Re: Capital One now processing payments electronically

Posted by Ray (69.41.242.66) on December 28, 2003 at 23:29:35:

In Reply to: Capital One now processing payments electronically posted by Worksucks on December 28, 2003 at 23:16:40:

American Express started doing this on my account about 6 months ago. It probably saves them some paperwork. It also cuts one day off the float. Add up all those micro-pennies of interest for one day and it probably adds up to millions of dollars for the credit card companies over the course of the year.

The biggest problem I see here is if they post a payment to the wrong person’s account. I once had my Wal-Mart card do this. They wanted a copy of my check front and back to find out what account it actually posted to. Don’t see how they can easily do this with no paper checks. Have to really watch your accounts for proper posting of payments.

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