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Subject Author Date
Do I still need Quicken Bill Pay? Paul Anderson 03-13-2007
Posted by Paul Anderson on March 13, 2007, 12:42 pm
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 I recently moved and changed banks. I paid bills from my old bank
account with Quicken Bill Pay and am charged $9.95 per month.

My new bank has what they call eBillPay and I'm using that service which
is free. I enter payments in my Quicken register and Quicken connects
and transfers payments to the bank when I connect online.

I assume I can cancel Quicken Bill Pay and I don't need it to pay bills
via my bank's eBillPay service. Is that correct, or does the Quicken
Bill Pay somehow enable me to pay bills with my bank's service?

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

Posted by Stubby on March 13, 2007, 1:47 pm
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 What happens when you want to write a check on a different financial
institution such as a different bank or a brokerage account?


Paul Anderson wrote:
> I recently moved and changed banks. I paid bills from my old bank
> account with Quicken Bill Pay and am charged $9.95 per month.
>
> My new bank has what they call eBillPay and I'm using that service which
> is free. I enter payments in my Quicken register and Quicken connects
> and transfers payments to the bank when I connect online.
>
> I assume I can cancel Quicken Bill Pay and I don't need it to pay bills
> via my bank's eBillPay service. Is that correct, or does the Quicken
> Bill Pay somehow enable me to pay bills with my bank's service?
>
> Paul
>

Posted by Paul Anderson on March 13, 2007, 2:12 pm
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> What happens when you want to write a check on a different financial
> institution such as a different bank or a brokerage account?

I have not ever had a need to do so, and don't anticipate any future
need to be worth $9.95 per month.

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

Posted by L on March 13, 2007, 4:44 pm
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>I recently moved and changed banks. I paid bills from my old bank
> account with Quicken Bill Pay and am charged $9.95 per month.
>
> My new bank has what they call eBillPay and I'm using that service which
> is free. I enter payments in my Quicken register and Quicken connects
> and transfers payments to the bank when I connect online.
>
> I assume I can cancel Quicken Bill Pay and I don't need it to pay bills
> via my bank's eBillPay service. Is that correct, or does the Quicken
> Bill Pay somehow enable me to pay bills with my bank's service?
>
It depends. If you are entering the bills through the Quicken register, and
Quicken connects and transfers payments to the bank, you might not be using
the free eBillPay option of your bank.

So long as your bank offers integration with Quicken, there is no need for
Quicken bill-pay. However, your bank may charge you for initiating payments
and transaction downloads from within Quicken, as opposed to using the
financial institution's website.

For example. My bank is Wachovia, and for years I have been using Quicken to
initiate payments and transaction downloads. I have done this for free,
since before Wachovia owned the accounts (previously, it was CoreStates and
then First Union).

Awhile ago, Wachovia offered an online bill-pay service, and I have been
using it to schedule some vendor payments (Wachovia has special arrangements
with some vendors, and the payments are applied faster than if I initiate
through Quicken). I was using both types of scheduling concurrently.

I received notification that Wachovia will now charge a fee for Online
Banking access through Quicken
http://www.wachovia.com/personal/pfmsupport/0,,6057,00.html

I can, however, still access my Wachovia account through the Wachovia
website, and can download transactions from there into my Quicken software.

If your bank has a similar policy, you may need to turn off online access
within Quicken, and initiate all bill payments and transaction downloads
directly through your financial institutions e-bill website, in order for it
to be free.



Posted by Paul Anderson on March 13, 2007, 5:29 pm
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>
> > I assume I can cancel Quicken Bill Pay and I don't need it to pay
> > bills via my bank's eBillPay service. Is that correct, or does the
> > Quicken Bill Pay somehow enable me to pay bills with my bank's
> > service?
>
> It depends. If you are entering the bills through the Quicken
> register, and Quicken connects and transfers payments to the bank,
> you might not be using the free eBillPay option of your bank.

I enter transactions in the Quicken register. When I connect to pay
bills, it connects to the bank's system, in a separate category than
Quicken Bill Pay, and using my bank username and password.

> So long as your bank offers integration with Quicken, there is no
> need for Quicken bill-pay.

This is as I suspected, so I will cancel Quicken Bill Pay. I wonder
how you do that!

> However, your bank may charge you for initiating payments and
> transaction downloads from within Quicken, as opposed to using the
> financial institution's website.

They do not charge today, whether the transactions are entered in
Quicken or at their web site.

> I received notification that Wachovia will now charge a fee for
> Online Banking access through Quicken
> http://www.wachovia.com/personal/pfmsupport/0,,6057,00.html

Hopefully my bank won't do that. But even Wachovia will charge you
$5.95 per month, lower than Quicken Bill Pay's $9.95.

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

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