Repeating Loan Payment - change Online Bank Account

DignanX

I have a repeating mortgage payment that is being paid with Bank Bill Pay and the payment is tied to a Debt Account for the mortgage. I want to start paying using a new online Bank Bill Pay. How do I make the switch on the recurring payment. Every time I bring up the payment details, all the fields are disabled.

Frankx

Hi again @DignanX,

Okay, thanks for the additional information.  No, it is not the "type" of payment (e.g. "mortgage payment") that is the problem, it is the "payment type in Quicken" that is the issue.  Previously, you didn't indicate that this is a "Repeating Online Payment" in Quicken. 

The Quicken "Repeating Online Payment" types have unusual payment instructions, and once they are setup through Quicken at the bank, they cannot be edited or changed.  So, the only way to "fix" your problem of wanting to use another bank is to first Cancel the existing set of instructions at your old bank, and then (if you want to continue using this type of payment routine) setup a new "Repeating Online Payment" instruction for this payee at your new bank. 

However I suggest that you consider simply using the normal "Online Payee bill reminders", rather than the repeating online payments, because they are much more flexible with respect to changing banks, or payment dates, etc.

Let me know if you have any followups.

Frankx

mshiggins

From QW2017 Help:

To cancel an entire repeating payment series:
1) Choose Tools | Manage Bill & Income Reminders.
2) On the Repeating Online tab, select the payment series you want to delete.
3) Click Delete, and then click Delete again to confirm.
4) Update your account.

Frankx

Hi @DignanX

Can you clarify a few things?

When you say "Bank Bill Pay" does this mean that you are using your bank's bill payment process? 

If so - which bank?  Do you send the payment instruction through Quicken, or is it setup on the banks website? Or is it something else?

Please explain the "new online Bank Bill Pay" that you will be starting. Will that be through Quicken, or will it be setup on the banks website? Or is it something else?

On the "How do I make the switch question, I think you are asking how to stop the old method - is that correct?

Any additional details will be helpful.  Thanks.

Frankx

DignanX

By Bank Bill Pay, I am using the Banks Bill Pay System where the payment is entered in Quicken with 'Send Online Payment' using 'Direct Connect' - as opposed to using Quicken's Bill Pay Service. I am currently using Wells Fargo. I want to start using TD Bank. I can make payments using each bank in Quicken right now. I just want to change my repeating Mortgage Payment (which is set up as a loan in Quicken) to change from Wells Fargo to TD Bank. All the options on the recurring payment screen are disabled, so I can't find a way to change banks.

Frankx

Hi again @DinanX

First you need to use the "Ctrl+J" shortcut to open the "Bills & Income Reminders" pop-up.

Then click on the "monthly Bills & Deposits" tab > click on the next instance of the payment (which is now scheduled as a Wells Fargo payment) and in the far right > click the "Edit" button. 

Next, click on "edit this instance and all future instances" > then, in the "Edit Bill Reminder" screen, go to the "From account" option, and click on the "down button" on the right > and, in the drop-down window select the "TD Bank" account, then click "Done".

That should setup the next payment (and all future payments after that) to be made from your TD Bank account.

Let me know if you have any followups.

Frankx

DignanX

I'm stuck - After I click "Edit' in the "monthly Bills & Deposits" tab per your instructions, Quicken opens the "Edit Repeating Onlin Payment' form which displays the next payment. The info is correct, but all fields are disabled and the only buttons are OK and Cancel. There is no 'Edit this instance and all future instances' button.

Could it be because this payment is tied to a mortgage payment?

Frankx

Hi again @DignanX,

Okay, thanks for the additional information.  No, it is not the "type" of payment (e.g. "mortgage payment") that is the problem, it is the "payment type in Quicken" that is the issue.  Previously, you didn't indicate that this is a "Repeating Online Payment" in Quicken. 

The Quicken "Repeating Online Payment" types have unusual payment instructions, and once they are setup through Quicken at the bank, they cannot be edited or changed.  So, the only way to "fix" your problem of wanting to use another bank is to first Cancel the existing set of instructions at your old bank, and then (if you want to continue using this type of payment routine) setup a new "Repeating Online Payment" instruction for this payee at your new bank. 

However I suggest that you consider simply using the normal "Online Payee bill reminders", rather than the repeating online payments, because they are much more flexible with respect to changing banks, or payment dates, etc.

Let me know if you have any followups.

Frankx

mshiggins

From QW2017 Help:

To cancel an entire repeating payment series:
1) Choose Tools | Manage Bill & Income Reminders.
2) On the Repeating Online tab, select the payment series you want to delete.
3) Click Delete, and then click Delete again to confirm.
4) Update your account.

DignanX

This is helpful. Do I 'Cancel the existing set of instructions at your old bank' thru Quicken or do I have to do that at the bank website. If it's in Quicken, how would I do that?

mshiggins

DignanX said:

This is helpful. Do I 'Cancel the existing set of instructions at your old bank' thru Quicken or do I have to do that at the bank website. If it's in Quicken, how would I do that?

The instructions I provided are for canceling the repeating online payment series from within Quicken.

DignanX

Thanks, I got it. So confusing for something so simple.