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Vent: bank bill pay & mail delivery

Discussion in 'TUG Lounge' started by rapmarks, Jul 16, 2017.

  1. ace2000

    ace2000 TUG Member

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    Have you called your bank yet? My bank has a "Send Money" option that they'll do for a very minimal fee (I think it's like 25cents). It is not a wire transfer and it does not use mail.
     
  2. bogey21

    bogey21 TUG Member

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    I stopped using Bill Pay many years ago. I had too many problems with it. Lately I have been using Zelle to transfer money from my Bank Accounts to the Accounts of my Son and Daughter. So far it has worked as advertised and so far there has been no charge for the service.

    George
     
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  3. theo

    theo TUG Review Crew: Veteran TUG Member

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    In my own limited experience with two banks over a decade or so, you can of course very easily set up bill pay service with your bank, but if the recipient is not already set up to receive electronic payment, then the bank will obviously just prepare and send a paper check instead. I have no idea how a non-commercial recipient gets set up for a occasional private receipt of funds electronically, but suspect that it is not likely even worth the bother. The paper check issuance obviously adds a week plus to issuance and receipt of payment, but the process has never failed me yet. Maybe I've just been lucky. :shrug:

    Of course, smooth sailing in this process requires some competence at both the bank level and with USPS. Unfortunately, it does not sound as though the required competency is much in evidence in the situation you cite. Frustrating, I'm sure.
     
  4. Sandy VDH

    Sandy VDH TUG Review Crew: Expert TUG Member

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    Zelle does NOT require the little deposits. You have access and can send funds within seconds of signing up. Note Zelle is the service but each bank brands it a different way. Chase is called Quick Pay. Every bank seems to have a different name for the service. Look for it where the payments are listed. And DON"T LOOK for Zelle, but look for some pay something, Surepay, quick pay, send money, something.

    If you have a checking account at a bank that uses Zelle. You have to activate the service and provide a phone number of email address that the system uses to find YOU. The other person needs to set up theirs too. It literally takes 10 seconds. It likely takes you longer to find the link to set it up on your banks website, than it does to set it up. You don't need account numbers or routing numbers, it just has to one of the 2 dozen banks that Zelle works with. You put in someone's email and the funds and it enter. The money is there in seconds. It doesn't matter which bank you belong to. And Zelle is free of charge AFAIK.

    With Bill Pay that cuts a paper check, at my bank, which is chase, it shows if checkin pending or cashed, and if cashed you can look at an image.

    You need to investigate what your bank cam do nowadays. Not sure who you are banking with?
     
    Last edited: Jul 17, 2017 at 8:20 PM
  5. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    If your bank offer electronic transfers to other banks, there's no reason use a middleman, like PayPal, to make it happen. You should set it up first with the bank that you expect to use to initiate the transaction. That bank typically sends 2 test deposits to the other bank. A few days later, when the deposits are credited, you verify the amounts with first bank and you're good to go. You can transfer in + out, usually for free.

    IMHO, it's better to initiate the transaction with the bank (or payee) that pulls $$ from the other bank, as they'll credit you for the deposit (payment) before the other bank deducts it from your account. Thus, you get the benefit of the float, limited as it may be.

    With Bill-Pay, its the reverse. The sending bank deducts the funds from your account first, and a few days later, the other bank (payee) gets the $$. Meanwhile, you're bank gets the benefit of the float. Individually, it may not be much, but aggregate the accounts, and your bank makes out like a bandit.

    .
     
    Last edited: Jul 17, 2017 at 10:26 PM
  6. rapmarks

    rapmarks TUG Review Crew: Expert TUG Member

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    I checked zelle and unfortunately my bank is not on the list. But I do have a chase account, not enough money n it right now, but I will move some there and try zelle


    Sent from my iPad using Tapatalk
     
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  7. mpumilia

    mpumilia Tug Review Crew: Rookie TUG Member

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    My sons' checking account is set up to accept transfers from my account at my on-line bank. I do everything electronically and I just added his account. Obviously you need the pertinent information to add it- his account number and routing number for his bank, etc.

    It does take a number of days for the transaction to go through/clear as per the banks' policy but i have never had any issues..
     
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