I have previously posted about the the way GE is slow to post payments to accounts, and how that would likely increase the interest that you would pay, if you did not pay balance in full every month.
Now I have seen what I suspected.
A friend carried a balance on a major purchase. Three months for a little more then $3000.
A check was mailed every month on the same day the statement became available online.
Now a US Mail first class letter is only three days max. Yet his payment took nineteen days to post the first month, fifteen days the second, and eighteen the third. (roughly two weeks after they receive payment)
The friend thought nothing of it until I showed him that he had paid roughly a extra $100 over the three month. Actually four months, he will still have a small interest payment on the next statement.
Since interest is calculated on average daily balance, the longer they take to post, the higher the average daily balance.
PS: I also mail my payment, and I have seen the same delays with my account being credited. But I do pay balance, so I have not had to deal with interest.
