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Posts Tagged ‘payment’

Recently a couple tried to pay off their credit card with cash only to find out that they were unable to do so.  The Co-op Bank had been accepting cash for years in a payment.  Yet, the most recent payment was sent back with a note that they do not accept cash and no explanation.

A little detective work has uncovered a few regulation changes that could affect how you can pay your credit card.  The Payments Services Directive was effective as of November 1, 2009.  The regulation states that cash payments to all retail bank accounts, including credit cards must be credited to the account immediately.  However, the Co-op bank has been unable to keep up with the technology to do this.  It is a great cost to change the system.  So cash is no longer accepted in order to have a paper trail such as a cheque to show payment has been made.

If you are looking for a new credit card through a credit card comparison you might want to read up on the new regulations.  You will definitely want to make sure they are following the new directive about immediate reflection of payment on any account including credit cards.