Something I received from Wells Fargo regarding their Bill Pay system:
All payments issued through your Bill Pay service are made with guaranteed funds. Since the payment amount is deducted from your available balance when the payment is processed, the funds are guaranteed to be available when the payee cashes the check or applies the electronic payment. The proof of payment should be shown on the next bill you receive from the merchant.
Let me clarify the catch here: THERE IS NO WAY TO CHECK TO SEE IF THE CHECK HAS BEEN CASHED THROUGH WELLS FARGO BILL PAY. Specifically, if you issue a payment, and the check they issue is never cashed, the money just vanishes from your account and is never found elsewhere. To get the money back, you have to initiate an inquiry into check’s statement, which takes a couple of days and usually a phone call or three to a bank employee.
No related posts.
