Answer:
Answer by Dan Persfull: The application and receipt date of consumer loan payments will be governed by state law. In IN, if the payment is received after our cutoff time it is considered to be received the next business day.
Answer:
Answer by Randy Carey: While State law considerations are important, you cannot overlook the requirements in Reg Z for the prompt crediting of payments under 12 CFR 226.10 for open-end credit accounts, which require crediting on the day of receipt.
The Offical Staff Commentary indicates that:
Date of receipt. The date of receipt is the date that the payment instrument or other means of completing the payment reaches the creditor."
It is a good idea to have your credit agreement and/or your periodic statement specify any cut-off hours for payments to be received, or to set different hours for payment by mail and payments made in person.
In the absence of specified requirements for making payments:
• Payments may be made at any location where the creditor conducts business.
• Payments may be made any time during the creditor's normal business hours.
First published on BankersOnline.com 3/27/06
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