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Timing of bill paying debit.

MikeC

Quicken Deluxe 2019 & Windows 10. Historically, when I issued a bill pay transaction from my bank, the debit didn’t appear until the check was actually cashed. As of the last update, the debit to my account is shown when my bank cuts the check. I liked it the other way.......can I change this back?

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mshiggins

Once you have scheduled the bill payment, the money I committed. Don't you want to be able to forecast your upcoming cash flow?

MikeC

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

unknown

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'm trying to understand what changed. Quicken 2019 doesn't do anything different in this area than past releases that I know.

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.

Which are you using?

MikeC

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

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.

unknown

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

Well then that is a change at your financial institution, and as such you would have to complain to them.

MikeC

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 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.

Thanks for being a big help. I appreciate it.
Mike

unknown

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

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.

UKR

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

Just wondering ... Could what you're seeing be the difference between
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?

MikeC

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

The transactions are actual checks printed and mailed by the bank or third party contractors.