Quick Pay Ins't Quick
I decided to try Quick Pay because I sometimes forgot to enter a transaction in Quicken that I had already entered in my bank, or vice versa. My goal was to simplify things by recording only one transaction. Instead, Quick Pay has made bill paying more complicated.
Our bill payments are based on predictable income dates: my military pension is deposited on the 1st of the month, and our Social Security payment arrives during the third week of the month. I prefer to pay most bills early, typically on the 2nd, once my retirement income has cleared the bank.
However, Quick Pay automatically debits my account a minimum of three days before the payment is disbursed to the biller. Because of this, when I schedule a payment for the 2nd, Quick Pay often withdraws the funds before my pension deposit arrives. If the 2nd falls on a Monday or Tuesday, the debit can occur up to five days earlier, well before the funds are available.
If this feature was intended to make bill paying more convenient, it has had the opposite effect. Additionally, based on other user experiences, Quick Pay has sometimes failed to deliver payments on time, resulting in a late fee that you are responsible for. When this happens through my bank’s bill pay service, the bank reimburses those fees..