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Posted by Lisa C on May 8, 2006, 5:51 am
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> 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.
No, he is not. See my other post in this thread.
> 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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