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Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008

Re: BofA apparently doesn't want my money

I think they are required to count it as payment received whenever you schedule the payment for, not when the ACH fully clears. Just like when they receive a paper check, they are supposed to note when they received it. They don't have to make funds available right away. So, if you schedule a payment by the cutoff time on your due date, you should be fine wrt late payments even if it hasn't cleared through ACH yet.
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008

Re: BofA apparently doesn't want my money

Hey Cheddar I actually called BofA about this same issue this afternoon.  I was advised the pay online feature gives that error message because we do not currently have a statement. It should be enabled once the bill is generated. If for some reason it is not enabled, contact online services at 866-797-8479.  If the bill pay area needs to create access for you, their number is 800-887-5749 opt2. 

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cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: BofA apparently doesn't want my money



PurpleHaze wrote:
Hey Cheddar I actually called BofA about this same issue this afternoon.  I was advised the pay online feature gives that error message because we do not currently have a statement. It should be enabled once the bill is generated. If for some reason it is not enabled, contact online services at 866-797-8479.  If the bill pay area needs to create access for you, their number is 800-887-5749 opt2. 


Thanks.  I actually tried to call them before I even posted this thread but got the "We are experiencing longer than usual hold times" message, so I gave up.

 
----------------------------
App free since 7/11/08.
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Established Contributor
beenthere
Posts: 971
Registered: ‎01-13-2008

Re: BofA apparently doesn't want my money

Hmmmm. With the new cards I've been checking the accounts web pages to get the rythme for how they do business (It takes me an hour to drink my coffee every morning so....)  and thus far everybody is crediting as soon as I am sending. I expect that might be for two reasons. One being that everybody suspects that BoA pays when it says it pays and Two being that I've always been scared to go to web sites of institutions I don't know for fear that bugs my live there; in that, I'm only established with repitable businesses already. Not to say that HBSC is very repitable but we do all know who they are.
I don't want to go to the other giuys web sites; a dozen of them, to pay my bills. I guess I'm going to keep doing what I'm doing until what I'm doing is no good.
Another thought, if some body I am paying sits on a payment for a day to long, how would a digital record from B of A suffice as proof of payment regardless of whether the payee credits my account?  CRA may not care but what about a court of law?
 
We we gettin' smart here or what?!

haulingthescoreup wrote:

beenthere wrote:

Hey Hauling, for clarification, is this for making automatic payments? Are you saying that if one sets up automatic BillPay payments the default is to pay ON the due date. That is flirting with disaster no?

I open Bill pay, enter an amount and a drop down menu right beside that amount opens a calender and asks what date I want the payment sent. Usually the earliest available date is 2 business days after the current date.

I do see that there is no way to confirm payments though. I guess my never having crediting issues is due to the fact that I'm kinda' manic about paying just about the time a bill arrives though I too do not trust that a bill will automatically be sent (or that I necesarily will have the money in my account when the bill arrives exactly)



I only do the pay-when-I-choose method, so I don't know if it happens on the automatic ones. Surely you would have an option to choose on those as well.

When I'm paying there, I just type in the amount and keep going, which is my fault. USAA always defaults to the current date, or if it's really late in the day, the next date. So my happy little brain is just in the habit of not choosing a date, so I always have a mini-whoops moment.

I don't think that there is usually a delay in posting a BillPay to your account, especially if you work with a civilized bank. But if there is, I'll bet that the fine print somewhere says that they are allowed to wait X number of days, yada yada. It's like making a deposit in your bank, and they've always, always credited your account right away, but one day they don't. When you call to ask WTH, they stiffly tell you that all deposits are subject to a 7-day holding period to confirm that they won't bounce. They're right, but they've never done it before, and all you can do is grit your teeth and kick the dog. (Poor dog!)


1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Established Contributor
beenthere
Posts: 971
Registered: ‎01-13-2008

Re: BofA apparently doesn't want my money

Oh. Thanks WatchN'. I don't think I really understand what that is but I've a feeling I'm going to find out. 

watchnerd wrote:


beenthere wrote:
Very interesting thread everybody.
 
What is ACH?





Automated Clearing House.

It's a type of electronic funds transfer, and different, faster, and cheaper than a wire transfer. However, it's not quite as universally applicable as a wire transfer, for example, for some international transfers or large amounts of cash.


1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008

Re: BofA apparently doesn't want my money

Maybe this will help make is easier to understand. Are you familiar with the term "floating a check"? Not that I ever did it (ha), but if you wrote a check to pay for a product or service, you knew you have time 3-5 days for that check to clear. ACH is an automatic, electronic clearing of your check. Businesses no longer have to deposit the physical check. Once you pay, they can electronically send your routing number and account number for the payment. So those checks that use to take days to clear can clear within the same day. This is another reason why you may not receive your actual cancelled check back --- they are normally shredded for the electronic process. I hope this helps.

beenthere wrote:
Oh. Thanks WatchN'. I don't think I really understand what that is but I've a feeling I'm going to find out. 

watchnerd wrote:


beenthere wrote:
Very interesting thread everybody.
 
What is ACH?





Automated Clearing House.

It's a type of electronic funds transfer, and different, faster, and cheaper than a wire transfer. However, it's not quite as universally applicable as a wire transfer, for example, for some international transfers or large amounts of cash.






Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


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Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: BofA apparently doesn't want my money

[ Edited ]


PurpleHaze wrote:
Maybe this will help make is easier to understand. Are you familiar with the term "floating a check"? Not that I ever did it (ha), but if you wrote a check to pay for a product or service, you knew you have time 3-5 days for that check to clear. ACH is an automatic, electronic clearing of your check. Businesses no longer have to deposit the physical check. Once you pay, they can electronically send your routing number and account number for the payment. So those checks that use to take days to clear can clear within the same day. This is another reason why you may not receive your actual cancelled check back --- they are normally shredded for the electronic process. I hope this helps.

What you're describing is known as Check 21, which went into effect in 2004.
 
ACH is the clearinghouse system through which banks process transactions drawn against account at one bank and to be credited at an account at another bank.  That system has been in place since long before the Check 21 standard for paper checks went into effect.
 


Message Edited by cheddar on 05-04-2008 07:29 PM
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008

Re: BofA apparently doesn't want my money



cheddar wrote:


PurpleHaze wrote:
Maybe this will help make is easier to understand. Are you familiar with the term "floating a check"? Not that I ever did it (ha), but if you wrote a check to pay for a product or service, you knew you have time 3-5 days for that check to clear. ACH is an automatic, electronic clearing of your check. Businesses no longer have to deposit the physical check. Once you pay, they can electronically send your routing number and account number for the payment. So those checks that use to take days to clear can clear within the same day. This is another reason why you may not receive your actual cancelled check back --- they are normally shredded for the electronic process. I hope this helps.

What you're describing is known as Check 21, which went into effect in 2004.
 
ACH is the clearinghouse system through which banks process transactions drawn against account at one bank and to be credited at an account at another bank.  That system has been in place since long before the Check 21 standard for paper checks went into effect.
 


Message Edited by cheddar on 05-04-2008 07:29 PM


You are correct. I was thinking about that after I wrote it and you have already posted the correction. Thanks. Now I really have him confused :smileyhappy:

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