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According to an email I just got fibi's new bill pay system will require 4 days processing instead of the current 2. 2 extra days float thanks to the switch over.

I understood it that the money doesn't come out until its actually used (they cash the check or pull it for the electronic payment). Not sure where picked that up. So, we loose a couple of days of leadtime but hold on to the money longer. Here is the text from the FAQ:

Payments that are issued by laser check will be drawn on your checking account on the day the check clears. The check will usually clear on or after the payment due date you had entered.

For payments that are made by corporate check or electronically, your account will be debited on the scheduled payment date (formerly known as the due date).


If it read that right its actually better than it was. I'll tell you about this time next week whether i like the new system or not :)

Joe
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