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!
Solved! Go to Solution.
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!
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.