Check cleared before setup date!

"DotCom2" wrote in news:it7qvt$38r$ snipped-for-privacy@dont-email.me:

I believe this occurs because the intent is to have the check (or EFT) show up on the date you told Quicken to do this. In other words, in order to be sure the "check" gets there the 15th, Quicken tells your bank to take the money out of your account on the 13th, so that there are 2 days to make sure the check/EFT gets there on time. In the case of actual checks (not EFTs) by USPS snailmail, the lead time is probably more like 5 business days, not 2.

To avoid this, I have authorized utilities etc. to "pull" the money out of my checking account on the payment due date. That way, the payee is responsible for getting the money on time, and I get to use the "float". I know some people are hesitant to do this, but anytime you have sent them an actualcheck,they have all the info on your checking account already.

I *think* I understand what you are saying, but can it ever be more than two days? Because if so that can be pretty scary.

"DotCom2" wrote in news:it7qvt$38r$ snipped-for-privacy@dont-email.me:

I believe this occurs because the intent is to have the check (or EFT) show up on the date you told Quicken to do this. In other words, in order to be sure the "check" gets there the 15th, Quicken tells your bank to take the money out of your account on the 13th, so that there are 2 days to make sure the check/EFT gets there on time. In the case of actual checks (not EFTs) by USPS snailmail, the lead time is probably more like 5 business days, not 2.

To avoid this, I have authorized utilities etc. to "pull" the money out of my checking account on the payment due date. That way, the payee is responsible for getting the money on time, and I get to use the "float". I know some people are hesitant to do this, but anytime you have sent them an actualcheck,they have all the info on your checking account already.

"DotCom2" wrote in news:it813v$efe$ snipped-for-privacy@dont-email.me:

You'll have to read what it says when you enter a transaction to be paid to an individual of whom you do not know his bank routing number and account number. I do believe it can be up to 5 days in that case. I believe the 2 days is only for transactions made by EFT.

OK thank you very much

"DotCom2" wrote in news:it813v$efe$ snipped-for-privacy@dont-email.me:

You'll have to read what it says when you enter a transaction to be paid to an individual of whom you do not know his bank routing number and account number. I do believe it can be up to 5 days in that case. I believe the 2 days is only for transactions made by EFT.

"DotCom2" wrote

Not all billpayers handle this the same way.

I use BofA-All Other States for most of my billpay transactions. When I schedule an online bill payment at BofA, I am telling BofA the date I want the payment delivered. They do not take the money from my account until the delivery date ... even if the payee gets a check and doesn't cash the check for a month after the delivery date. I consider that a fair arrangement.

The only affect the lead time has is that I can't schedule a payment to be delivered in two days (for example) if the payee must be paid by check (for which BofA requires 4 days lead time). EFT payments usually take only

I am going to call Wells Fargo tomorrow and find out why this was paid 2 days sooner than I set it up for. Thank you for your response.

"DotCom2" wrote

Not all billpayers handle this the same way.

I use BofA-All Other States for most of my billpay transactions. When I schedule an online bill payment at BofA, I am telling BofA the date I want the payment delivered. They do not take the money from my account until the delivery date ... even if the payee gets a check and doesn't cash the check for a month after the delivery date. I consider that a fair arrangement.

The only affect the lead time has is that I can't schedule a payment to be delivered in two days (for example) if the payee must be paid by check (for which BofA requires 4 days lead time). EFT payments usually take only

If I setup an online check with Wachovia for the 15th, that is usually the date my account is debited. However, when I transfer to Wells Fargo in the next month, Wells Fargo stated the following on page 12 of the "Transition Guide", under Online Bill Pay:

"At Wells Fargo, funds to pay your bills will be withdrawn from your account up to five business days earlier than they were at Wachovia". Sounds like your lucky if they only debited your account 2 days early when they could have debited it up to 5 business days early.

I just did this conversion yesterday. I'll keep an eye out for the timing changes. I'm interested in whether Quicken bill pay will use this to change to allowed scheduled date.

I wonder what their reason is for this change? Don't all these banks use the same service for the Quicken bill pay?

I do not know. Perhaps each bank that uses Quicken Bill Pay can tweak the time when funds can be withdrawn?

If you use quicken to schedule a Wells Fargo bill pay, the payments are done correctly - you are charged on the deliver date. If you schedule payments on the web, they are charged on the send date.

I called Wells Fargo yesterday and they said it was all Citi Banks fault and WF had nothing to do with it. They said WF has to make sure they get the check on time. I told the lady I realize this but how was it my Insurance Co was able to cash it two days prior that it shows on the date field. ( I looked up a photo copy of the actual check quicken sent online). She said that I need to talk to Citi Bank on how they allowed this. I didn't call citi bank though. I know that in snail mail if I make out a check and date it say, the 30th but I send it out in the mail on the first, the person receiving that check can not cash it and will be turned away from the cashing bank until the 30th! At least that's how it used to be in the Old Days. :-) I guess I'm going to have to keep a larger amount in my checking account to make up for earlier that posted pay dates. What bothers me is that if I had say Direct Deposit on the same day each month and I go on vacation and want to set up all my bills to be paid before I leave but know my DD date and set up my payments after that Direct Deposit date, I better make sure I transfer more outta my savings account in case they pull this again! It's just not right IMHO. I can see sending a payment early enough to get there on time, but the ability to cash it before the date posted is just not right!

If I setup an online check with Wachovia for the 15th, that is usually the date my account is debited. However, when I transfer to Wells Fargo in the next month, Wells Fargo stated the following on page 12 of the "Transition Guide", under Online Bill Pay:

"At Wells Fargo, funds to pay your bills will be withdrawn from your account up to five business days earlier than they were at Wachovia". Sounds like your lucky if they only debited your account 2 days early when they could have debited it up to 5 business days early.

"DotCom2" wrote in news:itifl1$2qg$ snipped-for-privacy@dont-email.me:

You're right. That's how it used to be in the old days. That's very old history now. If I have the check now, no matter what is says, I'm going to cash it now!!!

Payment processing is so automated these days that humans rarely get involved. If your bank cuts a check and it arrives a few days early, noone is going to stop and hold the check until the check date.

"DotCom2" wrote

I think you should check with your bank ... and perhaps seek some additiional legal help, before you stick with this assumption.

State laws may apply; and I believe that in many cases, your bank is not required to honor the date on your check unless you have formally notified them in advance of the specifics of the post-dated check.

I'm not "sticking with this assumption" obviously. I was just stating how it used to be. That's all.

"DotCom2" wrote

I think you should check with your bank ... and perhaps seek some additiional legal help, before you stick with this assumption.

State laws may apply; and I believe that in many cases, your bank is not required to honor the date on your check unless you have formally notified them in advance of the specifics of the post-dated check.

Even when humans are involved, they don't always notice or do anything about such issues. I have more than once cashed or deposited such a check, post-dated, by giving it to a cashier at a bank, and had no problem.

Once, a number of years ago, I even deposited a check that the person who sent it to me had forgotten to sign!

} I called Wells Fargo yesterday and they said it was all Citi Banks fault and } WF had nothing to do with it. They said WF has to make sure they get the } check on time. I told the lady I realize this but how was it my Insurance } Co was able to cash it two days prior that it shows on the date field. ( I } looked up a photo copy of the actual check quicken sent online).

Ah, a common misconception: the 'date' field on a check doesn't have much bearing on when it can be negotiated. Article 4, section 4-401 of the Uniform Commercial Code says, in part:

c) A bank may charge against the account of a customer a check that is otherwise properly payable from the account, even though payment was made before the date of the check, unless the customer has given notice to the bank of the postdating describing the check with reasonable certainty.

/Bernie\