Comments on: Online Billpay “Issues” (Or, Why Wachovia Disappointed Me Today…)

By: Judy

Judy — Wed, 09 May 2007 19:29:57 +0000

Have been using Wachovia for many years. The only problems I’ve ever had with Billpay is on the biller’s side. And then, Wachovia went out of their way to get things straightened out. Fortunately, I’ve not had problems with Wachovia in any way.

By: PG

PG — Wed, 02 May 2007 12:39:15 +0000

I do not understand why you guys are using bill pay for starters especially for paying your utilities. Check out the websites of the utility compamies. Most of them do have a feature that lets you pay your bill by electronic withdrawal from your checking account. That cuts out the middle man. I have the feeling that bill pay is some way to rip you off anyway by withdrawing your money from your account right away, keeping it in their general funds accounts for a couple days to earn interest (= increase banks profits) and then passing it on to the biller.

By: Ed

Ed — Sat, 28 Apr 2007 03:53:25 +0000

I don’t like the fact that they deduct the amount from your account when the check is cut instead of cleared.
Granted with electronic clearing now-a-days even personal checks clear quicker, but can you imagine the interest that is being made when money is taken out immediately but not actually delivered for a number of days later? Times that by the thousands of clients using bill pay and it is no wonder there is no charge for it, the bank is making, well….bank!

By: Around the PF Blogosphere: April 27, 2007 | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing

Sat, 28 Apr 2007 02:14:34 +0000

[...] Credit Needed says he was disappointed by Wachovia’s online bill pay service. Lesson learned: Always give yourself some room making a payment, online or by [...]

By: NCN

NCN — Fri, 27 Apr 2007 21:00:25 +0000

Sam,
Did you read the Wachovia FAQ? It CLEARLY states that payment WILL arrive ON OR BEFORE the date that you schedule… cut and dry…
NCN

By: The Financista

The Financista — Fri, 27 Apr 2007 19:06:02 +0000

That’s really unfortunate — Wachovia is only batting about .400 in my book (not bad for baseball, but not good for customer service). Given my experience in dealing with their CSRs I honestly think it matters a great deal who you talk to in gauging how (or if) your problem can be solved.

By: Sam

Sam — Fri, 27 Apr 2007 18:47:13 +0000

I gotta go with Wachovia on this one. If you are using bill pay for a bill they can’t pay electronically then the bill gets cut and goes in the mail just like if you were doing so (except you don’t have to remember to do so and they pay the cost of the stamp). Once Wachovia puts the check in the mail they can’t control when it gets to the company anymore than you or I can control the US Mail. I use Wachovia bill pay for a mortgage payment where the mortgage is held by a private individual not a bank and find that it works well. However, I have the bill scheduled to arrive on the 2nd of the month (its due on the 5th) and Wachovia generally cuts the check and sends it out on the 26th or the 27th. Its always worked well for me and the person on the other end (the one holding the mortgage) appreciates that the check arrives the same basic date each month and does not take the same long amount of time to clear as a personal check.

By: Pamela

Pamela — Fri, 27 Apr 2007 18:01:12 +0000

NCN,

I know EXACTLY what you are talking about. My bank has bill pay, and I have never had a problem with it. This past week though, I forgot that I had scheduled a payment to my apartment complex that was unneeded until it was too late to cancel the transaction. So, the day the check was supposed to reach them, I check my account and it has been debited. I figured that the apartment complex had just deposited it with everything else and I would have to contact them to get a refund. Well, I call and the manager actually had my check on her desk because she knew I wasn’t supposed to pay anything. She hadn’t deposited it, but my account had been debited. Two days later, I go by her office and pick up the check. My account is still debited. I go to the bank with check in hand to find out what I need to do. Well, the bank tells me that there hasn’t been a debit on my account for that check yet. I explain that I can see it deducted when I log on to online banking. So, I get referred to a manager. The manager tells me the check hasn’t gone through yet. I tell him “I know, I have the check right here in my hand. Why is it showing deducted from my online account?”. And then I find out that apparantly the check cleared ACH (Automatic Clearing House) because the bank that issued the check (a seperate entity) put it through. Thus, I can see it on my online account. HOWEVER, the check has not cleared any normal depositing procedures (duh, I have the actual check with me), so that is why my bank can’t see it. Hopefully, the funds will show up back in my account in 3-5 business days. In the meantime, my account might operate on the balance that I see, or the actual higher balance, depending on what merchant I am using if I want to buy something. Luckily, either one is fine by me, but it is kind of interesting, isn’t it? The bill pay system seems to set up to only operate well if everything works properly to begin with, with no easy fixes if something goes wrong.

By: Kevin

Kevin — Fri, 27 Apr 2007 15:21:59 +0000

This is why I pay every bill I can with my American Express, and pay one bill at the end of the month. My utilities will automatically charge my card, and then I just pay the company. On top of that, I earn cashback.

By: NCN

NCN — Fri, 27 Apr 2007 02:05:04 +0000

DB,
The issue is NOT whether I sent the payment on time or with enough leeway… I realize that the BILLER may hold the check for a day or two, and I need to be careful about that… BUT, if Wachovia says they’ll have the check there by a certain date, it should be there by a certain date…
NCN