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What is the Post Office Horizon IT scandal all about? Post Office

Whereas “credit card post date” refers to transactions you make, such as purchases, balance transfers, or cash advances, the payment posting date corresponds to when and how your credit card payments are applied to your account. Credit card posting refers to the act of updating your credit card account to reflect new transactions or payments. When you make a purchase using your credit card or make a payment towards your outstanding balance, the posting process initiates. It essentially updates your account with the relevant information, including the amount, merchant, and date of the transaction or payment. It is also important to ensure that a credit card payment post date occurs before the card’s monthly due date to avoid any late fees.

  • Instead, batches of transactions are sorted out between the merchant, credit card processors, and your credit card issuer, typically at the end of each day.
  • It’s my understanding that the transaction date is when the system first tries accessing the funds, but the account doesn’t yet reflect the difference in balance.
  • Unlike payments and purchases, which post in a few days, a balance transfer can take several weeks to post to your account.
  • In the time zone indicated on the bill on the same business day, a payment made at 6 p.m.

Credit card dates you need to keep in mind can help you avoid late fees and avoidable interest payments, as well as get a better handle on your credit. Here are the most important dates to know and understand, and what each one means. Hundreds of sub-post office operators ended up with criminal records and punishments ranging from having to do community service and wear electronic tags to being jailed. Many were left struggling financially or even bankrupt following convictions. Even those who did not go to court had to drum up money to cover nonexistent shortfalls.

Which politicians carry blame in the Post Office IT scandal?

Once the transaction has been approved by the card network and issuing bank, it will be recorded on the cardholder’s account as pending. In some cases, it may post right away, in which case the transaction date and the post date will be the same. However the post date is often a day or more after the transaction date.

  • When you swipe your card or make an online purchase, the business authorizes the transaction by checking with your card issuer to make sure the card is valid and the funds are available.
  • Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator.
  • Even those who did not go to court had to drum up money to cover nonexistent shortfalls.
  • If your credit card comes with an annual fee, you’ll need to pay this fee once per year.
  • Then when you see it on your statement make an entry moving it out of AP and onto your credit card account.

When you select the option ‘Posting date’ in the report setup, the data in the report will be presented based on the used posting dates. So I’m having an issue with my Wells Fargo credit card and charges being carried over past the posted date. Similarly, bank A will have the transaction marked as “pending” initially. Bank B won’t have a corresponding transaction at all, until later; they’ll have it “pending” too, until they confirm the transfer.

Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB. Quickbooks uploads the Posting Date and not the Transaction date when the transactions preparing the statement: direct method come through the bank feed and the credit card account is connected to QBO. Then when you see it on your statement make an entry moving it out of AP and onto your credit card account.

Credit Card Posting: Definition, Timing, vs. Transaction Date

The transaction date represents the time at which ownership officially transfers. In banking, the date a transaction appears in the account is also referred to as the transaction date, although it is not necessarily the date on which the bank clears the transaction and deposits or withdraws funds. The merchant will receive its payment, usually within a matter of days, regardless of whether the cardholder has paid their bill yet. With cash advances, interest begins accruing as of the credit card post date. The Federal Trade Commission states that “the issuer must mail your bill at least 14 days before the due date so you’ll have enough time to pay,” for cards with grace periods. Having a credit card means being accountable for repayment of every cent you charge to your account, but your responsibility extends far beyond debt repayment.

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Most securities, including stocks and corporate bonds, settle this way. However, U.S. government securities have a regular way settlement of T+1. With some transactions, it is possible to specify a desire to settle on the same day as the trade. A transaction date is a date upon which a trade takes place for a security or other financial instrument.

Then (probably at different times from each other) the banks will each mark the corresponding transactions “cleared”. However, once the amount is added to the cardholder’s balance it will start accruing interest unless the cardholder pays their balance off before the end of the grace period. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia.

Frequently Asked Questions (FAQs)

The day that a particular transaction is posted is known as the post date or settlement date. Finally, a few days later, your credit card issuer finishes processing the transaction and posts it to your account. It could take several days for online purchases to post to your account. Some transactions won’t post to your account until the item you purchased is shipped.You won’t accrue interest on transactions that are pending and haven’t been posted yet. Pending transactions also won’t affect your outstanding credit card balance. The credit card post date can, however, affect the amount of interest you pay, particularly when your card issuer uses your daily balance to calculate your finance charge.

If you’ve ever wondered about the difference between credit card posting and transaction dates, and how they can impact your finances, you’re in the right place! In this post, we’ll provide a clear definition of credit card posting, explore its timing and significance, and discuss its differences from transaction dates. Although similar sounding, a credit card post date and payment posting date are two different things.

You may not owe interest on new purchases if you pay in full before the grace period ends. Credit card posting typically occurs within a few business days after the transaction or payment has been made. However, the exact timing may vary depending on the credit card issuer and the merchant’s processing speed.

What Is a Credit Card Post Date?

Because I feel like my Wells Fargo Account is being shiesty, as I paid off my outstanding balance several days after the last posted dates, and yet I was charged for them in the next billing cycle. Also, which date should I use when transferring money from one bank account to another? The problem being that the two banks processed the transaction on different days. The balance transfer or other introductory offer rate must stay in effect for at least six months, unless you’re more than 60 days late in paying your bill.

Settlement refers to the stage when the merchant gets their payment from the card issuer, while clearing involves all of the steps leading up to that. Unlike payments and purchases, which post in a few days, a balance transfer can take several weeks to post to your account. Because of this, it’s wise to keep making payments on the pending transaction until the date the transfer is completed and posted. The credit card post date is the date a transaction is applied to your account balance. In other words, it’s when the card issuer has processed the transaction and recorded it on your account. If the transaction is still in the pending phase, you can try to ask the merchant to cancel it.