As the title says.
Sept 1st is a holiday. I assume that they'll be OK with taking my money on Sept 2nd without a fee. But I'm asking just in case.

There's probably more threads on this but I really couldn't be bothered to sift through it. I just have a fat cheque that needs to leave my table

Let me guess, you agreed with the payment agreement without even reading it?

It depends on what payment plan you signed for. I don't think that you will be kicked out or anything, maximum you will face is a fee.

If you chose to pay it up-front on the Payment Agreement, you will have to pay by the 1st. Otherwise you'll get charged interest for a day (until you hand it in on the 2nd).

^Curious do you know the interest rate?

Oh, I just checked and I mixed it up. It's a $35 late fee, not interest (was thinking of the OSAP plans). Sorry for the confusion!

Sept 1 is a holiday, but that doesn't change the deadline. If it was going to be changed due to Labour Day, your payment agreement would have said Sept 2.

Having said that, I'm pretty sure it will only be the $35 late fee - Interest gets charged at the end of each month, but I don't think it's done based on a daily account balance. At least, that's how it used to be a few years back...I don't know if it still is, though.

I obviously read the agreement. Which is why I'm here to ask the question I did. Thanks for your responses. I will just go to the bank and pay McMaster as a Payee. And no I don't have OSAP so it would be 35$ not %.

Originally Posted by ZSimon

I obviously read the agreement. Which is why I'm here to ask the question I did. Thanks for your responses. I will just go to the bank and pay McMaster as a Payee. And no I don't have OSAP so it would be 35$ not %.

Students can get charged interest regardless of whether or not you're getting OSAP. The reason OSAP payment plans have interest is because you're paying after the Sept 1 deadline. Anybody, regardless of their OSAP status, who has an outstanding balance on their account, for any reason (unpaid tuition, library charges, missed doctor appointments, etc) will be charged interest at the end of each month. Students who get OSAP and select one of the OSAP payment plans won't get charged a late fee as long as they keep to the deadlines outlined in their payment agreement.

If you don't get charged interest for paying a day late, it's not because you're not getting OSAP, it's because there was no balance on your account at the end of the month when interest is charged.

Yes, you'll be charged a late fee + interest. The deadline is the deadline. Sept 1st.

Go into SOLAR > Payment Agreement and pay online... takes only a few minutes, can pay via Direct Debit.

Or, write a check, drive to Mac, and go drop it off in the dropbox this weekend. You don't want your payment getting in late!

I paid today... but since Sept. 1st is a holiday, it won't get processed until the 2nd. Will I get penalized for this?

A good question. I believe as long as the payment was sent in by the 1st (if you're talking about the bank online payments) then it should be fine cause your receipt shows you paid before the 1st. If it gets processed on the 2nd then that's the bank's fault not yours. They should have taken the holiday into account and made it Sept 2nd in my opinion. Obviously someone wasn't thinking about the holiday... or they just set the date as Sept 1st no matter what. If you do get charged interest even though you paid this weekend, I'd definitely complain.