Bill pay ripoff at banks
Posted Mar 2, 2011 by anonymous | 134 views | 0 comments
Bill-pay procedures at some banks. When scheduling payments on their bill pay, you need to be aware that the payment(debit) is not reflected in the balance available on the day it pays. It is not reflected in the out going screen, but shows in the paid screen. It took me a while to figure out why I was causing overdrafts. In addition, it lets you keep using your card because it reflects an available balance that disappears when it's posted later. Just because it says Paid doesn't mean that it has been deducted. This started when banks changed their procedure to deduct your funds on the day they deliver the funds to the payee. Bill pay payments are not posted in the pending transaction section of your on line statement, if it was it would reflect the actual balance.
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