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Subject Author Date
BillPay Services Quicken/Checkfree, etc Discussion Fred Marshall 07-06-2006
Posted by Fred Marshall on July 6, 2006, 12:51 pm
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 I'd like to start a discussion about coordinating Quicken with a variety of
on line bill paying and register reconciliation methods. I'm concerned that
the world is moving backwards and figure maybe there's something I'm
missing.

Assumptions:

Personal financial management is centered on Quicken.

Bill paying is done using some type of on line payment system.

Automated coordination of accounts in Quicken and the banks' records is
highly desirable.

The ability to automatically capture at least Categories is highly
desirable.

Trial assertions:

Using web-based bill paying requires a follow-up download of some kind.
Capturing Categories isn't part of the process.
That's a major inconvenience because:
1) you have to remember to do the download after the bills are paid.
2) you have to add the Categories manually
3) Often, duplicated transactions have to be deleted or voided.
4) Because of all of the above, it's easier to screw things up using
web-based bill paying and Quicken.

Some bank websites aren't compatible with automated Quicken transaction
downloads.
(I'm using Quicken 2004 - so maybe this is improved in later versions???)
e.g. Bank of America's new login process.

Transaction-based bill paying in Quicken is better in this regard.
The transactions are initiated in Quicken so the Categories issue is solved
up front.
Quicken BillPay and the old Checkfree payment service are the only ones I
know of.
The Checkfree payment service is no longer available to new customers - I
use it but am concerned it will go away.
I've read some negative things about Quicken BillPay but have no experience
or recent reports.

What are recommended practices and products? The web-based payment systems
are often provided free from a bank - so that's an advantage IF the
difficulties can be worked around.


Fred











Posted by pjhartman@gmail.com on July 6, 2006, 1:01 pm
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Fred Marshall wrote:

> Quicken BillPay and the old Checkfree payment service are the only ones I
> know of.

Well, I have a checking account at U.S. Bank. I can use the Bank's
web-based online billpay at no charge.

I can also send in payments via Quicken, using Online Payees. This is
what I do. As long as my checking account balance remains high enough,
there's no fee. I know this isn't the same as Quicken BillPay, because
I've never signed up for Quicken BillPay.

So, what is it called, what I'm using? As far as I know it's just
Online Account Services within Quicken.


Posted by Fred Marshall on July 6, 2006, 2:07 pm
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>
> Fred Marshall wrote:
>
>> Quicken BillPay and the old Checkfree payment service are the only ones I
>> know of.
>
> Well, I have a checking account at U.S. Bank. I can use the Bank's
> web-based online billpay at no charge.
>
> I can also send in payments via Quicken, using Online Payees. This is
> what I do. As long as my checking account balance remains high enough,
> there's no fee. I know this isn't the same as Quicken BillPay, because
> I've never signed up for Quicken BillPay.
>
> So, what is it called, what I'm using? As far as I know it's just
> Online Account Services within Quicken.
>

OK - thanks. I have a few questions about it then....

What version of Quicken?
When you open Online/Online Payee List/ there's a pulldown window at the
top called Financial Institution. What does it say? Do you have more than
one choice? If so, what are they?

If you open Accounts and highlight a/the checking account that you use for
"Online Account Services" , right click and Edit the account, select the
Online Services tab, are the online services ACTIVATED and what online
service is shown?

Thanks again,

Fred



Posted by Han on July 6, 2006, 3:45 pm
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>
>>
>> Fred Marshall wrote:
>>
>>> Quicken BillPay and the old Checkfree payment service are the only
>>> ones I know of.
>>
>> Well, I have a checking account at U.S. Bank. I can use the Bank's
>> web-based online billpay at no charge.
>>
>> I can also send in payments via Quicken, using Online Payees. This
>> is what I do. As long as my checking account balance remains high
>> enough, there's no fee. I know this isn't the same as Quicken
>> BillPay, because I've never signed up for Quicken BillPay.
>>
>> So, what is it called, what I'm using? As far as I know it's just
>> Online Account Services within Quicken.
>>
>
> OK - thanks. I have a few questions about it then....
>
> What version of Quicken?

I have used this feature since before 2000; currently 2006.
> When you open Online/Online Payee List/ there's a pulldown window at
> the top called Financial Institution. What does it say? Do you have
> more than one choice? If so, what are they?

My main checking account is an "everything counts" account at Citibank
with an obscenely high required balance. But so be it - I only once got
into trouble when my IRA account dropped too far.
>
> If you open Accounts and highlight a/the checking account that you use
> for "Online Account Services" , right click and Edit the account,
> select the Online Services tab, are the online services ACTIVATED

Yes, and so are the transaction downloads.

>and what online service is shown?

Huh? I don't see that info.
>
> Thanks again,
>
> Fred
>
I can use Quicken-directed payments, or use the bank's website. In the
latter case I have to enter all info twice, which is why I try to avoid
using DirectAccess, and instead use Quicken as much as possible.

That is, the most used feature is to let my payees initiate the
transactions (so I can't forget), an use properly edited automatically
entered transactions entered >30 days ahead of time.

HTH
--
Best regards
Han
email address is invalid

Posted by Capt. Tuttle on July 6, 2006, 7:57 pm
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Han wrote:
>
>
>>
>>>Fred Marshall wrote:
>>>
>>>
>>>>Quicken BillPay and the old Checkfree payment service are the only
>>>>ones I know of.
>>>
>>>Well, I have a checking account at U.S. Bank. I can use the Bank's
>>>web-based online billpay at no charge.
>>>
>>>I can also send in payments via Quicken, using Online Payees. This
>>>is what I do. As long as my checking account balance remains high
>>>enough, there's no fee. I know this isn't the same as Quicken
>>>BillPay, because I've never signed up for Quicken BillPay.
>>>
>>>So, what is it called, what I'm using? As far as I know it's just
>>>Online Account Services within Quicken.
>>>
>>
>>OK - thanks. I have a few questions about it then....
>>
>>What version of Quicken?
>
>
> I have used this feature since before 2000; currently 2006.
>
>>When you open Online/Online Payee List/ there's a pulldown window at
>>the top called Financial Institution. What does it say? Do you have
>>more than one choice? If so, what are they?
>
>
> My main checking account is an "everything counts" account at Citibank
> with an obscenely high required balance. But so be it - I only once got
> into trouble when my IRA account dropped too far.
>
>>If you open Accounts and highlight a/the checking account that you use
>>for "Online Account Services" , right click and Edit the account,
>>select the Online Services tab, are the online services ACTIVATED
>
>
> Yes, and so are the transaction downloads.
>
>
>>and what online service is shown?
>
>
> Huh? I don't see that info.
>
>>Thanks again,
>>
>>Fred
>>
>
> I can use Quicken-directed payments, or use the bank's website. In the
> latter case I have to enter all info twice, which is why I try to avoid
> using DirectAccess, and instead use Quicken as much as possible.
>
> That is, the most used feature is to let my payees initiate the
> transactions (so I can't forget), an use properly edited automatically
> entered transactions entered >30 days ahead of time.
>
> HTH

FWIW

".............the option to pay bills through Quicken using Wachovia's
Bill Pay service is not available to newer customers."

I think Bank of America has done the same thing.

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