There is something rotten with Joerg's billpay. I just paid my monthly bills and at 7:45 PM every payee that didn't get paid by check (my HOA and my ISP, a one man shop) had the option of payment by TOMORROW or the next day... every single one of them.
Yes, we are clearly living in the age of stagecoaches.
I think Joerg needs a new bank. The one he has can't even tell him the status of the payments he makes.
-- Rick C
Why does the receiving bank care whether the cheque is mailed to you and you scan it or it is "scanned" by the bunch of lazy cowboys running this so called US electronic funds transfer system with paper cheques?
-- Regards, Martin Brown
Return it uncleared.
In the UK new build homes have sometimes had their gas supply cut off
Not the weirdest one by a long way but the first hit I found. Their systems have improved a bit after much ridicule! nPower is now the butt of most bad billing jokes.
-- Regards, Martin Brown
That's easy. I am not authorized to receive ACH transfers.
Perhaps we are talking at cross purposes here.
It is very hard to comprehend a banking system where genuine electronic payments to personal bank accounts are impossible.
What is the difference between you scanning a cheque and emailing it to your bank and a third party scanning it and emailing it to your bank. Either way they get an image of a cheque made out to you and to be paid into your account but in the latter case the physical paper doesn't have to be physically posted in the mail to you. What is not to like?
-- Regards, Martin Brown
Probably.
Sure it's possible. From an individual to an individual, it's (very) expensive, though. If you give me a paper check, I can deposit it electronically without charge, though (subsidized by my bank, of course).
It's not emailed. It's a secured transaction between me and my bank.
Security.
But it is routine in the ROW and has been for decades.
OK. But there is no reason why a third party cannot do a secured transaction with your bank to make a payment to you. The image of the cheque they want to pay you with is all that the bank needs these days.
The third party doesn't have to use your sign in details. They probably do need to prove who they are to avoid money laundering problems. They need to know your bank account number and sort code though. Almost all businesses in the UK prefer this method of payment since the bank doesn't charge a fee for FastPay ETF business to business (or for individual to individual) whereas businesses do pay to bank cheques. (and then you have postal and clearing delays on top of that)
-- Regards, Martin Brown
Should I be impressed?
Sure there is. They haven't set up an account with the bank. The bank hasn't a clue who they are.
Why would a business want to send me money? They can, an I wouldn't turn them down but...
ElectronDepot website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.