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Just a heads up for some if not all current Wachovia online banking users. We will soon be switching to Wells Fargo or have already depending on state. For those of you not yet transitioned we MAY have a surprise waiting for us. Wells will be deducting online payments from your account up to five days prior to the payment date. Wachovia had been deducting on the payment date which was great in managing your account . Now if you are counting on a fixed income payment on a certain date you can pay bills accordingly. For instance if your income is posted to your account on the 1st of the month you could pay bills effective that or the next day etc. Now you would have to wait up to five days unless you have sufficient funds carried over to pay the bill. I post this because I know the issue of when the check comes in has been often disscussed in relation to when some folks pay their bills. For some this might now change and this is a heads up! You may end up finding no difference but for awhile it MIGHT be a work in progress for some folks. Here is the wording from Wells and you will also get it on line when logging in, at least I did.
Quote:
We withdraw the money from your Checking Account or debit your Credit Card on the business day following your payment Send On date. Depending on the payee, your payee will receive the payment within three to five business days.
I pay all my bills online but I'd never let a bank make my payments. How difficult is it to make the payments yourself online -- to go into the website for the electric company, the credit card company, etc and enter the payment amount and date to be made? Some payments, like my auto and home insurance, are set up as automatic withdrawals on a certain date.
I understand that letting a bank make the payments for you is easier, especially for retirees who may not be computer-savvy. But I cant understand turning one's bill-paying responsibilities over to anyone else, especially an institution that is so often criticized for errors.
Wells will be deducting online payments from your account up to five days prior to the payment date.
Where does it say that? To me, this is saying they withdraw the money the day after the "Send" date. Many payees have electronic systems so a check doesn't have to be mailed, it's just done electronically between bank and payee. But if they have to mail a check, they're saying it might take 3-5 days to get there. However, the money should still be in your account, shouldn't it?
Quote:
I pay all my bills online but I'd never let a bank make my payments. How difficult is it to make the payments yourself online -- to go into the website for the electric company, the credit card company, etc and enter the payment amount and date to be made?
It's much easier to go to one site (the bank's) and pay the bills, rather than having to log onto all those different sites. Most of my bills are paid by automatic deduction, but for those with varying amounts such as credit cards or medical bills, I just go to my bank's site and tell them when to pay it. I make sure it's a date when I know the money will be in the account though.
I pay all my bills online but I'd never let a bank make my payments. How difficult is it to make the payments yourself online -- to go into the website for the electric company, the credit card company, etc and enter the payment amount and date to be made? Some payments, like my auto and home insurance, are set up as automatic withdrawals on a certain date.
I understand that letting a bank make the payments for you is easier, especially for retirees who may not be computer-savvy. But I cant understand turning one's bill-paying responsibilities over to anyone else, especially an institution that is so often criticized for errors.
The topic is about those auto payments and online banking which is computer savvy. Think of the process and how you would set the payment up and the importance of the due date in relation to the date the bank debits your account. Currently with Wachovia it is the due date and not when they send the money. That is probably about to change.
Where does it say that? To me, this is saying they withdraw the money the day after the "Send" date. Many payees have electronic systems so a check doesn't have to be mailed, it's just done electronically between bank and payee. But if they have to mail a check, they're saying it might take 3-5 days to get there. However, the money should still be in your account, shouldn't it?
It's much easier to go to one site (the bank's) and pay the bills, rather than having to log onto all those different sites. Most of my bills are paid by automatic deduction, but for those with varying amounts such as credit cards or medical bills, I just go to my bank's site and tell them when to pay it. I make sure it's a date when I know the money will be in the account though.
My quote that you used is from the Wells Fargo site. Your own final quote is exactly what my OP was about. To be sure the money is in your account you will either need to up the minimum balance you keep in there or move the pay date back which could be a problem with late payment. I will just increase my minimum balance but from previous discussions I know that isn't an option for folks.
We ended up with Wells Fargo when they bought out Norwest.
It takes up to five days for a check to clear, even one drawn on a Wells Fargo bank.
We had an automatic deduction set up for a credit union home improvement loan. Earlier this year we sold the house and paid off the credit union loan. The credit union continued to withdraw the monthly payment. Each time, we contacted the credit union who apologized profusely but declined to put the payment back in our Wells Fargo account. Insisted they had to send a check. It took several days for us to get the check in the mail and then once we deposited it, five days to clear.
We contacted Wells Fargo saying that we wanted to stop the automatic deduction. Wells Fargo refused to cancel this automatic withdrawal. Told us that we would have to straighten it out with the credit union. I pointed out that it was our money and how we handled any payments we owed was our decision, not Wells Fargo's. They apologized professionally but stated that they would not cancel our authorization for the automatic withdrawal.
By continuing to ask for supervisors on up the line at the credit union, I found someone who was able to cancel the automatic withdrawal. I never found anyone at Wells Fargo who would do so.
We have since switched our banking to USAA. But we have learned our lesson with automatic bill pay. Now all our bills are paid by going on-line and authorizing them individually.
PatRoy1: we have learned our lesson with automatic bill pay. Now all our bills are paid by going on-line and authorizing them individually.
This is exactly why I cant understand anyone's having automatic bill pay through the bank. What about when the utility companies make a mistake and overcharge you? I've heard of elec companies and water companies accidentally billing hundreds more than they should one month due to computer errors. With auto bill pay those bills are paid before you even see them.
That is only the tip of the iceberg, wait until you see all the other "fun" things Wells Fargo does. I had a small mortgage with Wachovia, I paid it off as soon as Wells Fargo took over, also closed my checking account.
Here is a little story: A friend of mine, left her purse in her car, took her wallet with her. The car was broken into, 3 check books were stolen. Within 2 hours several checks were written. Hubby goes into Wells Fargo/former Wachovia, wants to close all three accounts and open 1 new one. He is met by a nasty rep, who informs him he can only close 1 account a day and that it is him problem not theirs that checks are being written and cashed by the thief. Lots of other verbage went on, he did close the accounts and now banks somewhere else.
And, here is why I will not bank with Wells Fargo: Ten or so years ago, I had a mortgage with them. The payment was automatically deducted from my Wells Fargo checking account. I had $5,000 in my account and decided to add another $5,000. My mortgage payment was $1,000 and was scheduled to be deducted the next day. Guess what? It didn't clear...why...because Wells Fargo put a hold on the $5,000 in my account until the new $5,000 deposit cleared. WTH! Then they were charging me a NSF fee on the checking account AND on the loan. I went ape sheet, I did get all charges reversed and paid the mortgage off and closed my checking account.
I'd stick my money in a mattress before I put it in a Wells Fargo account.
In our dealings with Wells Fargo, and there haven't been that many - mainly loans because the interest rate was so low - we have found that they are the most incompetent group of bankers we have ever had to deal with.
We recently paid off our last loan with them and probably won't do another even if the interest rate is the lowest.
They must take training for how to cause customers grief and screw up the simplest tasks.
Where does it say that? To me, this is saying they withdraw the money the day after the "Send" date. Many payees have electronic systems so a check doesn't have to be mailed, it's just done electronically between bank and payee. But if they have to mail a check, they're saying it might take 3-5 days to get there. However, the money should still be in your account, shouldn't it?
It's much easier to go to one site (the bank's) and pay the bills, rather than having to log onto all those different sites. Most of my bills are paid by automatic deduction, but for those with varying amounts such as credit cards or medical bills, I just go to my bank's site and tell them when to pay it. I make sure it's a date when I know the money will be in the account though.
I pay all my bills online but I DON'T do automatic pays. I like to be 'in control' myself. I have one bill that requires a check to be sent and it does take up to five days so I just make sure I set it up to be paid in plenty of time so it won't be late. The rest are either instant pay or take up to two days. Yes, I'd assume to money is still in your account till it clears but I just deduct it from my checkbook and be done with it.
I love my bill pay and am happy to use it. I've been with Wells Fargo since they were First Interstate here in AZ. and used them in three different states. Never have had a problem with them. I also get my bills through e-mail and never had a problem with that either.
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