Pushing payment from bank

[SRT4kid93]

Hey guys,

I have never pushed a payment from my bank before and I wanna make sure I give the payment enough time. my statement closes on the 8th, and right before They close the statement they charge the $8.25 monthly fee so, how many days in advance should I send the payment to ensure there's a credit on my account each month?

thanks 

[Kforce]

When you first set up a new billpay payee, it is unknown how the payment will be made.

I always do a $10 test payment when no payment is required.

Billpay services prefer to link your Bank/CU to use ACH transfer for payment's,

however some issuers are not set up for such. This means that the 1st payment might

not go out thru the ACH network.  In this case they will send a check thru the US-Mail.

This can take 7-10 days.

PS:  Many CU/Banks show the 1st payment as the payee being paid by check, however

the 3rd party billpay service provider changes it to ACH when they receive it. You will

find out in short order.  Don't panic because your bank links it as going by check the first time.

Normal ACH payments are received within 2-3 days.

I just paid Alliant CU from my CU and it posted 36 hrs after sending.

Credit One has a bad reputation, have no experience with them, not impossible that they

are one of the exceptions and that the payment will go US-Mail.

I hope not because if you can pay this way it will bypass the problem of when they post the fee.

If you don't mind the early payment from check in the mail it would still work, just not as 

fast and easy.

Monday, send a $10 test payment.

Check how things go and be ready to pay the normal method if necessary.

[SouthJamaica]

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@SRT4kid93 wrote:

Hey guys,

I have never pushed a payment from my bank before and I wanna make sure I give the payment enough time. my statement closes on the 8th, and right before They close the statement they charge the $8.25 monthly fee so, how many days in advance should I send the payment to ensure there's a credit on my account each month?

thanks 

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It depends on where you send it from. When you go into your bill pay program and set up the payee, you should be able to determine whether it will be electronic or not. And when you set up the payment it should tell you when it will be received.

IMHO you shouldn't cut it too close, especially since (a) it's important to you when it arrives, and (b) this will be your first pushed payment.

[Kforce]

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@SouthJamaica wrote:

IMHO you shouldn't cut it too close, especially since (a) it's important to you when it arrives, and (b) this will be your first pushed payment.

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All payments should be made with plenty of time.

There can be a problem with a payment whether initiated from the issuers site or your CU/Bank.

Any link in the chain can cause a problem,ACH service, checking account balance/funds/records,

issuers computer system, network, etc.

I believe one should pay, in three days check that all happened as planed and have another

few days to re-pay  if something went wrong.

If you push you need to check the card issuers page in 3 and if you pull check your checking in 3.

Best to always pay 7-10 before a payment due date or weeks before enough to cover minimum.

Waiting until the last minute might come back and bite you.

Auto pay is an option for safety from either side.

[SRT4kid93]

@Kforce @SouthJamaica 

well I'm pleasantly surprised. The payment was scheduled to go out 10/22. And by midnight tonight my credit one app had already reflected the payment. So it wasn't even a full day technically. 

im not sure if it will be the same for cap one and chase but credit one was very quick 

[Kforce]

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@SRT4kid93 wrote:

@Kforce @SouthJamaica 

well I'm pleasantly surprised. The payment was scheduled to go out 10/22. And by midnight tonight my credit one app had already reflected the payment. So it wasn't even a full day technically. 

im not sure if it will be the same for cap one and chase but credit one was very quick 

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Good to get feedback, only a handful in the forum "Push" all credit card payments,

making it difficult to find out which issuers are "ACH - Push" friendly.

I only have one that is not "US-Alliant CU".

Wescom, 1st City CU, Citi, Barclay's, Discover, BMO, FNBO, AOD and Alliant are all good.

PS: from past history: Chase, US-Bank and Amex were also OK