Bill Pay AND Bank Online Bill Payment at the same time?
I have used my bank to pay bills through Quicken for over 20 years. I would like to keep that AND try Quicken Bill Pay. Can I do that? Can I choose which to use for any bill at any time? In other words pay CC#1 from my bank this month, Quick Pay next month? (of course Quick Pay set to draw for a different account)
If I decide Quicken Bill Pay does not work, is it easy to disable or do I just ignore it?
And I read Chase, for example, does not allow Quick Pay (where is does let my bank do Online Payments). Is this still accurate? What other "gotchas" should I look out for?
Thanks folks!
~Bob
PS. VERY confusing terms - Quick Pay, Bill Pay, etc. What is current terminology….
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Why would you want to use anything other than Chase's online bill pay? Why even try it? that creates one additional handoff - where things can go wrong - between you and your creditor. Isn't it asking for trouble?
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Huh. I do not use Chase as a bank. Chase was mentioned as I read that Quicken Quick Pay cnnot send payments to Chase. I use my checking account bank through Direct Connect and pay all my bills in Quicken through them now. BUt. I have reason I might want to change so want to TRY Quicken Bill Pay IF I can do that alongside what I do now. And If it will draw funds from my brokerage cash account.
So I really do not understand your comments at all Mark. Perhaps I wasn't clear and maybe this will help.
Part of the confusion could be the multitude of terms for Quickens own bill payment program and my lack of understanding how things are called. I call paying through my bank using Quicken to schedulke and pay Online Bill Payment and the Quicken functions having them send or write a check Quick Bill Pay.
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@bob. - if you use your bank's bill pay, will it allow you to use your investment account's cash management account as a funding account for your bank's bill pay?
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No. Bank and investment accounts do not talk to each other except to transfer fund in either direction. At two different institutions. Bank needs to pay from the banks checking account. As a part of my question, I am hoping Quicken''s Bill Pay CAN use the cash fund at the investment company. I would think so. And if so, I need to find out if they (investment institution) consider this a money market account and if they do, are there monthly transaction limits.
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@Bob. Ok, I wasn't sure what you meant by "And If it will draw funds from my brokerage cash account".
Some brokerages offer a linked cash management account for their brokerage accounts, which can be used as a checking account. The only restriction I know of is that the brokerage account cannot be a managed account.
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The Cash Management pays half the interest (or what they call dividend) of the Money Market at this institution. This "money market" also has checks. The unknown is whether Quicken can draw funds to pay bills from this account. And if I can test Quicken side by side without creating issues.
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First off @Bob. let me point you at this, which I hope will make the terms clearer.
Second, the one:
And lastly just to make a quick comment on how Quicken Bill Manager's Quick Pay works, with some updated information.
The system works by going to the given "Biller's site" (for each bill) and tries to schedule a payment from that "direction".
It isn't like any of the older systems which work(ed) by pushing the payment from your financial institution. It is "pulling" the money from your financial institution to the biller. Not much different than if you went to the biller's website and schedule a payment, with the difference that it is a "script/computer" trying to do it. And also, if one follows the suggestion of how many of the SuperUsers do it, it is a one-time setup to "pay automatically" whereas the "Quick Pay" is going to be trying to do this whenever you told it the schedule to pay was (amplifying the possibilities of problems).
The "added new information" is that "if that Quick Pay fails" and it is available then and only then they will try an ACH transfer.
The comment about Chase not allowing this is as a "Biller". As in you want to pay your Chase credit card balance, Chase doesn't allow this third-party service on their website to schedule a payment, but they do allow to get the balance/payment date.
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BTW @Bob. have you used the "Bill Presentment" part of this system?
If so, has it been reliable for your billers?
Because this is the same system, but with the added complication of submitting the payment at the biller's website. If "bill presentment" is rock solid for you, you can't expect the bill payments to be either.
I would never touch such a bill system, but I have tried in the past for many years to get the bill presentment to work since it came out in Quicken 2015. Basically, I had some bills like my credit cards that it picked up just fine, then some that were constantly needing "resetting", and some that never worked. And one of the frustrating parts of it is that if you link it to a reminder to get cash flow predictions that turns off the other reminder estimates, and some of the billers were setting the balance to zero in between statements.
One, thing that just occurred to me, I wonder if this system does "pay full amount" correctly. From the bill presentment side, they get the statement balance and amount when it is posted, and that is all you get. If you return an item between that statement date, and the payment date, you owe less by the amount of the return. If setup for automatic payment at the credit card website it of course always does this right and pays only what you now owe. It would be interesting to know if this third-party service would pay the statement balance or the new balance. I'm curious about it, but certainly not enough to actually try it.
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Thanks Chris. What a nightmare. I'd hate to be one of the marketing people that came up with this.
Now "Bill Presentment" is an interesting story. In its current incarnation I get 10% of billers as expected. 80% I have linked to reminders and while the Online Billers never paints an amount and date for a bill coming due, the REMINDER will update with the date and amount. 50% of the time, this amount is short by exactly .01. So, if the minumum due is the fill amouint and ytou pay a penny short, you can get dinged! I can't tell you how many times I have reported this and how many times I have been told by the developers it has been fixed. It has not.
As to your question, I will bet statement balance..
Now, my reason for all the questions is two fold:
- I want more interest on the money parked waiting to pay bills
- I want to test this in case my ban's bill pay goes away and be prepared rather than scramble.
So if I can try without disturbing what I have which is just reaching the level of "functional", I will. But only, as mentioned, if Quicken "Quick Pay" (hah - first use of that term) will draw from that money market account.
Anyone you know other than Chase that refuses this service? That makes Chase a pain in the butt and of course, Amazon Prime is a Chase card that I will not replace.
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- I want more interest on the money parked waiting to pay bills
Then my best suggestion is NOT pay through your money market account, at least not for most of your bills.
With the exception of my HOA, water bill and Gas & Electric all other bills are paid by having the biller charge my (cash back) credit card.
That means for all of those bills the payment is delayed by at least 25 days (difference between statement and payment)
It makes cash flow predictions a lot easier too since most of what you have to get to the payment account is in fact the payment for the credit card instead of the individual bills. And so, you have a 25 day notice for that. Personally, even that is set on "automatic payment" for me, but what is your choice.
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