How do you confirm that bills are successfully paid?

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interestediniras
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How do you confirm that bills are successfully paid?

Post by interestediniras » Thu Mar 14, 2019 7:58 pm

I set up automatic bill pay with Schwab to pay my rent. It worked for half a year, and then suddenly a check simply failed to make its way to my landlord. Of course Schwab says they sent it, and my landlord says they didn't receive it. Who knows what happened?

They were kind enough to waive the late fee after I sent documentation of the automatic check payment being processed, but I can't help but wonder if there's a more reliable way to make sure that my rent payments successfully make it into my landlord's bank account.

I would have caught it if I had paid attention to my checking account and noticed that the check was never deposited, but the entire reason I set up automatic bill pay is to ostensibly not have to worry about these things constantly. So I can't help but wonder if there is a generally better way to do this.

For reference, I set it up in Schwab Bill Pay so that the check is supposed to be received by the 20th of each month (I think?), and according to my landlord, they were generally getting there a week or so after that date. That still leaves me with a week of margin before the due date, but doesn't exactly inspire confidence.

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Re: How do you confirm that bills are successfully paid?

Post by RickBoglehead » Thu Mar 14, 2019 8:02 pm

You should find out when they are supposed to get there. You don't seem to know.

You can set alerts with most banks when your account has checks cashed, but nothing as specific as you desire - "rent check was deposited".
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Re: How do you confirm that bills are successfully paid?

Post by Thesaints » Thu Mar 14, 2019 8:08 pm

I imagine rent is due once a month. It doesn't appear too burdensome to do it by yourself. Then you would know for sure if you sent the money and when.

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Re: How do you confirm that bills are successfully paid?

Post by jebmke » Thu Mar 14, 2019 8:09 pm

In this case I would have spotted it doing a bank rec. There would be an outstanding check. I don't have any automatic payments that are done issuing a check. I do have direct debits and I have set these up to all occur at the beginning of the month. I normally check my account every week for fraud so I will easily notice that the payment didn't occur.
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Mlm
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Re: How do you confirm that bills are successfully paid?

Post by Mlm » Thu Mar 14, 2019 8:18 pm

Yes, this can be a problem as I found out. The only way I knew that a bill pay check had not been received was when it was returned to myybank. If it had been simply lost in the mail I never would have known.

Does your bank and your landlords bank support "Zelle" ? It could go directly into his/her bank account.

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Re: How do you confirm that bills are successfully paid?

Post by sport » Thu Mar 14, 2019 8:18 pm

When I use bill pay my "wonderful" bank takes the money out of my account when they send the check. So, I cannot tell whether or not the check is actually cashed. So far, I have not had any of their checks get lost.
Last edited by sport on Thu Mar 14, 2019 8:19 pm, edited 1 time in total.

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Re: How do you confirm that bills are successfully paid?

Post by leeks » Thu Mar 14, 2019 8:18 pm

interestediniras wrote:
Thu Mar 14, 2019 7:58 pm
I would have caught it if I had paid attention to my checking account and noticed that the check was never deposited, but ...
You already have the answer. The way to confirm billpay checks are cashed is to regularly monitor your checking account. I check ours online at least every 2-3 days.

Whether or not your rent has been deducted should be a noticeable difference to your checking balance.

Or perhaps you could ask your landlord to send an email receipt each time rent is received. But I have never had any landlord that sends any kind of rent receipts, not sure if they would.

We also had a billpay check to landlord (from USAA) delayed this month. It was received 14 days later than normal (by then I had sent a replacement personal check via trackable priority mail). It is not unusual for landlord to wait several weeks before depositing the check so I didn't know there was a problem until he alerted us after 7 days late. I was still really glad the original finally showed up (even though we had put a stop payment and he knew to destroy) so he knows we weren't trying to just delay rent payment and lie about it.

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Re: How do you confirm that bills are successfully paid?

Post by The Wizard » Thu Mar 14, 2019 8:21 pm

The few monthly bills I've set up to pay monthly get pulled from my checking by the party I owe.
If they don't do it right, whose problem is it?

Other bills, such as CCs, I pay myself, two or three times a month.
It works out...
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Re: How do you confirm that bills are successfully paid?

Post by miamivice » Thu Mar 14, 2019 8:24 pm

interestediniras wrote:
Thu Mar 14, 2019 7:58 pm
I set up automatic bill pay with Schwab to pay my rent. It worked for half a year, and then suddenly a check simply failed to make its way to my landlord. Of course Schwab says they sent it, and my landlord says they didn't receive it. Who knows what happened?

They were kind enough to waive the late fee after I sent documentation of the automatic check payment being processed, but I can't help but wonder if there's a more reliable way to make sure that my rent payments successfully make it into my landlord's bank account.

I would have caught it if I had paid attention to my checking account and noticed that the check was never deposited, but the entire reason I set up automatic bill pay is to ostensibly not have to worry about these things constantly. So I can't help but wonder if there is a generally better way to do this.

For reference, I set it up in Schwab Bill Pay so that the check is supposed to be received by the 20th of each month (I think?), and according to my landlord, they were generally getting there a week or so after that date. That still leaves me with a week of margin before the due date, but doesn't exactly inspire confidence.
Almost all bank Billpays guarantee delivery, and if the check payment is late and results in a late fee, the Billpay service will pay the late fee.

With that said, we have about 60-100 bills a year paid via the bank billpay service. In the 8 years that we have used it (approximately 400 - 500 payments), exactly one supposedly didn't make it. I am assuming that it was accidently thrown away rather than not delivered.

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Re: How do you confirm that bills are successfully paid?

Post by miamivice » Thu Mar 14, 2019 8:27 pm

Thesaints wrote:
Thu Mar 14, 2019 8:08 pm
I imagine rent is due once a month. It doesn't appear too burdensome to do it by yourself. Then you would know for sure if you sent the money and when.
Billpay is so much easier than sitting down, writing checks, mailing or walking checks, etc.

We use Billpay for everything in our house - from monthly deposits for kids school lunches to daycare payments to landscapers and utility bills. No stamps required and a huge time saver.

From the landlord standpoint, any renter who sends out automatic payments via Billpay is golden because the chance of a late payment is way less than with traditional checkwriters. If I was a landlord, I would readily overlook a (highly rare) late payment from a customer who had automated payments setup.

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Re: How do you confirm that bills are successfully paid?

Post by drawpoker » Thu Mar 14, 2019 8:29 pm

I have no idea how Schwabb operates its bill paying service. Is OP familiar with the way ordinary, regular, brick and mortar banks do? For customers who sign up for online access to their account(s)

Very simple. You designate whom is to paid, how much, on what date. In return, the bank gives you its guarantee that if they screw up, miss a payment, send it to the wrong person, send it late, whatever they foul up - guess what - they will eat any interest, penalty or other fee the customer might incur because of their failure.

And, the best part, all of this is FREE, no charges of any kind. If the party to be paid cannot be accessed electronically (like the local lawn care guy) the bank coughs up a regular counter check and sends it out by regular mail (now 49 cents , I believe ?) The bank updates the bill pay log daily to show 1) pending payments 2) completed payments 3) history of etc, etc. All the info you need to look up. :D

Can Schwabb offer anything that matches these same terms for its bill paying services? If not, maybe the OP needs to re-think bank choices.

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Re: How do you confirm that bills are successfully paid?

Post by livesoft » Thu Mar 14, 2019 8:40 pm

Why doesn't your landlord have it set up to receive electronic payments such as through Zelle, ACH, or something else? What's up with this necessity of sending a check even if created by Schwab and mailed by them?
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What is a check?

Post by Socrates » Thu Mar 14, 2019 8:59 pm

a check simply failed to make its way to my landlord.
I pay everything online and write down the confirmation code. I also get a confirmation, paid, email.
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Re: How do you confirm that bills are successfully paid?

Post by J295 » Thu Mar 14, 2019 9:27 pm

With no disrespect to those who do tracking when we pay a bill online we do nothing more than make the payment. To do more is, for us, an unwise use of our time.

If the payment is made by credit card, I get an email acknowledgment and I just hit archive on Gmail and if I ever had to go look it up I can do a search and find that the online payment was made. I’ve never been asked to do this.

If it’s a bill paid by check ordered online from Fidelity, I make the online request and forget about it. If for some reason the check doesn’t get to where it supposed to go, which has never happened, I will get contacted by the vendor who didn’t get paid or see it on the next billing.

Bottom line, for us the very modest risk of a glitch does not justify the cost of time spent to track each and every payment.

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Re: How do you confirm that bills are successfully paid?

Post by criticalmass » Thu Mar 14, 2019 9:48 pm

drawpoker wrote:
Thu Mar 14, 2019 8:29 pm
I have no idea how Schwabb operates its bill paying service. Is OP familiar with the way ordinary, regular, brick and mortar banks do? For customers who sign up for online access to their account(s)

Very simple. You designate whom is to paid, how much, on what date. In return, the bank gives you its guarantee that if they screw up, miss a payment, send it to the wrong person, send it late, whatever they foul up - guess what - they will eat any interest, penalty or other fee the customer might incur because of their failure.

And, the best part, all of this is FREE, no charges of any kind. If the party to be paid cannot be accessed electronically (like the local lawn care guy) the bank coughs up a regular counter check and sends it out by regular mail (now 49 cents , I believe ?) The bank updates the bill pay log daily to show 1) pending payments 2) completed payments 3) history of etc, etc. All the info you need to look up.
Most banks, including Schwab, outsource bill pay service to a third party. Checkfree/Fiserv is a market leader, Metavante is large too. Here, checks and ACH pushes originate from the service provider, not your bank. (The provider may pull from your bank and push to the payee).

With Checkfree, the payment may be sent via ACH, a check on your account, or a check drawn on the provider’s account. A check on your account only debits your account when cashed. If they send a check drawn on their account, they ACH debit your account on or before the payment date, whether or not the payee receives and deposits the check. If the bill provider doesn’t have payee ACH info, they send a check, but the criteria between the checks types isn’t published.

Some banks use funky systems that behave quite differently. I believe Schwab does use Checkfree, but can’t remember. Vanguard Advantage uses Checkfree, at least until July. So does Bank of America and Capital One. Fidelity and Wells Fargo use something else.

Personally, I wouldn’t use any bill pay for something important and recurring when the payee doesn’t accept ACH payments. You might ask the landlord to accept ACH (instructions are usually on the bill pay envelope). Or see if they can accept a service like Zelle, Popmoney, Venmo/PayPal (ugh) instead.

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interestediniras
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Re: How do you confirm that bills are successfully paid?

Post by interestediniras » Thu Mar 14, 2019 10:10 pm

Amusingly, I profited $50 from this, as my landlord declined to charge me the late fee, but prior to that Schwab had already agreed to refund me $50.

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Re: What is a check?

Post by leeks » Thu Mar 14, 2019 10:14 pm

Socrates wrote:
Thu Mar 14, 2019 8:59 pm
a check simply failed to make its way to my landlord.
I pay everything online and write down the confirmation code. I also get a confirmation, paid, email.
Not sure if you rent or own, I assume mortgages can be paid online.
But many renters need to send old fashioned checks.
Small landlords might reasonably not want to deal with multiple payment methods from different tenants, mine certainly doesn't. He just wants to be mailed a check.

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Re: How do you confirm that bills are successfully paid?

Post by Invest4lt » Thu Mar 14, 2019 10:15 pm

criticalmass wrote:
Thu Mar 14, 2019 9:48 pm

Personally, I wouldn’t use any bill pay for something important and recurring when the payee doesn’t accept ACH payments. You might ask the landlord to accept ACH (instructions are usually on the bill pay envelope). Or see if they can accept a service like Zelle, Popmoney, Venmo/PayPal (ugh) instead.
This. I switched from bill pay to zelle and have been very satisfied.

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Re: How do you confirm that bills are successfully paid?

Post by drawpoker » Thu Mar 14, 2019 10:21 pm

criticalmass wrote:
Thu Mar 14, 2019 9:48 pm
.......Personally, I wouldn’t use any bill pay for something important and recurring when the payee doesn’t accept ACH payments........
Why? As long as the bill pay service guarantees they will send an old-fashioned paper check thru the mail? If they can't do an electronic ACH-type transaction? Whazzza difference? :? :?

Sure, it might be "important", but, what is the risk? If the bank screws up, it is no skin off your hide. Since they will eat
any penalty, interest that might come.

Seems like you are suggesting that the postal service might screw up, is that it?

Wonder how that would work. :? :?

Bank proves they sent the check out on time as directed -- yet, er, what, they could later blame the post office for the screw-up? Then weasel out of their promised guarantee ?

Interesting thought. Hmmmm, Anyone have any ideas on this :?: :?: :?:

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Re: How do you confirm that bills are successfully paid?

Post by bluelight » Thu Mar 14, 2019 11:25 pm

sport wrote:
Thu Mar 14, 2019 8:18 pm
When I use bill pay my "wonderful" bank takes the money out of my account when they send the check. So, I cannot tell whether or not the check is actually cashed. So far, I have not had any of their checks get lost.
My bank does the same. Luckily in the years of using their bill pay only one payment, to AAA has not arrived to it's destination. It then took about 7 months for my account to be credited for the lost in the mail check.

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Re: How do you confirm that bills are successfully paid?

Post by celia » Fri Mar 15, 2019 1:45 am

The Wizard wrote:
Thu Mar 14, 2019 8:21 pm
The few monthly bills I've set up to pay monthly get pulled from my checking by the party I owe.
If they don't do it right, whose problem is it?

Other bills, such as CCs, I pay myself, two or three times a month.
It works out...
+1
We authorized all companies we make monthly payments to, to pull from our checking account, even credit card companies (via ACH). We never even think about bills anymore and it enables us to travel for several months if we want to as everything is automatic.

Sometimes the bills at the end of the month are not pulled until the following month, but that is because the payee pulled the money late. Of course, we keep enough money in the account for a second pull to happen in the month after the month when nothing was pulled.

We have also authorized all companies that pay us monthly to do automatic deposits. That is the same concept. No physical checks are written, except when we write checks to relatives or something that is infrequent such as property taxes.

We have never logged in online to our bank since there is no need to. We can check our balance or if a payment or check has cleared by calling the voice-simulated computer at our bank and pressing a few buttons on the phone. But we only need to do this once or twice a year. At the end of the month, we get paper statements for our account.

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Re: How do you confirm that bills are successfully paid?

Post by RickBoglehead » Fri Mar 15, 2019 5:48 am

Most landlords are not going to pull funds...

Most banks allow you to see if a check has cleared, but you have to log in.

A feature like Zelle would be very useful, but landlord would have to agree to it and provide the connected email address or cell number. That is likely the best option with a small landlord that is not setup for electronic payments.
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Re: How do you confirm that bills are successfully paid?

Post by fru-gal » Fri Mar 15, 2019 7:31 am

This is why I pay bills myself online and monitor my checking account.

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Re: How do you confirm that bills are successfully paid?

Post by Broken Man 1999 » Fri Mar 15, 2019 8:57 am

I receive emails on all bills paid by credit card. When my credit card(s) are paid, I also receive an email. On accounts I allow to pull payments from CU, I see the activity online at CU. On my only billpay, I see the activity online at CU.

For many years I have used a "cheat sheet" matrix that has thirteen vertical columns, one for each month, and one for the entity I'm tracking. Then, I have 25-30 lines of items, with the regular and routine bills listed in order of payment date. As the various bills are paid, I put a dot in the appropriate cell.

In the past I used billpay much more, I had one issue. For my billpay, the amount isn't debited until the recipient cashes the physical check. I noticed the payee had credited my account, but my CU hadn't been debited. I called the payee, and told them they must have lost the check after crediting my account, but before they deposited. I just sent them another check, stop payment was higher than bill.

I print out my matrix on heavy card stock, and sometimes use both sides for two years worth of tracking.

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Earl Lemongrab
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Re: How do you confirm that bills are successfully paid?

Post by Earl Lemongrab » Fri Mar 15, 2019 4:07 pm

Set up a monthly reminder in your calendar (assuming you use such a system) for the due date. When that fires, check your account. If not cashed, follow up.

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Re: How do you confirm that bills are successfully paid?

Post by radiowave » Fri Mar 15, 2019 4:16 pm

I had a mortgage check never arrive with Fidelity bill pay service a couple years ago. Late payment was $85 which Fidelity paid. I do not use mailed checks anymore. Agree w above that having eBilling and email/text confirmations help mitigate but not eliminate problems with eBills not being paid.
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Re: How do you confirm that bills are successfully paid?

Post by onourway » Fri Mar 15, 2019 4:18 pm

Glad to hear Schwab stood behind their bill pay system. We use it for everything. In my experience checks appear to be delivered about the day they claim and then usually clear my account a couple of days later when they are presumably cashed. I still generally give a few days of buffer because the mail system is not guaranteed.

I would notice if a check were not deposited fairly quickly because my budget software talks to my bank accounts and the two are reconciled daily. This typically takes about 2 minutes a day, far too small an amount to be considered onerous.

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Re: How do you confirm that bills are successfully paid?

Post by FelixTheCat » Fri Mar 15, 2019 4:29 pm

I assume my Billpay service works. Businesses that I owe will tell me when it doesn't.
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ResearchMed
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Re: How do you confirm that bills are successfully paid?

Post by ResearchMed » Fri Mar 15, 2019 4:33 pm

sport wrote:
Thu Mar 14, 2019 8:18 pm
When I use bill pay my "wonderful" bank takes the money out of my account when they send the check. So, I cannot tell whether or not the check is actually cashed. So far, I have not had any of their checks get lost.
Our bank has this "wonderful" system as the default. No surprise; they get the float (which would matter more with higher interest rates, but they are back up from almost nothing...).
If a certain amount of time goes by, then the money is returned to the account.

However, one can "opt" to have the money removed ONLY when the check is cashed.
We use this method.

When I realized this quite some time ago, and complained, I was told it was - no surprise - for the "convenience" of the bank's clients, because "most of them" can't track the money outstanding, and then would be likely to overdraw their accounts.

Also, we have the choice to have a physical check sent/mailed OR to have it be an electronic transfer.
We try to use the latter whenever possible, so it is not susceptible to the vagaries of the USPS.
Some can be automated, others we need to enter each time/month/etc.
But we PUSH the money; we never have it pulled.

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Re: How do you confirm that bills are successfully paid?

Post by Abe » Fri Mar 15, 2019 4:43 pm

I started using Bill Pay a few months ago at my local bank. One of the bills I paid was to AT&T. They said they didn't get it, but the money came out of my bank account. After 3 months AT&T finally gave me credit for the payment. I am back to paying bills by check now. At least I will have a way to prove the payment was received with a cancelled check. No more Bill Pay.
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Re: How do you confirm that bills are successfully paid?

Post by Broken Man 1999 » Fri Mar 15, 2019 6:00 pm

Abe wrote:
Fri Mar 15, 2019 4:43 pm
I started using Bill Pay a few months ago at my local bank. One of the bills I paid was to AT&T. They said they didn't get it, but the money came out of my bank account. After 3 months AT&T finally gave me credit for the payment. I am back to paying bills by check now. At least I will have a way to prove the payment was received with a cancelled check. No more Bill Pay.
Does your billpay provide a copy of the check they send? Mine provides a front and back image on my billpay checks, as well as the checks I write on my checkbook.

We have had three or four different billpay partners at my CU over the years, and all provided front/back images of any check paid. I wouldn't use any billpay that doesn't.

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Earl Lemongrab
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Re: How do you confirm that bills are successfully paid?

Post by Earl Lemongrab » Fri Mar 15, 2019 6:05 pm

Most regular bills I pay online. I haven't written many checks. For ATT&T or the like I use credit cards. Why not get the rewards and the assurance that payment has been made?

Now, something like a landlord that's not set up for online pay is trickier.

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Re: How do you confirm that bills are successfully paid?

Post by lightheir » Fri Mar 15, 2019 6:06 pm

I can't believe how much extra work people here make for themselves.

I use almost all 'pull' draws from my bank accounts to pay bills.

I've never had a single problem with these pulls in the last 12+ years. And I have a lot of bills! I do check my ledgers on mint.com to make sure nothing has 'slipped through', and it never does. It's very easy to check the ledger of my pulled account, esp since all the bills recur, so any new bill shows up extremely obviously.

The time saved by not having to write checks or manually push all those bills to keep track of them is priceless! I just had to get over my paranoia of institutions stealing my money, which is a natural response, but a flawed one. Seriously, even if you lost $1000 of money in unnoticed pulls over 10 years, that's well worth the time saved not having to deal with checkwriting and bill pushing.

I will add though that in defense of the original poster, automated bank bill pays via snail mail to landlords (surprisingly common) are at risk of the landlord 'not getting the check in time'. For which you have to show them that you indeed sent them amount ahead of schedule per your bank send requests. If that's still not good enough for them, then you suck it up and sure, manually write out the checks for that ONE vendor for the future, or until they get with the e-transfer program.

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Re: How do you confirm that bills are successfully paid?

Post by knpstr » Fri Mar 15, 2019 6:11 pm

Pay electronically not by check. Meaning find a way where Schwab doesn't have to send the check for you.

Suggest your landlord use Cozy (if your landlord has no other system). ACH transfers are free to use for you, no cost to your landlord.

Problem solved.
Last edited by knpstr on Fri Mar 15, 2019 6:15 pm, edited 1 time in total.
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Re: How do you confirm that bills are successfully paid?

Post by radiowave » Fri Mar 15, 2019 6:12 pm

lightheir wrote:
Fri Mar 15, 2019 6:06 pm
I can't believe how much extra work people here make for themselves.

I use almost all 'pull' draws from my bank accounts to pay bills.

I've never had a single problem with these pulls in the last 12+ years. And I have a lot of bills! I do check my ledgers on mint.com to make sure nothing has 'slipped through', and it never does. It's very easy to check the ledger of my pulled account, esp since all the bills recur, so any new bill shows up extremely obviously.

The time saved by not having to write checks or manually push all those bills to keep track of them is priceless! I just had to get over my paranoia of institutions stealing my money, which is a natural response, but a flawed one. Seriously, even if you lost $1000 of money in unnoticed pulls over 10 years, that's well worth the time saved not having to deal with checkwriting and bill pushing.
I don't share your enthusiasm for direct debit. I have several eBill accounts which send an electronic bill and have the payment automated. I have about 3 weeks to pay, so plenty of time to see the bill and reconcile if not correct. I see direct debit the same as using debit cards, there are all sorts of security concerns and if the account is emptied, you have a lot of headaches to get things rectified.
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Re: How do you confirm that bills are successfully paid?

Post by Abe » Fri Mar 15, 2019 6:27 pm

Broken Man 1999 wrote:
Fri Mar 15, 2019 6:00 pm
Abe wrote:
Fri Mar 15, 2019 4:43 pm
I started using Bill Pay a few months ago at my local bank. One of the bills I paid was to AT&T. They said they didn't get it, but the money came out of my bank account. After 3 months AT&T finally gave me credit for the payment. I am back to paying bills by check now. At least I will have a way to prove the payment was received with a cancelled check. No more Bill Pay.
Does your billpay provide a copy of the check they send? Mine provides a front and back image on my billpay checks, as well as the checks I write on my checkbook.

We have had three or four different billpay partners at my CU over the years, and all provided front/back images of any check paid. I wouldn't use any billpay that doesn't.

Broken Man 1999
Billpay does provide a copy of checks, but they paid this bill to AT&T electronically, not by check. They said they pay all bills electronically unless the payee does not accept electronic payments in which case they pay them by check.
Slow and steady wins the race.

criticalmass
Posts: 1279
Joined: Wed Feb 12, 2014 10:58 pm

Re: How do you confirm that bills are successfully paid?

Post by criticalmass » Fri Mar 15, 2019 9:05 pm

drawpoker wrote:
Thu Mar 14, 2019 10:21 pm
criticalmass wrote:
Thu Mar 14, 2019 9:48 pm
.......Personally, I wouldn’t use any bill pay for something important and recurring when the payee doesn’t accept ACH payments........
Why? As long as the bill pay service guarantees they will send an old-fashioned paper check thru the mail? If they can't do an electronic ACH-type transaction? Whazzza difference? :? :?

Sure, it might be "important", but, what is the risk? If the bank screws up, it is no skin off your hide. Since they will eat
any penalty, interest that might come.

Seems like you are suggesting that the postal service might screw up, is that it?

Wonder how that would work. :? :?

Bank proves they sent the check out on time as directed -- yet, er, what, they could later blame the post office for the screw-up? Then weasel out of their promised guarantee ?

Interesting thought. Hmmmm, Anyone have any ideas on this :?: :?: :?:
Have you ever tried to receive this “guarantee?” There are a lot of exclusions. Sure, if your visa bill is late or something, maybe they’ll reimburse you a little late fee. But if your rent is due and the payment goes poof, good luck. They won’t reimburse your goodwill and relationship with the landlord for being 100% on time, they won’t reimburse landlord/tenant issues, and they have significant restrictions on many government payments which can have sky high late penalties. Any dispute and they reimburse your fee for the bill pay service (if any) and you are looking at an arbitration process to resolve at the arbitrator of their choice.

drawpoker
Posts: 2616
Joined: Mon May 19, 2014 6:33 pm
Location: Delmarva

Re: How do you confirm that bills are successfully paid?

Post by drawpoker » Fri Mar 15, 2019 9:17 pm

Well, no, since my bank (PNC) hasn't screwed up any scheduled payments in two years now, have had no reason to research the "guarantee",

Actually, I don't use the bank bill pay service for any of my credit cards. Just have all or any credit cards "pull" their money every month from my bank account, rather than do the opposite "push" method.

Seems like I read somewhere that this was the best system to use for this (?) Probably because if the credit card screws up and fails to pull the money as directed, the fault lies with them, not the customer, so there can be no issue or argument about late payments, penalties, etc. :happy

(PS Don't have rent payments either - am an old fossil/fart/sr citizen instead )

sport
Posts: 8442
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: How do you confirm that bills are successfully paid?

Post by sport » Sat Mar 16, 2019 12:10 am

ResearchMed wrote:
Fri Mar 15, 2019 4:33 pm
sport wrote:
Thu Mar 14, 2019 8:18 pm
When I use bill pay my "wonderful" bank takes the money out of my account when they send the check. So, I cannot tell whether or not the check is actually cashed. So far, I have not had any of their checks get lost.
Our bank has this "wonderful" system as the default. No surprise; they get the float (which would matter more with higher interest rates, but they are back up from almost nothing...).
If a certain amount of time goes by, then the money is returned to the account.

However, one can "opt" to have the money removed ONLY when the check is cashed.
We use this method.

When I realized this quite some time ago, and complained, I was told it was - no surprise - for the "convenience" of the bank's clients, because "most of them" can't track the money outstanding, and then would be likely to overdraw their accounts.

Also, we have the choice to have a physical check sent/mailed OR to have it be an electronic transfer.
We try to use the latter whenever possible, so it is not susceptible to the vagaries of the USPS.
Some can be automated, others we need to enter each time/month/etc.
But we PUSH the money; we never have it pulled.

RM
Your bank is much more customer friendly than mine. I have no choice of when my account is debited. It is always when the check is sent. I also have no choice of a paper or electronic check. They are always electronic unless the payee is not set up to receive them. I also don't get to see images of the paper bill pay checks.

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