[moneydance] Observe Payment Date Restrictions ignored in MD 528

[Elana Shenton]

Actually, Citizens Bank of New England (actually owned by the Royal Bank of
Scotland) works this way too.

If the payment is not an electronic transfer (most are at this point), and
they send a paper check, it doesn't come out of my account until the check
is cleared and acts as any other check (scanned image, can view front and
back, etc.)

The one downside to Citizen's bill payment is they require a 5 business day
hold on ANY bill payment made, entering in your date as your 'payment due'
date.  This allows them to start the process of the transfer the night
before, and the actual transfer (when electronic) occurs on the date you
state.   This means (given today is Saturday) I couldn't currently schedule
a credit card payment on Monday, but I could for Friday.   They actually
send paper checks to try to get them to arrive on the date you state too,
but the post office doesn't always cooperate on that matter (my sister
routinely receives checks one day after the date I specify, but I only know
this because we talk, they don't come out of my account until she actually
cashes them).

My boyfriend keeps his personal account at BoA and he can schedule
electronic payments just a couple of days out.   Of the two systems, I don't
know which I prefer, but they both have pros and cons, but I do like seeing
the image of the check and knowing positively the money was received
properly.

On 6/24/06, William A Callahan <william.callahan at mac.com> wrote:
>
>
> With all that said, I'm also a huge fan of bills being paid out of my
> own account, just because I'd like to see if the recipient received
> the payment. The only bank I work with that seems to pay items this
> way is U.S. Bank.
>
> William
>
>


-- 
Elana Shenton
Personal Blog:  http://www.clampcampus.com
Personal Finance Website:  http://www.moneystuffed.com