Idea #32 from Jenni: Debit bill pay payments sooner

Posted by Estelle Thompson on at 6:23 pm

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,


Recent Comments (14)

  1. Jacob says:

    Just show a “Projected Balance” which would be my current balance, adjusted for any scheduled transfers in the next week, less any issued bill pay checks.

  2. Alice says:

    Stick with the current procedure. I’ll take the extra dividend pennies any day.

  3. Stephen says:

    Keep it the way it is.

    But the suggestion of taking all of the upcoming/pending checks out of available is a good one. Or at least display a warning and email if the check about to be submitted is going to cause an overdraft.

  4. Nathan Bowers says:

    I definitely don’t want funds to be debited from my accounts when I setup a BillPay payment. Why? I setup my payments when they arrive, and transfer funds from savings on the 1st of the month to cover.

    Perhaps an alternate solution would be a tighter integration between BillPay and FTCU, such that pending payments would be more visible on a History screen?

  5. Kevin says:

    I suggest 3 balances – Total Funds, Reserved Funds (those needed for submitted bills in the next month), and Available Funds (Total – Reserved).

  6. mikentodd says:

    Don’t change it! We have always had to keep our own register, and now without as many paper checks there are hundreds of methods to keep your electronic register( i still use quicken) Don’t punish the membership to benefit a few that are apparently unable or unwilling to manage their own finances.

  7. Russell Johnson says:

    Make the deduction immediately, I like opening my account and have the balance match my check register.

  8. RJ says:

    Please don’t change this.

  9. Dan says:

    If you want to do the ‘best of both worlds’, you could establish a policy where amounts in Bill Pay are moved to a separate, ‘pending’ account. In the pending account, they’d still collect the few days’ trickle of interest–but we’d still get the virtual check register feature.

  10. jbj says:

    If there are enough votes for all options presented, and if feasible, why not implement all of them and then let everyone select (and later change, if desired) his(her) favorite on the profile page.

  11. stu spencer says:

    I would like to see it taken out sooner but at a minimum show “available” just like when a debit card transaction is being processed. And contrary to the Mikentodd comment, I do manage my finances, I just don’t use quicken or want to write down the bill pay amount then keep it in my head how much I have left in an account. My buffer is not a big one.

  12. Schneid says:

    When I pay a bill through Bill Pay it shows as pending. In Bill Pay. When I look at my checking account and click on Pending nothing shows. It would be nice to see the pending list on the checking account view also.

  13. VS says:

    I want to keep my money in my account for as long as I can – please don’t debit the money before the payee has deposited the check.

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