Folks,
Just started to use BofA's Bill Pay. When I entered a pay order to another account it only accepted it with a "delivery date" next Monday. Five days! Another payment made on the weekend is still "processing".
Where are we? In the Flintstonian age? When I was living in Europe _decades_ ago this stuff happened within minutes. Here, banking electrons seem to be like molasses in Siberia.
We need a Banking-Trump ...
-- Regards, Joerg http://www.analogconsultants.com/
"Processing" just means not yet "officially" posted, which occurs each night.
BofA sucks, for many other reasons.
Multi-day Bill Pay occurs because the recipient doesn't have a transfer account set up with BofA and actually is paid via a check... my water bill is like that. Most of my Bill-Pays post next day from entry.
"Bill Pay" is different from "Transfers"... account-to-account transfers occur relatively fast... somewhat pokey with BofA, instantaneous with Chase. ...Jim Thompson
--
| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
Political correctness and despotism go hand-in-hand.
Political correctness is just another word for control.
As Voltaire said, "To learn who rules over you, simply find out
who you are not allowed to criticize."
Things are pretty barbaric. The "new" chip cards are absurd too, ancient technology.
-- John Larkin Highland Technology, Inc picosecond timing precision measurement jlarkin att highlandtechnology dott com http://www.highlandtechnology.com
The local branch sure does, lots of waiting in line. But hardly any serious competition out here.
However, they have them preset as Bill Pay recipient, meaning you can just click that recipient. If it was a check they could not offer this for free.
I thought that was what Bill Pay is. If a vendor sets it up with BofA there is no reason why not to do an electronic transfer.
Anyhow, it kind of leads this whole online banking ad absurdum if it's all translated back into the old smoke signaling and stage coach transport behind the curtains.
-- Regards, Joerg http://www.analogconsultants.com/
Yes. In many ways the US is leading in technology but not when it comes to banking technology. There we are decades behind. Same in real estate. It took exactly 7-1/2 minutes to sell our house in Germany. Here it took a whole month to buy one because, as we were told, "escrow just takes that long". It's like waiting for the Cartwrights to ride into town.
-- Regards, Joerg http://www.analogconsultants.com/
A whole lot of your grief is Californica-specific.
(One of my major accounts recently left Californica for Austin, TX, citing Californica regs and taxes as the reason.) ...Jim Thompson
--
| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
Political correctness and despotism go hand-in-hand.
Political correctness is just another word for control.
As Voltaire said, "To learn who rules over you, simply find out
who you are not allowed to criticize."
That's why I'm gradually moving everything to Chase... BofA here closed all their drive-ups.
If you dig into details you find a check is issued.
What annoys me... if I deposit cash I have to show ID. ...Jim Thompson
--
| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
Political correctness and despotism go hand-in-hand.
Political correctness is just another word for control.
As Voltaire said, "To learn who rules over you, simply find out
who you are not allowed to criticize."
Same here. Most of my work now comes from Texas and similar places. It required me to shift my work day and I have to get up a 6:30am. Not a big deal though and it also means we that can have dinner earlier because work from California is rare.
Regs don't explain that medieval Bill-Pay performance though. Our bankers should visit Europe and see how it's done right.
-- Regards, Joerg http://www.analogconsultants.com/
History. Banks are not dot com startups and here they are stuck in the
70s. The whole monthly statement thing came from the need to periodically verify your account status. When they started using computers they would data entry to tape and the tape would be run once a month by a computer service. Eventually banks got their own computers, but still the monthly run to generate statements. Eventually the figured out the internet and they started allowing ACH transfers to send money. But ACH is *slow* for no earthly reason I know of. In the early days they still were handling tapes!!! Now that it is all electronic, they still have not modified the timing. There is also little accountability. I had a very slow transfer between two of my accounts at different banks and each one pointed a finger to the other...Yup, it all sucks. My present bank can't even provide an image of my online checks if sent by the third party online payment company or of my deposit slips. Not one bank that I have found will let me access my transactions online for more than a few months. They expect me to pull down monthly PDF statements!!!
It's time for Google to take over banking.
-- Rick C
You see the world through very simple glasses, don't you?
-- Rick C
Not the European banks. I opened an engineering office while living there in 1989 and because I was almost instantly swamped with assignments I let a local contractor do the carpeting, wall paper and so on. He dropped the invoice by early one morning. I had to go into town anyhow so I filled out a machine-readable transfer slip, put the amount, their bank name, routing number and account number on it, walked past my bank, it went into the machine ... rat-tat-tat-chomp ... beep ... got a receipt. The same day the contractor told me that I was the fastest payer they ever had.
Bankers do not seem to understand technology. Just like the makers of pellet stove, bicycle electronics, and so on. There are myriad opportunities for engineers to fix all this if they'd only let us.
That is (so far) the only positive I saw in online banking. I could pull the copy of a cancelled check, both sides. That is nice to have alongside the usual statement of receipt by the charity when making a larger donation.
However, and this boggles the mind, while my bank lets people with smart phones post checks via their phones camera they do not allow same via scanner and online banking on the PC. Even though the scan would be of way higher quality. You have to stand in line while there is only one teller and 3-5 other bank employees sitting or milling about.
That I wouldn't like. They should haul in a few thousand European bankers and let them clean house.
-- Regards, Joerg http://www.analogconsultants.com/
No, I lived there and know.
-- Regards, Joerg http://www.analogconsultants.com/
I guess they like hanging on to your money and the interest on it for as long as they think they can get away with it...
It does vary a bit between countries in Europe though.
UK has almost given up on cheques entirely now with chip&PIN having taken over. Internet banking will let me move money almost instantly to pay any bill once I have verified who I am with a local chip&PIN reader and sent back a code generated by it in combination with a txt to my phone. Repeat payments don't need this "did you intend to pay X" test. They guarantee money to recipient account within 3 hours. Bills also come with QR codes on that will also let you pay by smartphone bank app.
Belgium has had a push payment all electronic system and eCash since before the start of this millenium. Many people pretty much gave up on cash for small purchases in Euros since eCash on a bank card was easier. No need for a pocket full of small change just use the card even for tiny purchases and no extra fees for doing it.
-- Regards, Martin Brown
Even back in the 70's and 80's I can't remember the last time I used a check over in Europe. The bank gave me a small book of checks but that just sat in a locked drawer. After I moved to the US the bank gave me a huge stack of checks and I was "WHAT??". It felt like a step back into the days of the Ford Model T.
-- Regards, Joerg http://www.analogconsultants.com/
here there are no checks anymore it stopped at the end of 2016
We may be there soon as well. In, oh, maybe 15-20 years :-)
-- Regards, Joerg http://www.analogconsultants.com/
and it's not like the banks here were moving fast, I've never written a check in my life
The only checks we write... the wife's hairdresser who doesn't take cards because the banks charge a percentage, credit OR debit. ...Jim Thompson
--
| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
Political correctness and despotism go hand-in-hand.
Political correctness is just another word for control.
As Voltaire said, "To learn who rules over you, simply find out
who you are not allowed to criticize."
Den torsdag den 5. januar 2017 kl. 00.30.52 UTC+1 skrev Jim Thompson:
here the banks formed a coop that handled a national card the by law can't have any fees, it must be treated like cash.
It does cost a store an annual fee to accept cards but compared to handling cash it is nothing
and anyone can with a card and a cellphone can send or receive money
I think that will happen soon here. The Trump campaign pledged major overhaul of banking rules. ...Jim Thompson
--
| James E.Thompson | mens |
| Analog Innovations | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| STV, Queen Creek, AZ 85142 Skype: skypeanalog | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
Political correctness and despotism go hand-in-hand.
Political correctness is just another word for control.
As Voltaire said, "To learn who rules over you, simply find out
who you are not allowed to criticize."
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