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me
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me asked in Business & FinancePersonal Finance · 8 years ago

will an account still be paid off if you make a payment for more than you owe?

suppose you have a loan account, and on Friday the $200 payment you made is pending. because it is pending it isn't factored into the amount they show under the pay off account option. you can pay $200 less than the pay off account amount since you have a $200 payment pending, but since it is past business hours that payment will automatically be scheduled for Monday. the pay off account amount includes the amount of interest which will accrue by Monday, but once you get credit for the $200 payment scheduled on Friday less interest will accrue by Monday than what they currently calculate. so if you pay $200 less than the current pay off account amount the total amount you pay will be $0.05 more than what is owed. does your payment being $0.05 too much stop them from being able to apply it since it's technically more than you owe them?

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  • 8 years ago
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    No it won't stop them from applying your payment. You will end up with a credit balance of $0.05.

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