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ob
Guest
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 Posted:
Sat Oct 22, 2005 8:01 am Post subject:
Re: Quicken online payment |
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Yes I am not sure why Quicken choose to change "Lead Time" under payee
in 2005 and 2006 to a standard 4 days. Before in older versions the
lead time used to be based on how the payment was made. Sorry I was not
very clear in my first post. I have been using Quicken Via Citibank for
a while now and I did not notice the change myself till you said Chase
was paid by check. Then I went to FAQ on Quicken web page and found the
answer that explained the change in how lead time is calculated and how
to determine if a payee was paid by check or EFT.
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Stubby
Guest
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| Posted:
Sat Oct 22, 2005 9:22 pm Post subject:
Re: Quicken online payment |
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ob wrote:
| Quote: | Yes I am not sure why Quicken choose to change "Lead Time" under payee
in 2005 and 2006 to a standard 4 days. Before in older versions the
lead time used to be based on how the payment was made. Sorry I was not
very clear in my first post. I have been using Quicken Via Citibank for
a while now and I did not notice the change myself till you said Chase
was paid by check. Then I went to FAQ on Quicken web page and found the
answer that explained the change in how lead time is calculated and how
to determine if a payee was paid by check or EFT.
I believe the "lead time" determines when the payment appears as a |
reminder (alert). At some point you are supposed to click on it so it
will issue a check destined to appear at the payee on the date you wrote
on the transaction. Example: I have a repeating payment to XYZ due on
the 1st of each month. If the lead time is 10 days, it will alert me on
the 20th and maybe I decide to pay it on the 22nd, so I click on it, it
appears in the register ("Send"). On the next "Update" the check will
be sent to Quicken BillPay and held as long a possible. If a paper
check will be sent, that will happen about 4 days before the first of
the month. If electronic exchange can be used, it will be done on the
day before it is due. Electronic transfer cannot be used for funds
going into a personal account by law. |
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ob
Guest
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| Posted:
Sat Oct 22, 2005 11:09 pm Post subject:
Re: Quicken online payment |
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goto Quicken FAQ read the section on payee list lead times. Quicken in
version 2005-6 changed the way the payee lead time is calculated. No
longer cares if the payee is processed by EFT or check. It assigns it a
standard 4 day lead time.
"Note: Quicken does not allow you to schedule a payment sooner than the
payee lead time allows. To see lead times for all your payees, choose
Online menu > Online Payee. You cannot schedule a payment more than one
year in advance.."
And has nothing to do with how the payee is now paid. In older version
of Quicken the lead would be either 2 or 4 days depending on how the
payee got paid. So if you saw you 2 days you know the payee was paid by
EFT and if you saw 4 days you know it was paid by check.
Now only way to find out how the payee is paid is to check the status
by clicking on the lighting bolt in the registry which will show a
process date and due by date.
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Stubby
Guest
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| Posted:
Sun Oct 23, 2005 10:27 pm Post subject:
Re: Quicken online payment |
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ob wrote:
| Quote: | goto Quicken FAQ read the section on payee list lead times. Quicken in
version 2005-6 changed the way the payee lead time is calculated. No
longer cares if the payee is processed by EFT or check. It assigns it a
standard 4 day lead time.
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Quicken isn't the problem, it's the new banking laws that dictate
whether an electronic transaction can be used. |
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Mike B
Guest
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| Posted:
Mon Oct 24, 2005 12:02 am Post subject:
Re: Quicken online payment |
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"ob" <ob995@hotmail.com> wrote in message
news:1130094482.986806.307870@g47g2000cwa.googlegroups.com
| Quote: |
QUICKEN CHANGED THEY WAY THERE SOFTWARE WORKS. I AM SURE SOME BANKS
COMPLAINED OR ASKED QUICKEN TO DO THIS. ONLY PEOPLE BENFITING FROM
THIS CHANGE ARE THE BANKS WHO GET MORE TIME TO PROCESS YOUR PAYMENTS.
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I'm sorry to pop your bubble, but I used Quicken 2004 and now use Quicken
2006. There has been no change in the way my online payees work. I still
have the EFT payees with a 2-day lead time and the check payees with a 5-day
lead time.
--
Mike B |
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Z Man
Guest
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| Posted:
Mon Oct 24, 2005 12:02 am Post subject:
Re: Quicken online payment |
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"ob" <ob995@hotmail.com> wrote in message
news:1130094482.986806.307870@g47g2000cwa.googlegroups.com...
| Quote: | Are you on drugs or just plain stupid? Older version of Quicken and new
version of Quicken pay the same people by EFT. Quicken changed there
software so you must enter all payment a min of 4 days in advance now.
in version prior to 2005 lead time for EFT was payees was 2 days and
check payees was 4 days.
Now if you saying there a law that forced Quicken to this you are again
plan stupid or on drugs. I can goto www.citibank.com and make a payment
for tommorow for any payee I want. If i downgrade back to Quicken 2004
all EFT payee lead time change to 2 days.
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I have been paying bills via the Citibank web site for years, but thus far I
have made only two payments through Quicken. I can certainly confirm that
you can schedule payment for the next day on Citibank's web site through
11:59PM, and I have done this may times. Yesterday, I set up my 2nd ever
payment via Quicken, and the earliest date I could get was 10/27. It doesn't
appear to me that anyone derives a 'float' advantage from the several days
lead time, but Quicken users have to make certain that they allow ample time
when scheduling payments. For me, this won't be a problem because I
generally pay early anyhow. |
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ob
Guest
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| Posted:
Mon Oct 24, 2005 12:02 am Post subject:
Re: Quicken online payment |
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Are you on drugs or just plain stupid? Older version of Quicken and new
version of Quicken pay the same people by EFT. Quicken changed there
software so you must enter all payment a min of 4 days in advance now.
in version prior to 2005 lead time for EFT was payees was 2 days and
check payees was 4 days.
Now if you saying there a law that forced Quicken to this you are again
plan stupid or on drugs. I can goto www.citibank.com and make a payment
for tommorow for any payee I want. If i downgrade back to Quicken 2004
all EFT payee lead time change to 2 days.
QUICKEN CHANGED THEY WAY THERE SOFTWARE WORKS. I AM SURE SOME BANKS
COMPLAINED OR ASKED QUICKEN TO DO THIS. ONLY PEOPLE BENFITING FROM THIS
CHANGE ARE THE BANKS WHO GET MORE TIME TO PROCESS YOUR PAYMENTS. |
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Z Man
Guest
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| Posted:
Mon Oct 24, 2005 6:19 am Post subject:
Re: Quicken online payment |
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"Mike B" <mxbNoSpam@ev1.net> wrote in message
news:11lo4t3e0e00be0@corp.supernews.com...
| Quote: | "ob" <ob995@hotmail.com> wrote in message
news:1130094482.986806.307870@g47g2000cwa.googlegroups.com
QUICKEN CHANGED THEY WAY THERE SOFTWARE WORKS. I AM SURE SOME BANKS
COMPLAINED OR ASKED QUICKEN TO DO THIS. ONLY PEOPLE BENFITING FROM
THIS CHANGE ARE THE BANKS WHO GET MORE TIME TO PROCESS YOUR PAYMENTS.
I'm sorry to pop your bubble, but I used Quicken 2004 and now use Quicken
2006. There has been no change in the way my online payees work. I still
have the EFT payees with a 2-day lead time and the check payees with a
5-day lead time.
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There is something peculiar about the way Quicken does lead times. I have
made only two online payments thus far. I set up my second payment a couple
of days ago, and the soonest I could get the payment scheduled was 10/27,
which is five days as you indicated. However, this particular payment is
from my Citibank checking account to my Citibank credit card. I could have
done a transfer online and that transaction would have cleared
instantaneously, but I decided to do the Quicken payment anyhow. Although
they forced me to go out five days, there is no way Citibank is going to
send itself a check for this payment...it will be done by EFT. Bottom line,
there does not seem to be a direct relationship between the lead time and
the payment method, as least based upon my rather skimpy experience. I am
running Quicken 2006 Premier Home and Business. I did not make online
payment through Quicken under prior versions (although I have been
maintaining my finances on Quicken since 1/1/95) so I cannot say whether
2006 treats payments differently from prior versions. |
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ob
Guest
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| Posted:
Mon Oct 24, 2005 6:39 am Post subject:
Re: Quicken online payment |
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Well ask ZMAN for some strange reason then Citibank and Quiken did
something then. In Quicken 2006 all payees report a 4 day lead time now
does not matter if the payee is EFT or Check forcing you to pick a day
that is 5 bussiness days from today. Not sure why. If I reinstall
Quicken 2004 EFT pays report a 2 day lead time and payee paid by check
report a 4 day lead time. Not sure if the change is a bug between
Quicken and Citibank bill pay providor as Citibank still uses Checkfree
and Inuit has switched to Metavante. Also process date and due date
reported in both 2004 and 2006 seem to be same. All EFT payee are
processed 1 day before due date and all payee paid by check are
processed 4 days before due date.
So i am not sure if the lead time between banks is differnt or not as
every bank I guess can set up there own paramenters. Just know with my
Citibank account based out of New York this is how it works.
Citibank Does pay there credit card via EFT once the payment is made
ZMAN can confirm that the payment was processed 1 day before the due
date. And the next time he makes a payment using the same payee under
2006 he will be forced to pick a day that is 5+ because Quicken 2006
with Citibank reports lead time of 4 days no matter the payee or
method. This was not the case in 2004 or below.
I know for a fact that lead time has nothing to do with laws being
changed like Stubby said. |
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Mike
Guest
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| Posted:
Mon Oct 24, 2005 4:02 pm Post subject:
Re: Quicken online payment |
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Z Man wrote:
| Quote: | There is something peculiar about the way Quicken does lead times. I have
made only two online payments thus far. I set up my second payment a couple
of days ago, and the soonest I could get the payment scheduled was 10/27,
which is five days as you indicated. However, this particular payment is
from my Citibank checking account to my Citibank credit card. I could have
done a transfer online and that transaction would have cleared
instantaneously, but I decided to do the Quicken payment anyhow. Although
they forced me to go out five days, there is no way Citibank is going to
send itself a check for this payment...it will be done by EFT. Bottom line,
there does not seem to be a direct relationship between the lead time and
the payment method, as least based upon my rather skimpy experience. I am
running Quicken 2006 Premier Home and Business. I did not make online
payment through Quicken under prior versions (although I have been
maintaining my finances on Quicken since 1/1/95) so I cannot say whether
2006 treats payments differently from prior versions.
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The first payment to any particular payee is usually scheduled with the
most pessimistic lead time. At the time it is processed, the actual
lead time is determined and then transmitted back to Quicken on the
next one-step update. After that Quicken will have the correct lead
time for that particular payee.
Mike |
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Mike
Guest
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| Posted:
Mon Oct 24, 2005 4:02 pm Post subject:
Re: Quicken online payment |
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ob wrote:
| Quote: | Well ask ZMAN for some strange reason then Citibank and Quiken did
something then. In Quicken 2006 all payees report a 4 day lead time now
does not matter if the payee is EFT or Check forcing you to pick a day
that is 5 bussiness days from today. Not sure why. If I reinstall
Quicken 2004 EFT pays report a 2 day lead time and payee paid by check
report a 4 day lead time. Not sure if the change is a bug between
Quicken and Citibank bill pay providor as Citibank still uses Checkfree
and Inuit has switched to Metavante. Also process date and due date
reported in both 2004 and 2006 seem to be same. All EFT payee are
processed 1 day before due date and all payee paid by check are
processed 4 days before due date.
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The billpay institution has very little to do with it. Metavante
process Quicken Bill Pay payments. Citibank will have its own bill pay
processor (could be that it is CheckFree, I don't know). It is just
that the two are not congruent to one another.
| Quote: |
So i am not sure if the lead time between banks is differnt or not as
every bank I guess can set up there own paramenters. Just know with my
Citibank account based out of New York this is how it works.
Citibank Does pay there credit card via EFT once the payment is made
ZMAN can confirm that the payment was processed 1 day before the due
date. And the next time he makes a payment using the same payee under
2006 he will be forced to pick a day that is 5+ because Quicken 2006
with Citibank reports lead time of 4 days no matter the payee or
method. This was not the case in 2004 or below.
I know for a fact that lead time has nothing to do with laws being
changed like Stubby said.
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Not that I disagree with you on this, but what "facts" can you cite to
back up your position?
Mike |
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ob
Guest
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| Posted:
Mon Oct 24, 2005 9:15 pm Post subject:
Re: Quicken online payment |
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I was using 2004 and in 2004 deluxe that was the way it worked. I did
not notice this was even the case till I started writing posting to
this thread as you can see my orignal post was check the payee list and
all payee that report 2 should be EFT. When the OP posted reported
Chase Credit Card required 4 days is when I looked in my payee list and
noticed all payee where 4 days too.
I reinstalled Quicken 2004 and restored and old Quicken file I had as I
back up (was not current but used that file for test purposes
only).Then looked at all my Payee which all EFT where reporting 2 day
lead time then I made 1 payment to Amex using 2004 where I could infact
schedule a payment 3 days before the due date. After I made the payment
looked again at the payee list all payee that are paid by EFT still had
a 2 day lead time.
Then I went back and installed 2006 and imported the 2004 file and all
payee who where paid by EFT showed Lead Time of 2 days. The first time
I did 1 set up with Quicken to Citibank all payee changed to 4 day lead
time.
That is why I thought orginally Quicken did something to change the way
lead time is calculated. But if it still works correctly for you Mike
then maybe the problem is a bug between Quicken 2006 and Citibank I
guess as it works differnt in Quicken 2004 and Quicken 2006. Sorry dont
have 2005 test. |
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Notan
Guest
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| Posted:
Mon Oct 24, 2005 9:28 pm Post subject:
Re: Quicken online payment |
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ob wrote:
| Quote: |
I was using 2004 and in 2004 deluxe that was the way it worked. I did
not notice this was even the case till I started writing posting to
this thread as you can see my orignal post was check the payee list and
all payee that report 2 should be EFT. When the OP posted reported
Chase Credit Card required 4 days is when I looked in my payee list and
noticed all payee where 4 days too.
snip
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Very strange...
This morning, I went to make 2 online payments, and both appeared as
0 (zero) day Lead Times. (They're both utility companies.) When I
attempted to go online and make the payments, Quicken told me that
it was too late to make these payments. Wells Fargo CS confirmed
that there's no such thing as a 0 day Lead Time, and that they (WF)
had both companies listed as 2 day Lead Times. An attempt at making
payments with 2 day Lead Times resulted in the same "it's too late"
message. A final attempt, with the standard 4 day Lead Time, and both
transactions completed.
Notan |
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ob
Guest
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| Posted:
Tue Oct 25, 2005 12:01 am Post subject:
Re: Quicken online payment |
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Well if people have the same problem I noticed that Payee lead time in
2006 is calculated wrong except with Inuit own bill pay then there
might be a bug in Quicken 2006 or a bug in the interaction between some
3rd party providers bill pay systems and Quicken 2006.
Notan what version where you useing? 2004/2005/2006? Do you know if
Wells Fargo contracts out with Checkfree or Metavante or has there own?
Btw both my 2004 and 2006 are Deluxe not sure if flavor of Quicken
matters or not. Just seems strange the problem his being reported
differntly by both Citibank and Wells Fargo customers. Might be a
problem with the way lead time is reported by each company server and
how Quicken 2006 uses that info.
Mike also what bank do you use? or do you have Inuit own bill pay
service? And do you know who owns bill pay server? |
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Notan
Guest
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| Posted:
Tue Oct 25, 2005 12:02 am Post subject:
Re: Quicken online payment |
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ob wrote:
| Quote: |
Well if people have the same problem I noticed that Payee lead time in
2006 is calculated wrong except with Inuit own bill pay then there
might be a bug in Quicken 2006 or a bug in the interaction between some
3rd party providers bill pay systems and Quicken 2006.
Notan what version where you useing? 2004/2005/2006? Do you know if
Wells Fargo contracts out with Checkfree or Metavante or has there own?
Btw both my 2004 and 2006 are Deluxe not sure if flavor of Quicken
matters or not. Just seems strange the problem his being reported
differntly by both Citibank and Wells Fargo customers. Might be a
problem with the way lead time is reported by each company server and
how Quicken 2006 uses that info.
Mike also what bank do you use? or do you have Inuit own bill pay
service? And do you know who owns bill pay server?
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I'm using Q2006 Premier.
While I know Wells Fargo used CheckFree in the past, I'm not sure if they
still do. The most recent Googled article, I could find, was dated 2002.
Notan |
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