I have SoFi checking and it has a very convenient bill-pay service for external credit cards. It only asks for credit card number and it is good to go (I tried Chase and it was asking several additional information like bank addresses).
I am moving from SoFi checking to another bank with physical branches to minimize headaches. Which banks do you recommend with such convenient bill-pay services for external credit cards?
Fico8: EX~EQ~TU~840 (12 month goal~850).
@pauldc73 wrote:I know this does not answer your question, but I have always preferred my credit cards to "pull" the money from my checking account rather than a "push" from my checking account to the credit card.
By default, I also use the auto-pay service of the credit cards to pull money from an external checking. The issue happens, when some lenders (like Citi) would require Plaid to access an external checking account. For such cards, I use the bill-pay service from my checking account.
@AndySoCal wrote:@xenon3030 The last bill pay i had with a bricks and mortar bank was US Bank never a problem. I currently use Ally Bank never a problem. If I have a problem with bill pay it is usually my error. FWIW I not used US Bank in about five years so things may have changed.
Thanks. I checked US Bank and its bill-pay is convenient. Instant ACH is also available between Chase and US Bank and having checking account with both would meet my purpose.
So, I will possibly proceed to close my SoFi checking account, since it destroyed the entire of my weekend and I got heavily pissed off. I need to pay $25 wiretransfer fee to transfer $100 to my SoFi checking instantly to avoid having an upcoming overdraft issue on Monday (I tried Zelle and instead of helping, my account got locked!!!). I do prefer to deal with banks with physical branches nearby my house/work to fix such possible simple issues immediately.
While on paper, it looks enticing to work with digital banks to reduce cost, there can be headaches in case of urgent issues like an upcoming overdraft, in-network ATM issues (placing hold on deposits for 1-2 days), placing 1-2 days of hold on checks without releasing at least $100 of it for an immediate use.
@xenon3030 wrote:I have SoFi checking and it has a very convenient bill-pay service for external credit cards. It only asks for credit card number and it is good to go (I tried Chase and it was asking several additional information like bank addresses).
I am moving from SoFi checking to another bank with physical branches to minimize headaches. Which banks do you recommend with such convenient bill-pay services for external credit cards?
I haven't yet found an inconvenient bill-pay service. Every bank or credit union I deal with has a convenient online bill-pay service. I prefer Chase because it immediately shows up as though it were a debit on my account, so it reduces the risk of me having an overdraft by mistake.
@Kforce wrote:I pay all my credit cards with a local credit union's billpay service. (Wescom)
Have had a few different Banks and CU's, never a problem with any billpay service.
* Most want the person or company name, address, phone and account number to set up. *
Never seen a billpay with only entering an account number ?
95+% have linked up for normal ACH transfers 1-3 day, if they can't link up ACH, they send a check.
Only Logix CU and USAlliant won't link ACH for my CU.
Alliant, AOD, City, WF, FNBO, Wescom, First City, Barclays, Amex, BMO, USBank, and Discover are all
ACH billpay friendly and 1 or 2 day's to see it posted as received.
Just know most want a little more info than just the CC number for adding a billpay account.
Don't know how SoFi does that.
I have a lot of experience with online bill pay services, and the answer is clear. They prompt you to start putting in creditor name and account number. If they are hooked up to that creditor to do electronic ACH payments, they will often, but not always, provide a shortcut which obviates the need for a mailing address.
If after setting up a payee the bill pay service does not indicate that the payment will be electronic, I don't use that billpay service to pay that payee. I have no interest in sending out paper checks that will arrive who knows when.
@pauldc73 wrote:I know this does not answer your question, but I have always preferred my credit cards to "pull" the money from my checking account rather than a "push" from my checking account to the credit card.
This!
I typically log into my CC web sites and pay the balance before the statement cuts, except for one, but also have all of my credit cards set to autopay the full statement balance a few days before the due date, so any I forget to pay before the statement date still get paid in full.
If you push payments from a bank bill pay service, and anything goes wrong, you are on the hook for the late payment fee from the CC issuer.
Assuming you actually have the money in the bank, any late payment due to a hiccup in the credit card issuer pulling from your bank account is on them.
Having said that, the account I have the CCs pulling from is my Merrill CMA, so even if I don't actually have cash, I have more than enough available margin balance to draw from, and a few days to add cash to cover it before interest starts being charged.
