Buh-Bye Bill Pay!
by, 06-25-2013 at 02:41 PM (1890 Views)
I don't know how many of you use the online bill pay feature through your bank, but up until recently not only did I use it, I adored it! It was convenient to log into my bank account, transfer money to the account that I use strictly for bills and then set each bill to be paid on the date it was due. On the due date that I selected, the amount would come out of my account right then and there and the bill would be paid. No Fuss, No Muss. Ahh.. but apparently my bank decided that it wasn't raking in enough fees from it's customers because a couple weeks ago they switched to a new system. A system that once you set the bill to be paid on a certain date, the balance on the account remains the same, without that amount removed. So it appears that you have considerably more money in your account than you actually do. So much for up to date live balances!
Now I realize that when you write out a check for something- you add the deduction to the register and you know that you have a check out, blah blah blah. But when you send money through a bill pay on your bank account and it used to remove the money instantly and now the money sits there for weeks - it makes it pretty difficult to see what has actually cleared and what is still outstanding. Worse yet, it makes you wonder whether they paid it or not and whether it might be late even though you set it to be paid!
One bill in particular is really ticking me off... I paid it 12 days ago. Within 24 hours I was able to login directly to the company I paid and see that my account was paid in full, yet, the money that was sent to them via bill pay still has not been deducted from my bank balance online which is supposedly a "Live" balance, updated instantly.
To me, this is nothing more than a crappy tactic to get people to make banking errors so they can collect fees; Which is why I completely cancelled the bill pay service altogether. The "online" banking feature should be a convenient way for users to view their account and see what has gone through and what is outstanding. It shouldn't be a way for banks to screw their members. I've decided that I'd rather take 15 minutes every other week to login to individual accounts and pay bills directly to the companies themselves- which incidentally comes out of my account INSTANTLY, instead of taking "7-14 business days" to update!
The banking industry just gets more deplorable each day.