Idea #32 from Jenni: Debit bill pay payments sooner
Idea #32 from Jenni
“Bill pay: take the money out of my account the day I send the payment, don’t wait for it to be cashed. At least take it out of “available.”
Jenni, this has been a big one! Many others have commented about when BillPay payments are debited and each of those has received several “Like” votes.
Here’s the interesting fact, how we (and many other institutions) process this today actually benefits you financially. We don’t debit the funds from your account until your payee has received the funds. That means you hold on to your money longer and therefore earn more dividends.
HOWEVER, it sounds to us like many of you are using online banking as your virtual check register so you want to see those funds removed from your account immediately so they don’t show as available.
Join the Discussion
How about everyone one? Is it worth it to you to earn less dividends for the convenience of having a virtual check register?
Love to hear what you think,