Setting payment date with Wells Fargo

} Hi Bernie, your phrase "random third-parties" is exagerating just a tad. I } don't do that with just anybody, just selected companies, and I monitor } what they are going to do with eagle eyes ...

You implied that you authorize such withdrawals for any and all payees that are willing to do that. If you don't, then you're still in the same boat as the rest of us [with making Quicken payments], only with a few-fewer payees.

The problem with monitoring is that you can only catch errors after you've been harmed, and you still might have troubles if you're not quick enough [e.g., if they pull their payment a day or two early]

And it sounds like it'll take more work doing the like of eagle-eye overseeing than doing the kind of just-a-few-keystroke individual payments folks like me do [since it'd sound like you have to keep track of the actual due-date of every such "pull" payment and be constantly checking your balance to make sure that a 10.95 'pull' didn't become 109.50 by a fingerslip someplace along the way]. Clearly YMMV...

/bernie\

} Although it's been argued (endlessly it seems) one size doesn't fit } all. Several years ago as an independent consultant I bought a } disability insurance policy. The large nationally prominent insurance } company iinsisted on withdrawing the monthly premium from my checking } account. All was well and good for three years until I took a } different job and cancelled the policy. } } The insurer continued to help itself to the premium for another 4 } months. I finally had my attorney threaten the bank with legal action } to stop the withdrawals. Six months later, the bank returned the } unauthorized premiums to me. I moved all our accounts to another bank } once the money was recovered.

And just imagine if you were running "close to the edge" on your account and had those 'suprise' withdrawals rolling in.

One thing I did (actually, it is the current situation!) for an outfit [turns out to be the USGov't :o)] who *required* that a payment be made by an electronic transfer: I went to my bank and opened a savings account. I then set up an automatic-transfer [basically I said "I want to sign up for an automatic savings plan :o)]. They move "just the right amount" of money into my savings account and a few days later Uncle Sam sucks it out. If there's a screwup, that account will bottom out, but my main checking account won't.

} I make a couple of recurring payments on a "disposalable" credit card } that I'll cancel at a moment's notice (and file chargebacks on } disputed amounts).

As paranoid as I am, I don't worry about credit cards [and I'm pretty much willing to let folks make direct-charges if they wish]. The law is *SO* tilted in favor of the consumer that the few times it has happened I haven't had any real problem getting a problematic/mistaken charge "fixed". And what's best [unlike with direct-withdrawal disputes] while we're arguing about the bill, *MY* money isn't tied up [yes, a bit of my credit-limit on the card is tied up, but that's not in the league, for me, of having my money *gone* and trying to argue with someone to give it back].

} I write 1 physical check each month to my barber who won't accept } electronic payments. Guess I could find someone else but I've been } going to her for 21 years. I also write a few other occasional checks } to others who won't/can't do EFT's even though my bank offers the } capability.

I just let Quicken do all that -- as i posted earlier in the thread, most of the local merchants I deal with are (a) happy to bill me, but (b) surely don't have any fancy-dan EFT set up for payments, so Quicken probably ends up sending out five or six "paper checks" a month on my behalf.

/Bernie\

} "Bernie Cosell" wrote

} > "John Pollard" wrote: } > So you're saying that for *EVERY* "asap" bill I pay, I } > need to go to the payee list and look up the lead time, } > then go back to the onlinepmt page and put in that date } > [guessing about holidays and such to get it right]? } } No, I'm not saying that. } } I'm saying that if you can't get the payment scheduled as soon as you } want, and you want to know why, double check the lead time against your } calendar.

Ah, I guess I see the distinction: instead of my "iterative", trying day after day, I could just guess [since it appears with the WF conversion it is *always* wrong on ASAP payments], and if it gets bumped then just look for *that* payee [since for most it'll be OK], and adjust accordingly. Still a bit odd and in like 10+ years of using Quicken I've _never_ had to do that before...

} [I don't use "asap", I select the actual date I want the payment } delivered.]

I often get bills, particularly from local merchants, that I'd like to pay "promptly". this, of course, isn't a problem with big-boy bills: Yes, my electric bill is paid on its due date, as is Discover and ...etc... but for the local feed store and the vet and others like that I'd rather pay them sooner rather than later.

} > Didn't that used-to-work all automatically } > pre-Wells-Fargo? } } I haven't once said that I use Wells Fargo, or that my posts could tell } you exactly how Wells Fargo would handle things. I've just tried to point } out the general concept.

I understand, but this would've been a general question not really specifically about WF: with *OTHER* bank-backed quicken billpayers [dunno anything about Quicken's *own* online billpay], how does their ASAP work? I *know* it used to work with Wachovia [mostly because, as I mentioned, I do several "ASAP" payments each month and have done so for years and it is only with the WF changeover that ASAP is not automatically taking the required lead time into account.] [I'm also curious if any other WF users have seen the same problem... maybe there's some simple fix [like WF doesn't handle "old" payees quite right but gets the lead time right on newly-entered ones or something like that]

/Bernie\

} "John Pollard" wrote } } > [I don't use "asap", I select the actual date I want the } > payment delivered.] } } I should have mentioned that when I do that, if I have selected a date } that does not have sufficient lead time, Quicken pops up a mesage telling } me I can't use that date, and changes the date to the earliest allowable } date.

Ah, that's what I was curious about and that's interesting: that does *NOT* happen now with WF: with WF the payment is just entered with the impossible date, and only after I got to "update" I see in the status that WF refused one or more of the payments [and then I get to guess the right lead time]. so Wf _did_ break something...

/Bernie\

} That is not what Quicken tells me. It says the funds are debited Additional Information:

Payment processing begins and the funds are withdrawn from your account on the payment processing date.

For further information contact Wells Fargo Bank

So maybe WF's policies are different for different types of accounts.

/Bernie\

Holy crap! That is amazing that it is different for you. I have a Crown Classic that was transferred from Wachovia and therefore, don't pay the monthly charge for Quicken. Could that account for the difference, Processing date versus Delivery date? I haven't a clue. Do you have a Crown Classic account?

Bernie Cosell wrote in news: snipped-for-privacy@library.airnews.net:

Ok, let's put it into perspective. I am anal, so I check what the various FI's do with my money at least once a day. I also check bills as they come in, and enter/edit the amounts and dates things are due into my Q11 database. Obviously if the gas and electric company said I will owe $235 on that and that day in the future, I will enter that amount and the date into Quicken. It hasn't yet happened that they made a mistake with their pull. An error of 10-fold more than "agreed" upon when I saw the bill is clearly unacceptable and I wouldn't stand for it. Period.

AAMOF, I went into the local Chase office this morning with steam coming out of my ears. Some idiot in some back office had suddenly determined that I needed to pay $9.95/mo for the privilege of using Quicken to access the bank's data. This despite the fact I had been using it free for the longest time. It was easy on line to get a reversalof the fee, but they made it a onetime thing, and killed my Quicken access when I protested on line. Now, supposedly, everything is fixed again, but we'll see. I'll wait until tomorrow to set up Direct Connect again. If it doesn't work, Chase will lose a lot of my banking.

Mine works exactly as it did with Wachovia - a warning if the date is too close to today.

} > Ah, but when I just clicked on an icon for a pending payment [payment } > scheduled for 2 Sept], it said: } > } > Additional Information: } > } > Payment processing begins and the funds are withdrawn from your account } > on the payment processing date. } > } > For further information contact Wells Fargo Bank } > } > So maybe WF's policies are different for different types of accounts. } } Holy crap! That is amazing that it is different for you. I have a Crown } Classic that was transferred from Wachovia and therefore, don't pay the } monthly charge for Quicken. Could that account for the difference, } Processing date versus Delivery date? I haven't a clue. Do you have a } Crown Classic account?

Interesting... Mine's a crown-classic account, too: grandfathered over from Wachovia [that was actually Grandfathered over from First Union..:o)].

/bernie\

} ... 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?

I think I've discovered the source of the problem [and I'l call WF about it this week if I get a chance]. I happened to go to edit my "Payees" list and I discovered that the "lead time" column is *all*zeroes*. Somehow, in the Wachovia=>WF conversion all the lead-time info got wiped. [and seeing, that everything makes sense: *Quicken* thinks the lead time is zero, but WF [of course] doesn't, and so the problems.

/bernie\

Wow! You must be a very old guy to be a grandfather so many times! :-)