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Payment to a Bank Account

I think I already know that the answer to my question below is "no, you can't do that," but I'll ask anyway, just in case I'm wrong.

With very few exceptions, I write no checks. Some payments (to large companies) are done automatically when they become due, either from my checking account or my credit card account. And most of the rest are done either by EFT from my bank (B of A) through Quicken Bill Payment, or, for small vendors or individuals, by using Quicken Bill Payment to send a check to the vendor or individual.

But to an occasional vendor I write a check. In most cases that vendor then deposits the check in his bank account. So here's my question: to a small vendor, or to an individual person, can I EFT an amount to his bank account instead of having my bank send a check--in effect send a check to his bank account rather than to his address? If so, how?

It probably doesn't matter, but in case it does, I'm currently using Quicken Deluxe 2013, but it will shortly be Quicken Deluxe 2014.

Reply to
Ken Blake, MVP
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Ken, I can do that from my bank's web site. It accomplishes it via e-mail. The receiver is not aware of MY bank's information and, likewise, I remain unaware of the receiver's banking information. It works by my bank sending the receiver a e-mail containing a special code. When the receiver clicks on this code, it sets up the transmission of the funds to an account of the receiver's. Most banks, at least in Canada, allow this. No fee to the RECEIVER, a small fee to the SENDER. My bank is the Canadian Imperial Bank of Commerce (CIBC)

Reply to
Sharxster

Regions Bank works the same way. If you know the other person's account number, you can deposit it directly into their account. I believe it takes a couple of days for the money to transfer.

Reply to
Edward

Thanks. I don't know I could do that from my bank's web site, but to tell the truth, I don't particularly care. Besides there being a fee, it would be at least as much trouble as writing a check, so I don't particularly want to do it. The advantage of Quicken Bill Payment would be that the single action also creates an entry in my check register. Your way I would still have to manually create the check register entry.

No, it's not an enormous advantage, and considering how seldom I need to do this, it's not a big deal. Still, if I could, I wanted to do it that way.

But thanks again for your suggestion.

Reply to
Ken Blake, MVP

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