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Posted by BRH on May 23, 2008, 2:16 pm
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I presently bank at Wachovia and have been using Quicken to pay bills
electronically for the past few years at no monthly charge. However,
because I'll soon my relocating to upstate NY, and there'll be no
Wachovia branch within probably 150 miles, I have to change to another
bank. For better or worse, I chose Bank of America, and have already
opened a checking and savings account with them.
Unfortunately, when trying to set-up Quicken 2006 to pay bills and
reconcile accounts etc thru BofA, I got an error. When I called BofA
for help, I learned that although electronic BillPay thru BofA's website
is free, BofA charges $9.95/month to link this thru Quicken.
According to the rep the monthly charge can only be waived if I open and
"Advantage" account and maintain a minum balance of $15K in it.
My questions are:
1. Do any BofA customers pay their bills thru Quicken without having to
pay this monthly fee, and without maintaining such a high balance in the
"Advantage" account? If so, what do I need to do to do this, as well?
2. If I can't pay bills electronically for free with BofA, does anyone
have any practical suggestions to continue banking with Wachovia, and
having access to an ATM without having one of their branches nearby?
I use ATM's frequently, and really hate paying bank fees (obviously).
I'd like to continue having my $$$ available to me thru local ATM's, and
also pay bills emectronically thru Quicken with no fee. For the past
few years, I've had my cake and eaten it too, and would like this to
continue somehow.
Thanks!
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Posted by John Pollard on May 23, 2008, 3:19 pm
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BRH wrote:
> I presently bank at Wachovia and have been using Quicken to
> pay bills
> electronically for the past few years at no monthly charge.
> However,
> because I'll soon my relocating to upstate NY, and there'll be
> no
> Wachovia branch within probably 150 miles, I have to change to
> another
> bank. For better or worse, I chose Bank of America, and have
> already
> opened a checking and savings account with them.
>
> Unfortunately, when trying to set-up Quicken 2006 to pay bills
> and
> reconcile accounts etc thru BofA, I got an error. When I
> called BofA
> for help, I learned that although electronic BillPay thru
> BofA's
> website is free, BofA charges $9.95/month to link this thru
> Quicken.
> According to the rep the monthly charge can only be waived if
> I open
> and "Advantage" account and maintain a minum balance of $15K
> in it.
Just to clarify: the "Advantage" account can be more than one
"account"; that is: it's your cumulative balance in all
"Advantage" accounts that counts. I can't tell you all the
account types that qualify, but checking and savings are both
counted; I wouldn't be surprised if CD's counted, and possibly
brokerage accounts.
And if you have to pay $9.95/month, you should check into
Quicken Billpay.
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
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Posted by Sam Spade on May 23, 2008, 3:27 pm
Please log in for more thread options My suggestion, use ETrade. Go on WWW.Etrade.com and read up on them. They
have no brick and mortar building but I consider them super. I use their
Bill Pay Free. I use their ATM at local stores which do not charge a fee. I
also have a local bank where I keep a few bucks in so I can use their ATM.
In short you may have to change your banking practices. My wife has Bank of
America for use as a savings account, again no charge. I consider Bof A to
be terrible in their fee structure period (can't emphasize that enough).
Perhaps at your new location it is better. Good luck. I should add that I
can't justify using Quicken for Bill Pay but again perhaps you can. In
Quicken I have my credit card accounts which I post to when charging and
reconcile when I get their paper statement.
>I presently bank at Wachovia and have been using Quicken to pay bills
>electronically for the past few years at no monthly charge. However,
>because I'll soon my relocating to upstate NY, and there'll be no Wachovia
>branch within probably 150 miles, I have to change to another bank. For
>better or worse, I chose Bank of America, and have already opened a
>checking and savings account with them.
>
> Unfortunately, when trying to set-up Quicken 2006 to pay bills and
> reconcile accounts etc thru BofA, I got an error. When I called BofA for
> help, I learned that although electronic BillPay thru BofA's website is
> free, BofA charges $9.95/month to link this thru Quicken. According to
> the rep the monthly charge can only be waived if I open and "Advantage"
> account and maintain a minum balance of $15K in it.
>
> My questions are:
>
> 1. Do any BofA customers pay their bills thru Quicken without having to
> pay this monthly fee, and without maintaining such a high balance in the
> "Advantage" account? If so, what do I need to do to do this, as well?
>
> 2. If I can't pay bills electronically for free with BofA, does anyone
> have any practical suggestions to continue banking with Wachovia, and
> having access to an ATM without having one of their branches nearby?
>
> I use ATM's frequently, and really hate paying bank fees (obviously). I'd
> like to continue having my $$$ available to me thru local ATM's, and also
> pay bills emectronically thru Quicken with no fee. For the past few
> years, I've had my cake and eaten it too, and would like this to continue
> somehow.
>
> Thanks!
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Posted by Richard Scalzo on May 23, 2008, 4:41 pm
Please log in for more thread options I use Bank of America but pay the bills directly through their website. I
use Quicken 07 but it's just easier for me to use their site. I then
download all of the data into Quicken every night.
I too was a Wachovia customer in NJ but when I moved up to NH, I closed the
accounts. There isn't any way to remain a customer and not pay the ATM
charges when using other banks. The up side of BofA is that they are all
over the place so getting to their ATM's is easy.
--
Richard Scalzo
Epping, NH 03042
rscalzo40@comcast.net
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Posted by Oilcan on May 23, 2008, 7:31 pm
Please log in for more thread options "Do any BofA customers pay their bills thru Quicken without having to
pay this monthly fee, and without maintaining such a high balance in the
"Advantage" account? If so, what do I need to do to do this, as well?"
Even if others do have free bill payment initiated from Quicken, they
may have grandfather clauses in their agreement with Bank of America
(formerly Nations Bank and others). These would not apply to you.
Bank of America's web bill pay is very robust. You can receive
statements electronically much like Quicken's WEB Billpay service for
free. However the one advantage to Quicken's Web Billpay is that you can
issue payments from multiple accounts - in my case four bank accounts,
two credit union accounts, one brokerage account (with check writing
prevedilages) and even my HELOC. No need for me to log into multiple
sites to issue payments. Quicken's Web Billpay does download payments
immediately after entered, while Bank of America's Web is not a timely -
I believe it is when the payment is sent.
My primary account is with E-Trade Bank and I have a high enough balance
(include brokerage) that they waive my ATM fees. However, they do have
agreements to use other ATMS without a fee (in my area Target stores and
a Chevron station). I use a local institution to make deposits (it takes
up to a week for E-Trade to post by mail) and transfer the money
electronically through Quicken Web Billpay. I only have a deposit every
month or two usually for very small checks. For E-Trade, Express Web
Connect does not work very well with Quicken 2008. Very difficult in
setting up and it will generally stop downloading at some point.
Oilcan
-----Original Message-----
From: BRH [mailto:BRH]
Posted At: Friday, May 23, 2008 11:16 AM
Posted To: alt.comp.software.financial.quicken
Conversation: Wachovia, Bank of America, and Quicken Bill Pay
Subject: Wachovia, Bank of America, and Quicken Bill Pay
I presently bank at Wachovia and have been using Quicken to pay bills
electronically for the past few years at no monthly charge. However,
because I'll soon my relocating to upstate NY, and there'll be no
Wachovia branch within probably 150 miles, I have to change to another
bank. For better or worse, I chose Bank of America, and have already
opened a checking and savings account with them.
Unfortunately, when trying to set-up Quicken 2006 to pay bills and
reconcile accounts etc thru BofA, I got an error. When I called BofA
for help, I learned that although electronic BillPay thru BofA's website
is free, BofA charges $9.95/month to link this thru Quicken.
According to the rep the monthly charge can only be waived if I open and
"Advantage" account and maintain a minum balance of $15K in it.
My questions are:
1. Do any BofA customers pay their bills thru Quicken without having to
pay this monthly fee, and without maintaining such a high balance in the
"Advantage" account? If so, what do I need to do to do this, as well?
2. If I can't pay bills electronically for free with BofA, does anyone
have any practical suggestions to continue banking with Wachovia, and
having access to an ATM without having one of their branches nearby?
I use ATM's frequently, and really hate paying bank fees (obviously).
I'd like to continue having my $$$ available to me thru local ATM's, and
also pay bills emectronically thru Quicken with no fee. For the past
few years, I've had my cake and eaten it too, and would like this to
continue somehow.
Thanks!
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