Timing of bill paying debit.
Comments
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Once you have scheduled the bill payment, the money I committed. Don't you want to be able to forecast your upcoming cash flow?
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
No, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike
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I'm trying to understand what changed. Quicken 2019 doesn't do anything different in this area than past releases that I know.No, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike
I can think of three ways that you might pay bills.- You pay it using your financial institution's bill pay. As such the payment shouldn't hit Quicken until it is actually cleared.
- You use bill pay in Quicken which connects to your financial institution's bill pay. I haven't used this in years, but as I remember it your get the transaction entered into the register, but it isn't cleared until it clears the financial institution.
- You use Quicken Bill Pay. Works similar to bill pay except because they are actually doing a ACH transfer to get the money from your account, I can certainly see it showing up in Quicken as that transfer is made, and before the person/company actually gets paid.
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Number 1 - And your assumption is correct - it shouldn't hit til it clears but now it comes out of my checking account as soon as the bank cuts the check. This is a change in the past 7-10 days.No, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike0 -
Well then that is a change at your financial institution, and as such you would have to complain to them.No, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike0 -
I didn't consider that. My local bank is a mid-size regional bank that probably buys time from a national firm to handle the bill pay portion of operations. I doubt there would be a snowballs chance for them to change.No, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike
Thanks for being a big help. I appreciate it.
Mike0 -
Your welcome. When you mentioned it I remembered that I have seen financial institutions doing both ways. Some taking it out immediately and some waiting for it to clear before posting it.No, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike0 -
Just wondering ... Could what you're seeing be the difference betweenNo, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike
a paper check having been printed and mailed by the bill pay service
vs.
an instant electronic transfer having been sent to the payee's account?0 -
The transactions are actual checks printed and mailed by the bank or third party contractors.No, I keep plenty of $$ in my account. With the old method, I had confirmation when the bill was actually paid. There is a big difference between "the check is in the mail" and "the bill is paid"
Mike0
