Quick Pay transactions

Question

I never realized this but a Quick Pay transaction is actually sent to the bank/Credit Card,  etc the day of the payment and scheduled on their site for an EFT to occur to credit your bank account.

Be aware that you must have pre authorized your bank/Credit card company to draft your payment bank. If it is not pre-authorized on the bank/CC company the EFT transaction will fail. You will not know this problem occurred until you get a rejection EFT payment from your bank or in quicken. If you don't notice the rejection it will cost you a late fee!!!!!

John Nastasi · Answer

Yes, all my CC's  require a pre-authorized bank account to use for EFT's. I did not know that. That needs to be a clear instruction when setting up QuickPay.

Quicken Anja · Answer

Hello @John Nastasi,

Thank you for taking the time to post this information to the Community.

Some financial institutions do require a pre-authorization on their end in order to make payments using Quick Pay and/or the payment account that was set up to use Quick Pay. However, this does vary since not all financial institutions require this.

When this happens, users should receive an error message stating "Payment account declined; Validate your bank". More information on this particular topic/error and how to resolve it can also be found in this support article.

Thank you!