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So yesterday I paid off one of my student loans. I requested the payoff amount and just a few short clicks later done, but you'll have to wait 3-4 business days. It seems like all the payment innovations are for stuff I don't use. So why does it seem like three’s been little innovation in this area. I understand that stuff has to go through a clearinghouse but 3-4 days?
They have to make sure the payments clear the bank before they will give you a confirmation that things are indeed paid in full.
You should also receive a written letter telling you that your loans are paid in full.
There does not need to be innovation, it has to leave your bank electronically and get to their bank electronically, that takes a wee bit of time.
I pay bills through BofA on line payment. They are electronically hooked to to many major companies and the payment is done electronically and immediately, and shows up usually the next day as payment received.
Smaller companies who aren't able to receive electronic payments receive a check in the mail from BofA. The bank allows me 4 days before removing the money from my account, but the check usually arrives at the vendor in a day or two.
When I electronically transfer money into investment accounts, I receive instant credit for the money, it shows in transactions and they pay interest immediately, but it won't show up on the statement balance for roughly five days, or until they have the money in hand.
I really want the gratification of seeing those big zeros.
Congrats on paying off the student loan
What bugs me - - -
My checking account and major credit card are with the same bank.
I instruct them online to pay the credit card from my checking.
The money disappears immediately from my checking.
Yet my credit card balance doesn't read 'zero' for at least 24 hours.
So yesterday I paid off one of my student loans. I requested the payoff amount and just a few short clicks later done, but you'll have to wait 3-4 business days. It seems like all the payment innovations are for stuff I don't use. So why does it seem like three’s been little innovation in this area. I understand that stuff has to go through a clearinghouse but 3-4 days?
Way to go on getting out from under that student debt! I still remember the feeling of making the last payment on my wife's student loans. It took about a week for FedLoanServicing to show everything paid in full, but it was certainly exciting (I may have taken a screenshot and sent it to our family ).
I use online bill pay through my bank and have one bill that I always paid on time, yet I always got a late charge for. It was a sporadic bill, not every month. Anyway, I was told that the bank actually sends a paper check to the company so it didn't actually get paid until days after my bank said it was paid.
My Bank Guarantees that the payment will arrive by the date I select, and will cover any late charge, fees, interest etc.
Every Month My Natural Gas Bill was "late" I had set the payment date the day before it was due.
The NG Marketer could not accept a EFT, A paper check was sent. After the 3rd Late Fee, the Bank put tracking on the checks, They found it was in the NG POB the day before the due date.
What was happening is the POBox was a LockBox, a local Bank in Georgia processed there check payment. Any check that did not have the Bottom Stub of the statement with the account number coded at the bottom for the OCR to read. Was put in the a envelope and sent to there main office in Chicago to handle. The main office in Chicago, processed the checks as of the day the Envelope arrived in Chicago, not the date it arrived in the lock box.
My Bank opened a Formal Complaint with the state Public Utility Commission, and like magic the payments into the future were credited on the date it was in the LockBox.
The Gas Company refunded all the late fees back to my account.
I use online bill pay through my bank and have one bill that I always paid on time, yet I always got a late charge for. It was a sporadic bill, not every month. Anyway, I was told that the bank actually sends a paper check to the company so it didn't actually get paid until days after my bank said it was paid.
When I pay a bill online, if I make it before 10am it goes in the mail that day. If after 10 am, it is mailed out the next day. A mailed check, or a letter of any kind, should be able to reach any location in the USA in four days or less. You are waiting to long to make the payment..
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