Borrowers are being hit with late payment fines because banks take too long to process credit card payments.
When you pay your credit card bill from your bank account, the transfer can happen in a matter of minutes under a system called Faster Payments. Yet some organisations are imposing deadlines that catch out customers who assume that their cash will reach the card account in time.

Co-operative Bank, for example, will not credit payments on the same day if they are made after 3.30pm. Instead, the bill will be credited the following morning — leaving the customer facing a fine for paying their debt late. Capital One has a 5.30pm cut-off point and Santander 6pm. By comparison, Barclays processes payments on the same day if made by 11.45pm. HSBC, M&S Bank and First Direct have a 10pm deadline. .......Read more here