Pushing Payments to CCs vs Pulling

OMW2_HighAcheiver · ‎01-23-2016

Evening All

Can someone explain the benefits of pushing payments to credit cards vs paying on CC websites?

Thanks

Anonymous · ‎01-23-2016

@OMW2_HighAcheiver wrote:
Evening All

Can someone explain the benefits of pushing payments to credit cards vs paying on CC websites?

Thanks

IMO, its mostly personal preference. Some say its gets posted faster, and is more reliable to push the payments, but I personally have never had an issue with pulling payments since I started doing it five years ago.

Gunnar419 · ‎01-24-2016

I always push my payments because (1) it allows me to manage all payments from one spot (my bank's bill pay page) rather than having to enter sensitive financial data on a bunch of sites, and monitor all those sites to make sure payment has been made, and (2) because when I push, I can pay any amount I want and I can pay charges that are pending, which cc sites may not permit.

Anonymous · ‎01-24-2016

What's pushing mean vs pulling?

elim · ‎01-24-2016

@Anonymous wrote:
What's pushing mean vs pulling?

pushing a payment from your banks bill pay

pulling a payment from your bank account via the CC payment portal

Anonymous · ‎01-24-2016

Thanks

Anonymous · ‎01-24-2016

When pushing a payment, do they actually mail the payment or, when it's between two financial institutions, do they do it wirelessly?

A friend of mine has a local business. The business receives several automatic billpay checks each month from a local bank (on behalf its customers). Shortly after statements go out, he might receive 10 checks (all from different customers) in the same envelope from the bank. A few years ago, there was a time when on several different occasions he received a check that wasn't his mixed in with the others. It was always the back one, as if they should have grabbed 10 checks, but they grabbed 11 (his 10 and one that should have been mailed to someone else)! He always returned the check, but it's rather alarming that person's check only got delivered because of my friend's good will.

About the same time, I sent a billpay payment to another local business. I use the same bank. It never arrived. Fortunately, I know the owners. They knew I was good for it, and didn't even bother to contact me until the next time I was in (I don't know why they didn't send another statement the next month?). I suppose it's possible they lost it or my check got "lost in the mail," but I'm pretty sure it got stuck in the wrong envelope, like the ones at my friend's business.

I still use billpay for certain things (and I've never had another problem), but I don't think I would use it (with this bank, at least) if a mis-sent check would mean a negative mark on my credit report.

To be fair, I think they got the problem sorted out (pun intended). I haven't heard of it happening in the last few years. All the same . . .

longtimelurker · ‎01-24-2016

@Anonymous wrote:
When pushing a payment, do they actually mail the payment or, when it's between two financial institutions, do they do it wirelessly?

In most cases, certainly with major lenders, it will be an ACH transfer, no mailing of a check.

Re the subject: my preferred mode is to set up auto-pay (PIF on due date) on the cc site. That way, providing I have funds in my bank account, it is there responsibility to do the pull on the correct date. If I push from my bank, and something goes wrong for whatever reason, the cc issuer doesn't have to cut me some slack if the payment gets late. And to be safe, I may need to push before the due date, losing a little of the float period. So for me pull is better, except when I am micromanaging score, in which I might push to cover pending charges if the issuer site doesn't allow for that

OMW2_HighAcheiver · ‎01-24-2016

Thanks for the responses!

I think I'm leaning more towards pull. Just for the fact if anything "happens", it would be the fault of the CCC. I like push because I feel I'm in more control of my money.

Yeah.... I'm on the fence
I've done a few push transactions. Seems it went rather smooth. It makes me nervous if maybe the payments takes to long to get there. But I guess paying a week before I need it to be there, I'll be good.

My parents still use money orders. Hell, maybe I'll do that! 😏

Anonymous · ‎01-24-2016

I usually push when it's a set amount (mortgage, car payment, CC on 0% where I'm paying a more or less set amount each month). I usually pull when paying CC's that vary. I used to think I didn't want all those places having my checking account info, but in the end its usually easier and it gives me more control.

On setting up autopay, I like the idea of it, but I usually want too much control. And different CCCs do it differently. For example (I may have my issuers wrong) Citi is good that if you have it set to auto pay and you pay it first, it won't draft anything, but Target goes through pains to say if you pay it, they'll still draft it. I've had a couple set up to auto pay but it was too hard to remember which ones were a problem if I made a payment and which weren't.

Also, it depends if you're in a micro-managing your scores phase or not, becuase I've not found a way to set up auto pay to pay the full statement balances before the next due date.