The Motley Fool Discussion Boards

Previous Page

Financial Products & Services / Online Banking

URL:  https://boards.fool.com/firstib-bill-pay-changes-17343025.aspx

Subject:  FirstIB Bill Pay Changes.... Date:  6/10/2002  4:49 PM
Author:  TheDreamer Number:  17123 of 24357

I just got the Email on the revised terms for the Bill Pay changes....

----------------
"Scheduled Payment Date" is the day you want your Payee to receive your bill payment and is also the day your Payment Account will be debited, unless the Scheduled Payment Date falls on a non-Business Day in which case it will be considered to be the previous Business Day.

“Due Date” is the date reflected on your Payee statement for which the payment is due. It is not the late date or grace period.

PAYMENT SCHEDULING
Transactions begin processing four (4) Business Days prior to your Scheduled Payment Date. Therefore, the application will not permit you to select a Scheduled Payment Date less than four (4) Business Days from the current date. When scheduling payments you must select a Scheduled Payment Date that is no later than the actual Due Date reflected on your Payee statement unless the Due Date falls on a non-Business Day. If the actual Due Date falls on a non-Business Day, you must select a Scheduled Payment Date that is at least one (1) Business Day before the actual Due Date. Scheduled Payment Dates should be prior to any late date or grace period.

----------------

So, does this mean I can set "Scheduled Payment Date" to be the same as I set "Due Date" now...with the only added inconvience factor of having to adjust for bills that specify due dates that fall on Saturday or Sunday [or possibly a federal reserve holiday]). And, everything will work just as before?

I guess I can live with the trade off between whether my account gets debited 8-2 days before the bills due date....and only have added work of not always being allowed to enter the due date as printed on the bill. One can only hope that it automatically prevents you from entering these dates....

The Dreamer

Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us