Answers about Credit Card Payments and Late Payments

Can the bank charge a fee for making payments, such as for making a payment over the phone?

It depends. Generally, the Credit Card Act prohibits creditors from charging a fee for making a payment.  However, a fee may be charged if you make a payment using a payment method involving an expedited service by a customer service representative of the creditor.

“Service by a customer service representative” means any payment made to the account with the assistance of a live representative or agent of the creditor. It includes those made in person, on the telephone, or by electronic means.

Fees can not be charged for payments made using only a voice response unit or placed in a branch or office mail slot.

March 2010