How does Quicken "Bank Pay" differ from paying on a bank's website?

Question

"Bank Pay" initiates a direct connect transaction to my bank but generates a different kind of transaction number than if I go directly to my bank's website and initiate the payment there.I also notice the in my case (Wells Fargo) the Bank Pay transaction does not show up under "Scheduled Transactions" as it does when I initiate the payment on the website.

Is there any practical difference between the two methods?

Jim_Harman · Accepted Answer

To be clear, you are talking about payments directly via your bank, and not using Quicken Bill Manager, right?

It appears that whether or not these bank bill pay transactions show up on the scheduled list on the bank's website depends on the bank. At Bank of America, they DO show up on the website.

As far as I can tell the mechanism is exactly the same as if you set the payment up on the bank's website, except of course if you set it up on the website it will not be recorded in Quicken's register until the bill is actually paid.

Lysander Spooner · Accepted Answer

After talking with Wells Fargo Quicken support I learned that Wells Fargo uses a seperate payment processor for "Bank Pay" transactions compared to the way it processess transaction entered directly on their Bill Pay website interface. That is why the "Bank Pay" transactions do not show up as Scheduled transactions on the website.