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Posted by Lisa C on August 16, 2006, 6:01 pm
Please log in for more thread options > Lisa C wrote:
>>>
>>> Lisa C wrote:
>>>>> On Sat, 12 Aug 2006 23:15:45 -0700, Air Force Jayhawk
>>>>>
>>>>>> My wife likes to enter known, big payments a full month in advance so
>>>>>> she can budget for the rest of the month. Needless to say I don't
>>>>>> want to actually pay my mortgage a full month early. So here's my
>>>>>> question...if she selects "enter" from the screen that shows all my
>>>>>> scheduled payments, what actually happens?
>>>>>>
>>>>>> - Does it pay the bill immediately?
>>>>>>
>>>>>> - Or does it merely send the transaction to the bank, and the bank
>>>>>> holds it until the date specified and then pays it?
>>>>>>
>>>>>> Is there a reason NOT to do this that I haven't considered?
>>>>>>
>>>>>> My thought would be to create a generic payment as a placeholder that
>>>>>> simply went into the register a month early...when the actual payment
>>>>>> was made I then delete the place holder. But, if entering it early
>>>>>> isn't a problem, then this is simply that much more unnecessary work
>>>>>>
>>>>>> Thanks
>>>>> Anybody? This should be an easy question...
>>>> What happens depends on how you schedule the transaction, and what you
>>>> use as the payment method.
>>>>
>>>> Note that you can set up the scheduled transaction to automatically
>>>> enter in the register or to remind you to enter into the register. So,
>>>> simply scheduling a recurring transaction does NOT do anything other
>>>> than creating an entry in the calendar. Nothing happens until the
>>>> payment is 'entered' into the register.
>>>>
>>>> Once entered, a transaction with the payment method of 'Online Payment'
>>>> will show 'Send Payment' in the check number field. The payment will be
>>>> processed at the time you physically 'send' it (from the online center
>>>> or online update), with an 'arrival' date of the date you indicate. It
>>>> has been my experience that online payments can arrive a day or so
>>>> early, not much more than that. Quicken requires a few days to process
>>>> an online payment, and any early payment arrivals have more to do with
>>>> that window of time than with what date you use the update button.
>>> I don't know why you say "arrive a day or so early, not much more than
>>> that". For example, on 7/25 I "Sent" my property tax payment to be paid
>>> on 8/15. It has been shown in the register ever since 7/25 but the On
>>> line balance does not reflect any change because the bank has yet to pay
>>> it. Of course, tomorrow being 8/15, it will be paid and my on line
>>> balance will go down.
>>>
>> Why I said it is that it has happened to me.
>>
>> An online payment that generates a physical check (such as a payment to a
>> doctor, dentist, or other individual) is cut and mailed and *CAN* arrive
>> early. If the payee deposits it early, the bank may or may not catch the
>> 'post' date.
>>
>> And yes, there was a case or two of an online payment via EFT that has
>> ALSO processed early.
>>
>> In these cases, the money was in the account and there were no problems.
>> If there *HAD* been an overdraft, I for sure would have fought the bank
>> on the fees, as the payments were processed before the date on the draft.
>
> I can see why you are gun shy with that experience. My bank (Wachovia) has
> never been early or late.
My bank (Wachovia) has ;-)
Like I said, tho, I am not gunshy.. it was not a problem. Since the original
post asked what could happen if transactions are entered early, I felt it
important to point that out.
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