Has anyone used online Bill Pay through their bank?

[Zim]

If you have how's it work? I set up the accounts on usbank but I dont see how the company is going to get their money. Is it basically my bank sending a check to them instead of me and just withdrawling that from my account immediately? Anyone want to give me some insight?

[PureVenom]

Quote: Originally Posted by ZimStang If you have how's it work? I set up the accounts on usbank but I dont see how the company is going to get their money. Is it basically my bank sending a check to them instead of me and just withdrawling that from my account immediately? Anyone want to give me some insight?

I use it all the time. basically, it is the bank sending the money out for you. THey cut the check and send it to the recipient. Saves you from buying stamps and all that jazz. The money clears the day you set it up to be paid so there will be no chance of a slow clearing.

But yes, it is just as simple as the bank cutting the check for you instead of you writing one.

[Thomas91169]

somethin like that.

after setting up who youre paying and such, when you recieve the bill you click on who you want to send the money to, how much, and then just click submit. i believe it wire transfers it to them, though im not sure.

[Monkey]

I use it. It's your bank doing electronic transfers to the other institution.

75% of all money in the world is just numbers in a bank. Money is just numbers. So your bank just tells bob's bank that he's getting $100 more vitual dollars, and you're losing $100 dollars. Without getting technical into bank reserves and assets/liabilites, it's basically just taking a caculator to your acct. and theirs.

Usually takes about a day to clear just to make sure you have the money.

[SpectorV]

its like using your debit card, your banks does it for you for a selected payment. The payment is very fast, so you need to make sure you dont wind up going negative. I work for a bank.... and many many people go negative when they DO NOT KNOW THE DEPOSIT RULES.... next business day after 2pm does not mean a deposit made at 4pm is ON THAT DAY!

[Zim]

im not worried about overdrafting, i was just wonderin how it worked case itll save me a lot on stamps in the long run... plus its a lot quicker than waiting th 5-7 days for clearing like most bills take. I think ill try it.

[tedness]

i made it so all my bills are automatically deducted.

in my case its just monthly insurance, car payment, and one time tuition/fees