Setting payment date with Wells Fargo

} I went to make an online payment, as I've done hundreds of times. So I } filled out everything and, as I usually do for ASAP payments, I didn't } bother touching the "dates" and that generally just works. But apparently, } no more: what happened last time [and I expect will happen again if I } upload the payment requests] is that WF will refuse the payment. And then } I'll change it to move the date out a day, upload it again, WF refuses it } again, and I keep doing that [which is a pain 'cause there's no broadband } where I live so each iteration takes a while] until eventually WF accepts } the payment.

Just did another payment, got the same dance and still don't quite understand it but I do have more info: I wondered about the delivery versus processing, since processing is when the withdrawal is made. What happens is that you have the "delivery date" set when you upload the payment request, but *if* [sigh! :o)] WF accepts it, the date in your register is _changed_ to the processing date [and you can then only verify the delivery date by looking at the 'status']. So that's actually OK [at least, now that I understand it], but I'm still not understanding why I have to do "guess the lead time" for ASAP payments. Anyone know if there's a way to get this to "just work" with WF the way it used to with Wachovia?

/Bernie\

I think the details are largely up to the individual billpayer, but you should be able to see what the minimum lead time is for each online payee by looking at the Quicken Online Payee list.

Tools > Online Payee List - in Q2011.

Same in Q10. Mine are all 4. But what do they mean by lead time????

I think 3 or 4 days is common when the payee will get paid by check; 1 day when the payee will be paid by EFT.

From Q2011 Help:

"Lead time is the number of business days it takes from processing the online payment instruction to when the payee receives payment."

"Your financial institution uses a payment processor to receive your online payment instructions and process the electronic funds transfer (EFT) or mail the paper check. Depending on the payment processor used, the money to cover your online payment could be withdrawn from your account at any of the following times: - The day the payment is processed for delivery (this may be several days before the delivery date). - The day the payment is delivered. - The day the paper check or EFT clears your account. The Payment Status window in Quicken indicates when funds are withdrawn for a specific online payment. For additional information, contact your financial institution."

John Pollard has written on 8/21/2011 3:52 PM:

I see. And Bernie is saying that you get debited for the check amount on the date the check is processed even though the money is not delivered for (in my case) 4 days?

In this day of electronic communication, there's nothing -- except greed

-- stopping a bank for making an electronic delivery on the day they process your check. Do they believe that they make more money on the float that it costs them for the paper check and the postage?

"Cy Burnot"

If they did, and they had a choice, why would they bother delivering any payments via EFT?

John Pollard has written on 8/21/2011 5:46 PM:

So why the 4 day float on EFTs?

Cy Burnot wrote in news:j2s2sn$rcc$ snipped-for-privacy@dont-email.me:

I will repeat here once more that I prefer to give the payee authorization to "pull" the payment. Then it is up to the payee to make sure they get it on time. I haven't had any probems with this since the

80's, when it was limited to 1 company. Of course the billing by Verizonis often suspect after a change in service, and that I have had to suspend a couple of time to let them fix it.

To answer your question, there should NOT be a 4 day float on EFTs. But there would on printed and mailed checks (maybe even more).

"Cy Burnot" wrote

How are you determining which of your online payees is getting EFT payments, and which are getting checks?

Some banks do take the money from your account when they "process" the payment ... some (mine, for example) only take the money on the "delivery date".

Some banks charge for Direct Connect downloads ... some (one of mine, for example) don't charge if your balance is high enough ... and others (another of mine, for example) just don't charge for Direct Connect at all.

Any way you look at it, they're all in business to make money: I see no reason to condemn them for that.

If you are dissatisfied with your financial institutions, seek others.

I'm another Wachovia refugee. For me, the verified facts about bill pay are:

If I schedule a payment via the Wells Fargo web interface, the debit my account on the send date, as much as 4 days before delivery.

If I schedule a payment using Quicken, the debit occurs on the deliver date.

John Pollard has written on 8/21/2011 9:19 PM:

Monthly and online statements.

I do believe that the OP mentioned Wells Fargo.

Wow! Never would have thought of that myself!

Frankly, I FAIL to understand why ANYONE jerks around using Quicken to pay their bills. IT is a recipe for frustration and a colossal waste of time. I've authorized almost all my creditors to debit either my checking account OR my credit card on the FINAL, DUE date of the bill. This puts ALL of the responsibility onto the CREDITORS, ***NOT*** me. Since the creditors enjoy being paid, they are always careful to ensure that they do the prerequisite actions with my financial institutions. MY responsibility lies, of course, in ensuring that there are adequate funds in the checking account on the due dates and/or adequate credit limit on the credit card. Since the invoices come up to THREE weeks before the due dates, I have ample time to ensure that they have no mistakes. They NEVER have had any errors, BTW.

I just canNOT understand why ANYONE wants to waste time EVERY MONTH dicking around either with QUicken Billpay OR by manually going on line to websites OR a financial institution to pay bills. PEOPLE, this is 2011, almost all bill paying can be automated!!!!!

Just sayin', however if you want to keep on being a Luddite, enjoy!!!

Using paper checks at ANY state of bill payment is oh, so 19th century!!! Whether it's done by YOU or by ANY financial institution. Ditto for them paying you. EFT is the way to go, as far as receiving payments, e.g. pensions.

Printed and mailed checks?? EWWWWWW!!!!!!!!!

"Sharx3335" wrote in news:j2suav$toj$1 @speranza.aioe.org:

It is appreciated as presents, certainly by my children.

Have not tried that

I agree. Just like it did with Wachovia.

Here's my experience with Quicken Bill Pay for a Direct Connect PNC bank account in PA. I have a rent payment due the first of the month. I get SS disability payments into my checking account the 3rd. I tell Quicken/PNC bank to pay my rent the 3rd of the month. PNC bank sends the landlord a paper check. They ignore the date on the check and cash it prematurely on ;the 2nd. I'm overdrawn. The bank credits me the check in a reverse transaction, and refunds the non-sufficient funds fee, but still, the landlord charges me an additional $35 fee for a bounced check and makes me submit a money order when they themselves caused the problem by prematurely depositing the check!

Needless to say, ;t;his will not happen again. I set up an ACH withdrawal from my checking acct to cover the next rent payment!

Sharx3335 has written on 8/22/2011 2:46 AM:

And I fail to understand why you keep posting that to no avail. You know what the definition of insanity is? Doing the same thing over and over and expecting a different result.

I'm happy for you that your approach works for you. It doesn't for many of us.

... and grandchildren ;-)