Legal Question in Business Law in California

Recently, I paid off the large balance I had on my credit card which I had been making payments on for months.

Is it legal for the bank to charge me another finance charge even thought payment zeroed out the balance on the statement?


Asked on 5/05/14, 4:47 am

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

It's all a matter of timing. Interest (and perhaps penalties) accrue of certain dates, which may have been before your pay-off was received. Your bank should be able to explain and justify the charges, or maybe you can figure out yourself whether they are right or wrong by comparing your credit agreement with the statement, paying particular attention to the dates of pay-off and the accrual and posting dates of the finance charge.

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Answered on 5/05/14, 5:16 pm


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