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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.

UKBB
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No. of Recommendations: 2
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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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.


Yeah...I got an Urgent Email last night.....

They say that regardless of how the transaction is paid out, CheckFree requires 4 days processing. Apparently CheckFree also decides if they are going to pay electronically or by check every single time you pay that bill. I hope that doesn't mean they'll arbitrarily decide to pay with a paper check a bill that they could pay electronically. But, I guess as long as the payment isn't late because of their decision...it doesn't matter.

I had to adjust the due date of one (electronic) bill from July 30th to July 29th...so that they can debit my account on the evening of the 24th under the old bill payment system. Instead of having them start processing on July 26th under CheckFree.

It remains to be seen what happens with the bills I already have setup to process after the change over. Along with the new bills that come in. I hope my water bill won't cause a problem.....it is always due a week after I get it. Actually the reduction from 5 days to 4 days is supposed to make things better.

The Dreamer.
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