OMGWhatHaveIdone Posted December 18, 2008 Report Share Posted December 18, 2008 Has anyone ever had a payment go out late? How did that happen? I schedule mine so that it arrives a few days before the date. This means that the payments are scheduled to go out at least 5-7 days before due date.There are two methods that a bank has to pay bills from your checking account online. The first method is ECH - Electronic transfer. This is immediate, and you should see the deduction from your account the day it was taken out. This can only be done if the company that is being paid, accepts payments electronically. If they don't then option two comes into play: Option 2 - the bank mails out a check drawn on your account to pay the bill. Even if you use your bank's online bill pay service, if the creditor does not have access to accept an electronic payment, then your bank will cut a check. Perfect example: I pay my quarterly sewer bill directly to the township that I live in, here in PA. Because they are not a large company, they don't accept electronic transfers. As a result, when I pay my sewer bill through my online bill payment at the bank, they send a draft notice ( the actual check) to the township to pay the bill. Typically, with online bill payment, you will see these two options when you set up your bill pay and "merchant" information. The merchant is the person or company that you pay your bills to. If the merchant is not listed in the drop down menu provided by the bank, then you manually enter it in and when you pay, the bank will write the check, electronically sign it and mail it to the merchant. This acts just like a regular check. You won't see the check come out right away, as it has to "clear" the other bank after being deposited by the merchant. Hope this helps. Link to comment Share on other sites More sharing options...
jetscarbie Posted December 18, 2008 Report Share Posted December 18, 2008 I love ebill and epay through the bank. It's free with my bankMy mortgage was charging me $20 to pay online...and Ford was charging $5.00 to pay by phone. Doing it through the bank saves me $25. My bank lets me save my receipts so I do just in case. Link to comment Share on other sites More sharing options...
swirlgirl Posted December 19, 2008 Report Share Posted December 19, 2008 Yeah, my bank uses both electronic and paper check methods for their bill payer service. For the accounts paid by paper check, I just have it set up that the check goes out way way before due date so that there's time for mailing and processing by the recipient. Same with the electronic payments. Therefore, no late payments. Link to comment Share on other sites More sharing options...
JustaTexan Posted December 19, 2008 Report Share Posted December 19, 2008 I pay everything that allows online. I prefer to pay on the account's website rather than use Bill Pay from my bank. I'm the same way. I pay every one of my bills online. I don't have a bill that I mail in. If I have had any issues, (which right now I can't think of any),then it was probably my fault. Link to comment Share on other sites More sharing options...
Dre Posted December 19, 2008 Report Share Posted December 19, 2008 Also, well, this is at least with Bank of America...If you set up the payment to be taken out on 12/18...well, it will be actually processed at the moment. It will not clear your account, or the money will not show up as withdrawn until the following day (12/19). So you will have to be careful, especially when you get paid on the date you "think" your bills will be withdrawn from your account..it's actually the day after... Link to comment Share on other sites More sharing options...
crzy2 Posted December 20, 2008 Author Report Share Posted December 20, 2008 Well everyone...thanks for all your responses since my first post on the 10th. Since that time I have been paying ALL my bills thru my bank bill pay!!It WAS actually fun to do! Only thing is... I'm not ready yet to take the leap to automatic payments (yeah, I think I might be a bit of a control freak too). And the paperless statements is still a little scary!But I will continue to pay online. Whew, you don't know how big a step this is for a newbie to the techno world like me!! Thanks again! Link to comment Share on other sites More sharing options...
Dre Posted December 20, 2008 Report Share Posted December 20, 2008 Well everyone...thanks for all your responses since my first post on the 10th. Since that time I have been paying ALL my bills thru my bank bill pay!!It WAS actually fun to do! Only thing is... I'm not ready yet to take the leap to automatic payments (yeah, I think I might be a bit of a control freak too). And the paperless statements is still a little scary!But I will continue to pay online. Whew, you don't know how big a step this is for a newbie to the techno world like me!! Thanks again!That's awesome! Glad you made a new step into the tech. world! Some of the new things are actually pretty cool to use Link to comment Share on other sites More sharing options...
JustaTexan Posted December 20, 2008 Report Share Posted December 20, 2008 Only thing is... I'm not ready yet to take the leap to automatic payments (yeah, I think I might be a bit of a control freak too). And the paperless statements is still a little scary!I don't blame you. I'm the same way! Link to comment Share on other sites More sharing options...
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