Wednesday, January 30

The Modern Check Bounce

I started transitioning all my bills to online payments. One of the billing companies recently implemented an e-bill/payment method on their website. In this case, I have to pay using my bank account information. Anyway, I got charged $20 for not having inputted the correct routing #. I missed 1 digit. Now, I think there is a better way than finding out a month later (when my next bill arrives) that my payment did not go through. There should be an alert or flag for this from the website. It is like bouncing a check the customer service rep told me. Bouncing a check, in the past meant that the actual check went from desk to desk, from bank to businesses. It would go through a long winded process. It wasted the time of bankers and accountants when an account would have insufficient funds. In this age of the internet, this all happens electronically. There is no waste of man hours when the transaction is done electronically. The website could be designed better. A credit card option should be added. Pay for a decent web master people! It should have a flag when incorrect info gets rejected by a bank. This can happen instantly. The bank electronically tells the billing company, then the billing company sends an email to the customer alerting the mistake.
These transactions between banks and the billing companies have to get with the modern era of ATM's, E-trade and Paypal . A $20 penalty for bouncing a check, is fine. A $20 fee for a type-O, is bull shit.

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