Schwab Bank no longer accepts Quicken Check Pay checks

I had four checks recently returned by Schwab Bank.  The customer rep says that Schwab no longer accepts "Signature on File" checks from services like Quicken because the cost of fraud has gone up.  All checks, except those issued by Schwab's own bill-pay service, must have a personal signature. 

Almost all of the 15 - 20 bills I pay each month were done with Check Pay. The payees are either small businesses and local governments, large businesses not supported by Bill Pay (e.g. State Farm, Sutter Health, Stanford Hospital), or I can't schedule the payment in the future due to a sporadic but recurring bug (e.g. Chase).

I see that the Quicken checks say "safechecks.com" and "This check is protected by Payee Positive Pay RDP", both of which claim to greatly reduce fraud. It would be great if Quicken could work with Schwab to come up with a satisfactory solution.  

The alternatives are quite unsatisfactory: I can get a checking account at another bank, but that has the hassle of requiring 2-3 day transfers from my investment accounts at Schwab.  (Schwab doesn't support Zelle.) Or I can use Schwab's bill-pay service, but that only downloads checks into Quicken once they have cleared days or weeks later, and the downloaded checks don't have the payees. Or I can go back to the 20th century and write paper checks and put them in the US mail.

Comments

  • cwm123
    cwm123 Member
    I'm curious if you ever learned anymore about this? I've successfully used CheckPay with Schwab bank for a while but just had a check returned for the same reason you mention. I'm hoping it is a one off problem (they paid several other checks the same week).

    Quicken support was entirely unhelpful, just telling me to disable and re-enable checkpay on the account and stubbornly not actually reading/understanding the problem.
  • John Ellis
    John Ellis Member ✭✭✭
    Never heard anything more from Schwab. The customer rep didn't seem to understand how unreasonable it was for Schwab to implement the policy with no notice and to start bouncing checks.  I'm not convinced the rep had a full understanding of the situation (how many customer reps ever do?).  

    Regardless, soon after I moved my checking to First Republic and that's been working smoothly, though I do have to initiate cash transfers to cover the checks.  (Schwab automatically transfers cash to your Schwab checking account as needed.)

    And then in December the Schwab apocalypse struck, where downloads of my 15 Schwab accounts (and everyone else's) stopped working for over a month and then my Quicken Schwab accounts got all messed up.  Many, many hours of wasted time, and no sympathy from either Quicken or Schwab.  Downloads still have some smaller glitches.

    It's just more of the continuing decline of Quicken's integration with financial institutions. None of the parties seem to really care that much about it.