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Posted by John Gregory on May 7, 2006, 9:49 am
Please log in for more thread options Great! I also found an overview of "online account services" in Quicken Help
so I'll bone up on the details. I'll make a copy of my file and start to
play with the service as soon as they give me my password. I appreciate the
help, Guy. And Stubby, you're probably right about the Tar Baby pitfall.
Fortunately, I can electronically transfer funds from those other accounts
when needed and write all checks through the online bank linked to Quicken.
Would have to open another account, I suppose if I wanted to have a separate
one for business. Anyway, I appreciate all the input.
>
>> Anyway... I then switched to Quicken 2005HB to see what's needed.
>> I've read about "downloading transactions to my account" and
>> believe I understand. Along the way, however, I started reading
>> about "Quicken Bill Pay" (QBP). That appears to be Intuits own
>> service which will handle the actual payment for about ten bucks a
>> month... verses "free" from my bank. Now I'm leery; there ain't no
>> "free" lunch anywhere! I fear I'm about to discover I will still
>> need QBP to have my bank handle the "free" payment. Their website
>> http://www.nationalcity.com/personal/onlineservices/onlinebanking/Q
>> uickenFAQ.asp#paybills tells me I can "pay bills directly via
>> Quicken software" ... but it doesn't tell me how.
>
> It looks like you may be in luck.
>
> Usually, when banks use the phrase "online bill paying," they mean you
> can pay a bill from their web site. That's undesirable, for a variety
> of reasons including that it rarely integrates well with Quicken.
>
> However, that web page says you can use "online bill paying through
> Quicken," apparently at no cost. That's a good feature. Lots of bank
> charge extra for bill paying through Quicken, if they offer the service
> at all.
>
> "Quicken Bill Pay" is a similar service offered by Intuit, for a fee.
> You don't want that if you can get free service through your bank.
>
> The way it works is that you use the Online Center in Quicken, select
> your bank, select the Payments tab, and in effect write a check in
> Quicken. Then you go online and upload the check to the bank, perhaps
> as part of a One Step Update. The bank accepts your check request and
> transfers funds to the destination account, if the destination supports
> ACH transfers (and the bank knows which ones do), or cuts a check and
> mails it to the recipient.
>
> I write almost all my checks this way. I write a check on paper only a
> couple of times a year.
>
> Guy
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