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Posted by Don on August 16, 2006, 4:50 pm
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wrote:
> Sorry if this is posted elsewhere but I have what I think is a basic
>question. I have been using msmoney for years and using online bill pay
>for several years as well. Using msmoney I would log onto my banks web
>site to schedule my transactions and then download those transactions
>into msmoney when they cleared. Doing this worked fine except that
>after downloading the transactions I would still have to assign expense
>catagories and make sure the payee name was correct.
>
> So now I would like to switch to quicken (for several reasons) and I
>want to make sure I can use online bill pay but rather than downloading
>the trasactions I want to enter the transactions in quicken and then
>send the payment to the bank. From what I have read on this forum I
>believe that is possible when using Quicken Bill Pay. Is that correct?
>And there appears to be a monthly fee of $9.95 for this service but I
>think I have read from a few posters that their particular bank does
>not charge for the use of quicken bill pay, is that true? If so can you
>post the name(s) of the bank(s) that do not charge for using quicken
>bill pay? Are there any banks that allows the user to enter their
>transactions into quicken and upload the transactions to the bank so
>that all the transactions originate from within quicken for free with
>or without using quicken bill pay? Is there an alternative to quicken
>bill pay that allows the user to originate transactions in quicken and
>upload to their bank?
>
> Since my current bank does not support quicken not only will I be
>switching softwares but also switching to a new bank and I want to make
>sure that with quicken and the new bank I will be able to enter all my
>transactions in quicken and then upload those transactions. Just trying
>to make sure I know what I am getting into before going through all
>this hassle.
>
>Thanks, sorry for the long post...
>
>Sam Steeley
I use US Bank and pay all my bills via Quicken. It's free. See the
definition of free below. So I enter the payee information (just
once), set up my pin vault and all my accounts (checking to savings to
investments). If I pay a bill using Quicken then that is transmitted
to my bank. If the bank can pay the bill via electronic transfer they
will. If not they will cut a physical check and mail it at their
expense.
Free = having $10,000 sit in one of their savings accounts earning a
whopping .01% interest. If you have $10k to spare just to please US
Bank then go for it. One thing I do like about this bottom dweller is
they have branches inside the grocery stores we use. That's a big
convenience for ATM transactions.
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