overpaid before.  This sort of system has been in place for many years since the invention of the credit card, and it is applicable to all forms of borrowing including but not limited to vehicle finances, store credit card, mortages,...etc. 2% is considered affordable when it comes to interest. Many store credit cards can charge up to 30% for interest for late payments.  Read the contract. All the information is there.

 

If you made the payments on time and Fido has made a mistake, then yes, you have every reason to file a complaint. Just make sure you have all your paperwork ready to supprt such claim. 

 

Sometimes it can take banks up to 3 - 5 business days to process your payment (e.g., due to weekends,..etc).  As an account owner (i.e. yourself) you have to take that into consideration when making your payments through the bank.  Fido can not be put to blame when it takes your bank 5 days to process the payment. Banks will usually warn you for that.

 

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4 REPLIES 4
I'm a Participant Level 2

Please correct your answer on the late payment fee you charge, which is 2% per month , means it is going to be 24% interest per year credit cards charge at 19.99-21.99% per year (1.99-2.19% per month) and not per month which means they are better than you guys!

Hey @narsinenilokesh ,

 

Thanks for the suggestion, we updated our response to make it more clear, it is in fact per month! 

 

Also, note that the late payment charge is now 3 % . Keep in mind this fee only applies if the amount owing on an account is not paid by the required payment date.

 

 



I'm Qualified Level 1

Unfortunely a late payment constitutes to paying your bills past its due date and it has nothing to do with how many times you have overpaid before.  This sort of system has been in place for many years since the invention of the credit card, and it is applicable to all forms of borrowing including but not limited to vehicle finances, store credit card, mortages,...etc. 2% is considered affordable when it comes to interest. Many store credit cards can charge up to 30% for interest for late payments.  Read the contract. All the information is there.

 

If you made the payments on time and Fido has made a mistake, then yes, you have every reason to file a complaint. Just make sure you have all your paperwork ready to supprt such claim. 

 

Sometimes it can take banks up to 3 - 5 business days to process your payment (e.g., due to weekends,..etc).  As an account owner (i.e. yourself) you have to take that into consideration when making your payments through the bank.  Fido can not be put to blame when it takes your bank 5 days to process the payment. Banks will usually warn you for that.

 

Moderator

Hey @Suzysays

 

Late payment charges apply if we receive your payment after the due date.  The late payment fee is 3% per month of the owing balance.

 

If you want to update your payment method, you can do it by logging in to MyAccount on fido.ca.

 

Hope it helps! Smiley