I use Quicken to manage my parents money (they are elderly). I wrote an electronic check from their Wachovia checking account and noticed that they deduct the amount of the check from their balance even if the check is never cashed.
What check?
The check they wrote. The physical piece of paper that arrived in the mail. Get it?
This just doesn't seem right. I asked them about it and their reply didn't answer my question at all but acted like I was concerned about a lost payment.
Well, aren't you? Just what is the concern, if it isn't a concern that the payment was not received?
Try reading my post again. You seem confused. My concern as stated previously is that Wachovia deducts the amount of a "physical" check written through Quicken on the due date and not when it is actually cashed. It is not a big deal but was a bit of a surprise.
That's how it works!
Can a bank actually deduct funds for an uncashed check even if the check was written through quicken and a physical check had to be mailed by them?
One thing you should be aware of - payments submitted through Quicken or through Wachovia's online bill pay do not always result in physical checks being created and mailed. Oftentimes the payments are made electronically, especially if the payee is a utility, financial institution, or business known to the bank. Heck, even my daughter's dance school payments were replaced as EFT instead of mailed physical checks.
I've been using electronic payment for a very long time and I'm well aware that sometimes checks are nothing more than an EFT and sometimes a physical check is cut and mailed.
Then surely you are aware that the amount is deducted from your account and an EFT (closed almost immediately) or a paper check is mailed on your behalf by the online check processing company (usually Checkfree). It may also surprise you that such paper checks are considered cashiers checks since the monies have already been deducted and thus accounted for in the check. Further shock may hit you when you realize that as a cashier's check one need only write "Not used for intended purpose" on the back in order to cash said check. My ex-wife taught me that one as she stole my money...
Surely as a very long time user of online checks you are aware of all of these fine points...
-- Andrew DeFaria If croutons are stale bread, why do they come in airtight packages?