Mixed in... I'm guessing you never used this type of service that I
have tried to describe. On-line banking from INSIDE QuickBooks.
chopped "funny" to get under list line limit, sorry in advance.
From: "James Button" > Being picky - well I was employed as UAT
I don't "do" those letters... This means little to me...
> Money goes out of the bank NOW, it takes 2 to 4 days to get to the
receiving
> account
I did not get into the entire process before, but your statement (as I read it)
is partly
wrong for what I was saying. The scheduling was what I thought I was focused
on...
In the send window (remember this is ALL done inside QuickBooks),
I can select lots of things including what is basically a "pay on" date...
(It turns out to be a guaranteed payment date and might arrive a couple days
early...)
They "used to use" FedX packages of checks (rare?), or electronically send
them,
or print and mail physical checks. This depends on volume and what the payee
can or will accept...
> Unless you use a cheque, or Debit card - in which case the recipient may
> consider they have been paid, but the bank may take 4 days to deduct the
> money from your account.
I thought I (we) were talking about sending payments or checks through
On-line banking of some sort... I was focused sending ONLY through
QuickBooks... Sorry if you did not get that, or if I was not clear.
I may have missed the part about Debit cards. I made no mention of them.
> ( Banks cannot work any faster -
> except somehow the government imposed penalties for not doing so
> in parts of Scandinavia Sweden?,
> enable them to manage to complete transactions in about 6 hours.)
I have had payments "forced through" in a day when they were covering
a lost payment or some screw-up at the receiving company...
Strictly speaking, this was only the OLB dept of the bank and was done
over the phone, so I guess that does not count... <grin>
>> QuickBooks uses my Bank, and CheckFree to actually send the check.
> Err - isn't CheckFree actually NOT sending a Check
Sometimes they do, but often a company will only accept an electronic
transfer and if they get a check will distroy it, and you have agree
to that in advance. Some US CC companies have stated that, but I
don't check to see if they have actually done it yet... I can't name those
names, and that is why I never checked or worried about it...
Mostly, I get back paper checks from my bank that I have never seen
before or signed... The lack of signature is covered by the bank...
(I never "signed off" on NOT getting "my" paper checks back from my
bank, so they still send them to me...)
> You may be able to post a payment request up to a year early,
> But if you actually send a cheque early don't expect the recipient, or
banks
> to hold up payment
The PAYMENT REQUEST is placed on hold till around 6 days before
you want it paid (in the case a paper check is required), and they print and
mail the
check in time for a guaranteed delivery on the date of YOUR original request...
That date is commonly (for me) up to three months in the future...
If I go out any further than that, things might change and require too much
work to correct differences, etc...
> Also don't expect a 6 month old cheque not to be paid just because it's
> 'too' old
This banking rule never enters into that I am talking about.
ALL checks are less that three days old when the vendor gets them,
either in physical mail, or some other way......
The money never leaves my account until THEY cash or deposit the check
and it posts AT my bank...
> so be careful issuing replacements for lost cheques
> make sure you have told your bank to 'Stop' payment of the original cheque
Agreed under other circumstances but N/A here...
They guaranteed the original check arrival (not the funds) so if it is lost,
they
take the necessary steps to replace it (if you agree) and even fight with
vendors
for you that you HAVE paid on time, but something happen beyond your
controll to prevent that... If they do NOT win a fight with a vendor for
some reason they pay ALL expenses and penalties to insure you are not
injured... YMMV at your bank... (Please look into that.)
PS: When all this was set up at my Bank, I was the original On-line Banking
"beta tester specialist" for both the Bank and QuickBooks. It was a special
sub group at the beta dept... I dealt with getting the wrinkles ironed out
of this particular section of the program...
Oh, the OLD stories I have... THAT NDA expired in 1999, BTW...
I would send a check for a penny, and get a dollar instead, grin...
Hope this helps... Rick Glazier
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