Legal Question in Consumer Law in Texas

When is a payment considered tendered?

When paying a debt, at what point is the payment considered tendered?

I have an automatic electronic payment made on the 2nd of the month,

the payment is due on the 3rd. My bank statement shows the EFT was

made on the 2nd, but the payee's bank didn't post the payment until the

6th. Now I am being assessed a penalty plus a daily late payment

penalty for 3 days. I believe I made the payment on time. Thanks for

your help.


Asked on 11/05/03, 5:01 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: When is a payment considered tendered?

Usually the date the EFT was received and posted would be the date tendered. Normally, an EFT received after 2:00 p.m. would be posted the following business day. However, if the EFT was received at the receiving bank after 2:00 p.m on Friday, and Monday was a bank holiday, the payment would not be posted until Tuesday. Your tender would be late!

The payment is due on OR BEFORE the third. You have to watch the calendar and find out when your bank would make the EFT. If they'd made it before the receiving bank cut off their posting, you would have been on time.

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Answered on 11/05/03, 5:30 pm


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