What Billpay services have Immeadiate Funds Funds Removal from your Checking Account?
Keep in mind that BofA is not really a single bank but an agglomeration of smaller banks that got acquired over time. Some parts of BofA deduct the funds on the day the payment is sent, others not until it’s completed. In fact I bet the reason Wachovia switched over to the latter convention is because BofA did the same thing a few months back in its home (NC) market.
Citibank has been doing this with their online bill-payment system, well, I think as long as they’ve offered online bill payment. Some years ago, I used it to pay a bill that took a long time to be cashed; in the interim, I noticed the funds were not available and called support. The operator explained “all online bill payments are paid with guaranteed funds.” I’d actually be surprised to find a bank that did otherwise now.
Online Banking is consistent franchise-wide (with the possible exception of CA/WA/ID, but I doubt even that). Funds are deducted on the Deliver By date you set in Bill Pay. Nope, they have not yet rolled out this feature everywhere. I know because I live in Washington and have Bank of America. I have to schedule my payments 5 days ahead of when I want them to arrive, and the money comes out on the day the payment is sent. My guess is that they inherited some sort of contract with a lame payment processor when they bought Seafirst and they can’t change us over. BofA in WA also doesn’t have the feature where they will actually go out and get your bills, payment amounts, and balances from other sites, which I understand is available elsewhere.
Keep in mind that BofA is not really a single bank but an agglomeration of smaller banks that got acquired over time. True. Some parts of BofA deduct the funds on the day the payment is sent, others not until it’s completed. Not true. Online Banking is consistent franchise-wide (with the possible exception of CA/WA/ID, but I doubt even that). Funds are deducted on the Deliver By date you set in Bill Pay. This is the day the recipient recieves the money, either electronically or in check form. The frustrating thing for me, is that for that day, the funds are still in your account, but there is no longer a notation under “Scheduled Payments” for that money. Jamaro, this behavior changed in April, I think, so your little experiment may have been done pre-change (and yes it was due to a change from the company that manages Bill Pay for Bank of America).
