KeninAZ
Prescott, AZ
Senior Member
Joined: 06/22/2002
View Profile
|
Like many I use online banking to pay my bills. Much easier with no checks to write or letters to mail. I cannot tell you when I last wrote a manual check to anyone.
I just found out something interesting however that you should know.
I made a mistake and moved my car payment date the wrong way. I don't blame the bank but I also had a recurring payment set and it resulted in two payments be scheduled.
My fault, I just did not catch it. When I saw a payment come out on the 2nd it was not a big deal as that's about when I make it.
Then the following day I noted that I had another scheduled to come out on the 5th!
Whoops! That's gonna affect the retirement income this month. So I chatted with the bank about it online.
Guess what? Even though this is an electronic transfer and I realized it was wrong two days before it was to be made it could not be stopped!
I thought that this was rather strange in that if a check you have pending has not cleared you can stop payment on it.
Not true with online banking at B of A folks!
Pay close attention to what you are doing and don't make any mistakes because once it's being processed for payment, even days before it's an electronic transfer, you cannot stop it from happening.
I guess I could have closed the account and drawn all the money out but that would have been a bit overkill.
|
CatandJim
Tulsa, as in Oklahoma
Senior Member
Joined: 08/23/2004
View Profile
|
I wrote a check for the first time in a very long time the other day. It feels strange. LOL
Now about not being able to change a scheduled payment..... I use online bill pay and have changed the date and/or the amount of a payment or even canceled it in one case, within a couple of days before it was scheduled to be paid. I guess I wasn't past the point of no return or something. 
My warning for others, as well as myself, is to always double check the scheduled payments page after you set up any bill to be paid. I've caught a couple of mistakes that I made that way and have been able to correct them.
Cat
(Jim just reads the forum once in a while)
Our toys:
Sunline Travel Trailer
ProCraft Fish & Ski
Live simply, love generously, care deeply, speak kindly, trust in those Who cherish you.
|
KeninAZ
Prescott, AZ
Senior Member
Joined: 06/22/2002
View Profile
|
No doubt about it, I made the mistake that resulted in the double payment. OK, so I won't have a car payment due next month. No big deal.
I just wanted to let folks know that you don't always have as much control over online banking (as is this case) as you would have if you had a check out there pending deposit.
To me it seems strange an electronic transfer that is yet two days away is being "processed" and it beyond my control.
|
Dshultz50
Oregon
Senior Member
Joined: 06/23/2006
View Profile
 Offline
|
I've made the same mistake. Once the payment is in "process", they can't do much --- at least that's what my bank told me. FRUSTRATING!!! BUT, it sure taught me to be VERY careful! The other thing I noted....I have scheduled auto payments every month......well, some months the payment is scheduled to go out on the 31st or the 30th...the LAST day of the month.....We don't have $$ in the account until the 1st....so some months, when I go in to monitor it, I make a change to those accounts.
"I tried sniffing Coke once, but the ice cubes got stuck in my nose"
Dee & Bob
1990 Fleetwood 5er
2 cats - Donner and Dasher
12 grandkids
|
mowermech
Billings, MT
Senior Member
Joined: 06/28/2003
View Profile
Offline
|
KeninAZ wrote:No doubt about it, I made the mistake that resulted in the double payment. OK, so I won't have a car payment due next month. No big deal.
Are you SURE about that? Best check with your lender, sometime an extra payment doesn't override a scheduled payment. It is possible that even though you made that payment, it might still be due next month. Best be sure.
The best part is, that extra payment should have all gone to principle!
CM1, USN (RET)
'94 Dodge 3500 4X2 CTD, 5 speed, 4.10 LS diff., Jacobs Rambrake, 274,000 Miles
'99 Monaco McKenzie 32' triple slide
'95 Tioga 29H Ford-based Class C
Daily driver: '08 Subaru Outback
Towed: '06 Jeep Rubicon Unlimited/Load Trail 16' flatbed
|
|
|
PY
S.West Louisiana
Senior Member
Joined: 02/12/2002
View Profile
|
I can change mine with my bank. You should switch banks.
There are people who come into our lives for a season. Although the friendships, associations, bonds and commitments fade in time, the influences gained by these moments never expire. They continually help us grow into the men and women we should be.
|
AlabamaTraveler
hueytown al usa
Senior Member
Joined: 01/02/2004
View Profile
Good Sam RV Club
|
I do all my on line banking with a credit union. I have changed the payment date within a couple of days of processing without any problem. I guess it just depends on your bank and their rules.
Rolling Wheels Camping Club
Lawrence, Dianne & Buttons "Roll Tide"Our Photos
|
CatandJim
Tulsa, as in Oklahoma
Senior Member
Joined: 08/23/2004
View Profile
|
Dshultz50 wrote:..............
.......so some months, when I go in to monitor it, I make a change to those accounts.
I've had the change some of our payments because of the way our auto deposits (like my husband's payroll) are scheduled. It's a good thing to keep an eye on, isn't it?
Ken, I agree that you might need to check with the lender about that extra payment and whether one is now due for next month. When we had a mortgage we always made at least two extra payments a year, which basically are principle only payments. Even after making those extra ones, it's my understanding that a payment is still due every month.
|
Orion
Pacific South West
Senior Member
Joined: 10/21/2002
View Profile
Offline
|
Quote:No doubt about it, I made the mistake that resulted in the double payment. OK, so I won't have a car payment due next month. No big deal.
Mowermech beat me to it, but I certainly would check that. It really depends on how the bank will treat that second payment. In the bank I worked for , it would be taken as a 'P.O.P.' that is, Principal Only Payment, so it would come right off the principal and NOT replace the next payment. This used to get screwed up all the time. People would have a bit of extra money and come in to make an extra payment on their loan. Depending on how the teller actually processed it, the next payment could be waived, or not! The trouble was that it didn't happen often enough for the tellers to remember how to ask the right questions to do it properly.
Never miss an opportunity to walk on the grass.
|
Galvorien52
On The Road Again
Senior Member
Joined: 02/06/2007
View Profile
Offline
|
That's why we gave up B of A as our main bank! They have a lot of 'gotcha' rules that will mess you up if you don't catch them way out. We use Wells Fargo and I can cancel any online payment up to the day before. Change banks!
|
|
|
