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When should you pay your bill?


I usually pay my bills through my cibc account online. My bill is due on Oct 1st, I've paid it today on the 30th of september... Will the payment arrive on time if I do it one day before or should it be done earlier to avoid late payments?

4 replies

Userlevel 7
Hi Lula, Normally banks take 3-5 business days before releasing the funds to Koodo to pay your bill. In my experience with sending it in a couple of days before my bill is due I've never seen late charges as I've noticed that Koodos systems pick up when the money was sent in. But it's better to send it in at least 2-3 days before hand, better to be safe than sorry. Hope that helps! 🙂
Daniel Gunn wrote:

Hi Lula, Normally banks take 3-5 business days before releasing the funds to Koodo to pay you...

Banks process bill payments every business day, if you miss the deadline, it will be sent the next day; definitely not 3-5 days.
Userlevel 7
Daniel Gunn wrote:

Hi Lula, Normally banks take 3-5 business days before releasing the funds to Koodo to pay you...

It takes 3-5 business days for the funds to be processed and then it is reflected on your account. It may send in at the time but your Koodo account does not reflect it for that period of time. On the other hand if you pay via credit card it can reflect on the account faster.
You should pay with your credit card on the day your bill is due so that you get rewards and pay no transaction fees to your bank.

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