Best Buy Retail Services / late payment fee for paying early!
Best buy retail services charging $39 Late fee for paying early. Payment dates as reported by Best Buy Customer service: 12/3/07, 1/3/08, 1/22/08, 2/11/08, 3/5/08, 4/9/08. Payment due date: last day of month. (31 day cycle). Inception: 11/4/07
From their own records its pretty obvious that I have paid every month buy looking at the payment dates. However, The corporate stance is that by paying before the 5th of the month I am not being accounted as a monthly payment, just an additional paydown of the balance. My mistake is paying too early!!! You would think that a simple phone call to clarify the problem and remove the charge is all that is necessary. Both the service agent and her supervisor could not do better than removing half the charge stating that by paying before the statement date I am the party in the wrong and that the fee is justified.
I stand by my belief that human intervention is needed here to remedy a problem. The problem is the corporation not seeing what their own records reveal. My statement declares on the back to send payments before the "Payment due date" TO AVOID ADDITIONAL CHARGES".
Loan secured 11/4/07
1st payment made within 31 day cycle, 12/3/07. ( I hadn't recieved a bill yet, so I payed what I believed to be the expected amount) To my thinking this constitutes the December payment.
2nd payment made 31 days later, 1/3/08. I had recieved the bill in the meantime and was paying slightly over the minimum. This is the January payment.
3rd payment made 19 days later, 1/22/08. This was intended to start paying down the loan early.
4th payment made 20 days later, 2/11/08. This is the February payment. This payment is roughly 3 times the minimum payment due.
5th payment made 13 days later, 3/5/08. This is the March payment. Again payment is roughly 3 times the minumum payment due.
6th payment made 34 days later, 4/9/08. This is the April payment. Payment is over 3 times the minimum amount due.
Each payment made during the calender month it was intended according to the bill statement. I received the April bill on 4/12/08 with a $39 late fee assessment on it. The minimum payment amount went up $8-10 and I am bewildered that I have a late fee.
In calling the customer service (India) I was informed that my payment history is the reason for the Late fee.
When I asked to speak to the supervisor. I was informed that I was sent an additional billing in March for $10 to be paid by 3/30/08. The Late fee stems from not paying this $10 charge.
I am wondering how my minimum expected payments for the past 5 months equal approximately $270 and the monies received by them in the timeline described above equaling $555.00 (double the minimum) equates to a "late fee". Each payment fell in the calender month and was well before the statement due date. I don't care about the other reasons or technical issues. Its simple, I pay each month, I pay more than expected, and I got a fee for doing this. I think this is inappropriate and that it should be removed.
I will most likely not ever use this consumer credit service again. I have been a credit user for over 25 years and even managed to maintain communications with my creditors while serving in the military overseas before internet. I have always been treated well and always been in the right. I even prenotified and paid bills when I didn't have a statement to remit, simply a letter explaining the delay in mail.
I do not understand why I should pay a penalty for paying early.
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