This post has been closed and is not open for comments or answers.
Quicken Community Home Page

Quicken Bill Pay vs. Bank Bill Pay (Value?)

Hello All,I'm a new Quicken Home & Business 2007 user (just downloaded and installed it yesterday_ still getting everything set up).This may be almost a "Pre-Quicken 101" question, but:I am not clear on what advantages (if any), Quicken's Bill Pay feature / service (@ $9.95/mo.) gives me, that my bank's online Bill Pay feature / service (@ $0.00/mo., aka FREE) does not give me. (?)Any input in this realm would be much appreciated, before I sign up for Quicken Bill Pay (it won't take a lot for it to be worth $10/mo. to me ... but if there's truly no advantage, I don't want to waste $10/mo. for no reason, either.)And per the logical comment, "Well, I don't know what your bank's Bill Pay program is like") - my bank is BB&T (large regional bank in the South East) - and their Bill Pay service is very standard. Before moving to the East Coast, I banked with Wells Fargo, and the bill pay features were very similar (in case that helps, in any way).If I understand correctly, if I continue to manage Bill Pay via my bank, Quicken will still download all applicable info, as it does with every other bank account-related transaction -- so I don't really see any gain, or extra convenience, to using Quicken Bill Pay.Am I missing anything?Thanks in advance for any input / info.Doug
    Quote:" Quicken Bill Pay vs. Bank Bill Pay (Value?): Hello All, I'm a new Quicken Home & Business 2007 user (just..."Just a quick thought, as a current Wells Fargo customer who doesn't use Quicken Bill Pay.  I think that "seamlessness" is one advantage.  You can pay bills directly from the software.  Right now, I pay bills on the web and then put them into Quicken.  Two separate steps - three if you count the subsequent download and transaction matching.  If you're only recording transactions after the fact, when they download, then this advantage will be less important to you, I suppose.Quicken Bill Pay works with multiple accounts, and I think that the extra integration would be pretty cool.  But the extra cost isn't worth it to me at this time.   http://www.quicken.com/notemplates/demo/billpay/
      Quote:" Quicken Bill Pay vs. Bank Bill Pay (Value?): Just a quick thought, as a current Wells Fargo customer who doesn't..."That's really helpful - thanks!I'll check out the demo, and go from there.You may well be right_ if going with Quicken Bill Pay allows for true "one-step functionality" - that's probably worth $10/mo. to me.Doug
        Quote:" Quicken Bill Pay vs. Bank Bill Pay (Value?): Just a quick thought, as a current Wells Fargo customer who doesn't..."The ability to enter bills to be paid in Quicken is not limited to Quicken Billpay_ some financial institutions offer the abilty to do that ... some do not._ Bank of America, All Other States, for example,_allows me to enter my billpay instructions in Quicken and transmit them to the bank when I do a One Step Update.
          Quote:" Quicken Bill Pay vs. Bank Bill Pay (Value?): The ability to enter bills to be paid in Quicken is not..."That's a great point, John.  For Wells Fargo, I use "Online Banking through Quicken" for $3.00 per month (even with a 'high end' PMA account!), which includes Direct Connect downloads.  "Bill Pay through Quicken" is $6.95 per month, which includes up to 25 bill payments per month_ each additional bill payment is $0.40.I used "Bill Pay through Quicken" with Wells a couple of years ago, and it worked well, with Bill Pay instructions (and secure messages as necessary) included in the One Step Update.  My earlier note only addressed my current process.
            Quote:" Quicken Bill Pay vs. Bank Bill Pay (Value?): Hello All, I'm a new Quicken Home & Business 2007 user (just..."http://www.bbt.com/personal/products/onlinebanking/billpayfaq.htmlWhy did you not bother looking at your bank's web page. Many bank support Quicken/MS Money directly and BBT is one of them. If your bank support Quicken directly like many banks do then your own banks service is better than Quicken own service for 2 reason.Quicken Service only support bill payment and it will not download cleared transaction at all vs your own bank system support downloading cleared transactions plus allows you to enter bill payments.BBT will waive the fee for Elite Gold, Elite Classic, SMART Money checking packages and only charges $3.95 for all other packages which is much cheaper than $9.95 Inuit charges for there bill pay service.
              Quote:" Quicken Bill Pay vs. Bank Bill Pay (Value?): Hello All, I'm a new Quicken Home & Business 2007 user (just..."As a former wells fargo bill pay customer, one major advantage of quicken bill pay is that withdraws for payments from your account do not occur until the payee cashes the check (or electronic payment received).  So for comparison, with Wells Fargo, they want me to set up a payment 6 days in advance to "allow for sufficient time to process" and they take it out the day you schedule it.  With Quicken bill pay, you specify the date, they process it on their own and will refund you up to $50 if it's late, all while not taking the money out of your account until the payee has deposited the money.