How's Ally Checking Billpay features?

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mediahound
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How's Ally Checking Billpay features?

Post by mediahound » Tue Apr 02, 2019 10:19 pm

I'm considering opening an Ally checking account but wondering how good their billpay feature is. If you have a payee that they need to send a check to does it deduct from your account when they cash the check or on the date you have it scheduled for?

obgraham
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Re: How's Ally Checking Billpay features?

Post by obgraham » Wed Apr 03, 2019 12:54 am

It comes out of mine on the day Ally predicts they receive the check. CapOne was when they cashed the check.

It is the one issue I have with Ally.

Topic Author
mediahound
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Re: How's Ally Checking Billpay features?

Post by mediahound » Wed Apr 03, 2019 8:29 am

obgraham wrote:
Wed Apr 03, 2019 12:54 am
It comes out of mine on the day Ally predicts they receive the check. CapOne was when they cashed the check.

It is the one issue I have with Ally.

Thanks for that information.

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RickBoglehead
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Re: How's Ally Checking Billpay features?

Post by RickBoglehead » Wed Apr 03, 2019 8:34 am

obgraham wrote:
Wed Apr 03, 2019 12:54 am
It comes out of mine on the day Ally predicts they receive the check. CapOne was when they cashed the check.

It is the one issue I have with Ally.
I agree with this assessment of Ally.

I do NOT agree with the assessment of Cap One. My experience (current) is that Cap One takes out the funds on the day they mail the check. Further, if you specify a Saturday or Sunday (as a result of using the 31st for example), they'll cut the check on the 29th, pulling the funds two days earlier than you expect.
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Eno Deb
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Re: How's Ally Checking Billpay features?

Post by Eno Deb » Wed Apr 03, 2019 10:11 am

obgraham wrote:
Wed Apr 03, 2019 12:54 am
It comes out of mine on the day Ally predicts they receive the check. CapOne was when they cashed the check.

It is the one issue I have with Ally.
Weird. This is definitely not the case for me. I use Ally billpay to pay rent for our weekend house, and the amount is debited from my account when the check is cashed by the landlord (which is sometimes weeks after the scheduled date). Perhaps whoever you are paying is just very quick to cash the checks, or they can receive electronic payments?

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mediahound
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Re: How's Ally Checking Billpay features?

Post by mediahound » Wed Apr 03, 2019 10:37 am

Eno Deb wrote:
Wed Apr 03, 2019 10:11 am
obgraham wrote:
Wed Apr 03, 2019 12:54 am
It comes out of mine on the day Ally predicts they receive the check. CapOne was when they cashed the check.

It is the one issue I have with Ally.
Weird. This is definitely not the case for me. I use Ally billpay to pay rent for our weekend house, and the amount is debited from my account when the check is cashed by the landlord (which is sometimes weeks after the scheduled date). Perhaps whoever you are paying is just very quick to cash the checks, or they can receive electronic payments?
It's possible you are grandfathered under an old system with Ally. Based on some of the research from searches I've been doing, it seems like some get the billpay that way with Ally, and some don't.

Topic Author
mediahound
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Joined: Fri Mar 02, 2007 5:43 pm

Re: How's Ally Checking Billpay features?

Post by mediahound » Mon Apr 15, 2019 2:47 pm

I found out that there are actually different kind of checks sent for online billpay with banks and they behave a bit differently. Most banks use the first method whenever possible:


"
Trust Check Payments

The Bill Pay service has payment relationships with some payees who cannot accept electronic payments. In these cases, a Trust Check will be sent. This is a check drawn against the Bill Pay service corporate account.

Your payee will receive the check by the due date you specify and the funds will be debited from your account on the due date. The payee may actually cash the check at a later date.

When the funds are debited from your account, the transaction will display in your account history with the name of the payee followed by ONLINE PMT. Ex: MY PAYEE ONLINE PMT

Direct Check Payments

When a Direct Check is issued, the check behaves just as it would if you wrote the check right out of your checkbook. The funds will be debited from your account when the payee receives and negotiates the check.

To make sure your payment is delivered to your payee by the Due Date you specified, a Direct Check is sent up to five (5) days before that due date. Please make sure you have available funds in your account at least four (4) days prior to your selected due date as the funds will clear as soon as your payee receives and negotiates the check."

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