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Quicken Personal Finance Discussions - Quicken - personal finance software discussions

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Subject Author Date
Scarry shakey 09-27-2007
---> Re: Scarry Tracy McKibben09-27-2007
Posted by shakey on September 27, 2007, 1:07 am
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 I have Quicken 2006 deluxe and just found that this is possible. Fortunately
the change was legitimate due to a buyout.
I have a automatic monthly payment for $800 going to loan company "A" for
many years.
Today I find it sent to company "B".
My online payees list has been modified to this new payee and my automatic
payment redirected to them.

I had no idea this could be changed without my knowledge and frankly it
scares the Hell out of me.
Mel



Posted by Tracy McKibben on September 27, 2007, 7:09 am
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> I have Quicken 2006 deluxe and just found that this is possible. Fortunately
> the change was legitimate due to a buyout.
> I have a automatic monthly payment for $800 going to loan company "A" for
> many years.
> Today I find it sent to company "B".
> My online payees list has been modified to this new payee and my automatic
> payment redirected to them.
>
> I had no idea this could be changed without my knowledge and frankly it
> scares the Hell out of me.
> Mel

I'm new to Quicken, but a long-time user of MS Money. I've seen this
happen several times, when a payee changes their address, or their
name. I believe this is a function of your BANK, not of your finance
software, and I'd consider it a feature of online banking. You don't
have to manage such changes yourself, it's all done on the "backend".


Posted by shakey on September 27, 2007, 12:44 pm
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>> I have Quicken 2006 deluxe and just found that this is possible.
>> Fortunately
>> the change was legitimate due to a buyout.
>> I have a automatic monthly payment for $800 going to loan company "A" for
>> many years.
>> Today I find it sent to company "B".
>> My online payees list has been modified to this new payee and my
>> automatic
>> payment redirected to them.
>>
>> I had no idea this could be changed without my knowledge and frankly it
>> scares the Hell out of me.
>> Mel
>
> I'm new to Quicken, but a long-time user of MS Money. I've seen this
> happen several times, when a payee changes their address, or their
> name. I believe this is a function of your BANK, not of your finance
> software, and I'd consider it a feature of online banking. You don't
> have to manage such changes yourself, it's all done on the "backend".
>

Lets see: My software located in my house had its program modified to
reflect these changes. That scares me as if my bank can do that some thief
can find a way. Its not just changed at the bank but directly in my
computer.
Mel



Posted by Meebers on September 27, 2007, 1:17 pm
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>
>>> I have Quicken 2006 deluxe and just found that this is possible.
>>> Fortunately
>>> the change was legitimate due to a buyout.
>>> I have a automatic monthly payment for $800 going to loan company "A"
>>> for
>>> many years.
>>> Today I find it sent to company "B".
>>> My online payees list has been modified to this new payee and my
>>> automatic
>>> payment redirected to them.
>>>
>>> I had no idea this could be changed without my knowledge and frankly it
>>> scares the Hell out of me.
>>> Mel
>>
>> I'm new to Quicken, but a long-time user of MS Money. I've seen this
>> happen several times, when a payee changes their address, or their
>> name. I believe this is a function of your BANK, not of your finance
>> software, and I'd consider it a feature of online banking. You don't
>> have to manage such changes yourself, it's all done on the "backend".
>>
>
> Lets see: My software located in my house had its program modified to
> reflect these changes. That scares me as if my bank can do that some thief
> can find a way. Its not just changed at the bank but directly in my
> computer.
> Mel
>It seems to me that the bank should snail mail you a notice to change the
>payee to company B, I agree I don't want them to be able to change my
>payee's.



Posted by Tracy McKibben on September 27, 2007, 1:35 pm
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>
>It seems to me that the bank should snail mail you a notice to change the
>payee to company B, I agree I don't want them to be able to change my
>payee's.

I respectfully disagree. You use the online banking features to speed
up, simplify, and increase the accuracy of your bill payments. If the
bank finds out today that my electric company has changed their
payment address, and I have a payment to transmit tomorrow, I consider
it a HUGE benefit for my bank to update my payee info immediately.
Why would you want to wait a week for a letter to arrive instructing
you to manually change that info?



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