Quicken online payment

I'm sorry to pop your bubble, but I used Quicken 2004 and now use Quicken

2006. There has been no change in the way my online payees work. I still have the EFT payees with a 2-day lead time and the check payees with a 5-day lead time.

There is something peculiar about the way Quicken does lead times. I have made only two online payments thus far. I set up my second payment a couple of days ago, and the soonest I could get the payment scheduled was 10/27, which is five days as you indicated. However, this particular payment is from my Citibank checking account to my Citibank credit card. I could have done a transfer online and that transaction would have cleared instantaneously, but I decided to do the Quicken payment anyhow. Although they forced me to go out five days, there is no way Citibank is going to send itself a check for this payment...it will be done by EFT. Bottom line, there does not seem to be a direct relationship between the lead time and the payment method, as least based upon my rather skimpy experience. I am running Quicken 2006 Premier Home and Business. I did not make online payment through Quicken under prior versions (although I have been maintaining my finances on Quicken since 1/1/95) so I cannot say whether

2006 treats payments differently from prior versions.

Well ask ZMAN for some strange reason then Citibank and Quiken did something then. In Quicken 2006 all payees report a 4 day lead time now does not matter if the payee is EFT or Check forcing you to pick a day that is 5 bussiness days from today. Not sure why. If I reinstall Quicken 2004 EFT pays report a 2 day lead time and payee paid by check report a 4 day lead time. Not sure if the change is a bug between Quicken and Citibank bill pay providor as Citibank still uses Checkfree and Inuit has switched to Metavante. Also process date and due date reported in both 2004 and 2006 seem to be same. All EFT payee are processed 1 day before due date and all payee paid by check are processed 4 days before due date.

So i am not sure if the lead time between banks is differnt or not as every bank I guess can set up there own paramenters. Just know with my Citibank account based out of New York this is how it works.

Citibank Does pay there credit card via EFT once the payment is made ZMAN can confirm that the payment was processed 1 day before the due date. And the next time he makes a payment using the same payee under

2006 he will be forced to pick a day that is 5+ because Quicken 2006 with Citibank reports lead time of 4 days no matter the payee or method. This was not the case in 2004 or below.

I know for a fact that lead time has nothing to do with laws being changed like Stubby said.

The first payment to any particular payee is usually scheduled with the most pessimistic lead time. At the time it is processed, the actual lead time is determined and then transmitted back to Quicken on the next one-step update. After that Quicken will have the correct lead time for that particular payee.

Mike

The billpay institution has very little to do with it. Metavante process Quicken Bill Pay payments. Citibank will have its own bill pay processor (could be that it is CheckFree, I don't know). It is just that the two are not congruent to one another.

Not that I disagree with you on this, but what "facts" can you cite to back up your position?

Mike

I was using 2004 and in 2004 deluxe that was the way it worked. I did not notice this was even the case till I started writing posting to this thread as you can see my orignal post was check the payee list and all payee that report 2 should be EFT. When the OP posted reported Chase Credit Card required 4 days is when I looked in my payee list and noticed all payee where 4 days too.

I reinstalled Quicken 2004 and restored and old Quicken file I had as I back up (was not current but used that file for test purposes only).Then looked at all my Payee which all EFT where reporting 2 day lead time then I made 1 payment to Amex using 2004 where I could infact schedule a payment 3 days before the due date. After I made the payment looked again at the payee list all payee that are paid by EFT still had a 2 day lead time.

Then I went back and installed 2006 and imported the 2004 file and all payee who where paid by EFT showed Lead Time of 2 days. The first time I did 1 set up with Quicken to Citibank all payee changed to 4 day lead time.

That is why I thought orginally Quicken did something to change the way lead time is calculated. But if it still works correctly for you Mike then maybe the problem is a bug between Quicken 2006 and Citibank I guess as it works differnt in Quicken 2004 and Quicken 2006. Sorry dont have 2005 test.

Very strange...

This morning, I went to make 2 online payments, and both appeared as

0 (zero) day Lead Times. (They're both utility companies.) When I attempted to go online and make the payments, Quicken told me that it was too late to make these payments. Wells Fargo CS confirmed that there's no such thing as a 0 day Lead Time, and that they (WF) had both companies listed as 2 day Lead Times. An attempt at making payments with 2 day Lead Times resulted in the same "it's too late" message. A final attempt, with the standard 4 day Lead Time, and both transactions completed.

Notan

Well if people have the same problem I noticed that Payee lead time in

2006 is calculated wrong except with Inuit own bill pay then there might be a bug in Quicken 2006 or a bug in the interaction between some 3rd party providers bill pay systems and Quicken 2006.

Notan what version where you useing? 2004/2005/2006? Do you know if Wells Fargo contracts out with Checkfree or Metavante or has there own?

Btw both my 2004 and 2006 are Deluxe not sure if flavor of Quicken matters or not. Just seems strange the problem his being reported differntly by both Citibank and Wells Fargo customers. Might be a problem with the way lead time is reported by each company server and how Quicken 2006 uses that info.

Mike also what bank do you use? or do you have Inuit own bill pay service? And do you know who owns bill pay server?

I'm using Q2006 Premier.

While I know Wells Fargo used CheckFree in the past, I'm not sure if they still do. The most recent Googled article, I could find, was dated 2002.

Notan