Wednesday, July 13, 2011

Wachovia Billpay is Changing

At the end of this month Wachovia and Wells Fargo will complete their on-line merge. This was the only important change I noted:

Wells Fargo Bill Pay works differently from Wachovia BillPay. At Wells Fargo, funds to pay your bills will be withdrawn from your account up to 5 business days earlier than they were at Wachovia. Over 80% of Wells Fargo payees accept electronic payments and the average transaction time for those is 2 business days. However, for payees that cannot accept electronic payments, up to 5 business days are required to deliver the payment via the U.S. Postal Service.

I once lived with a roomy and had Wachovia mail them a monthly rent check. Sometimes the check would arrive a few days before the first and the money was still in my account.

If you live paycheck to paycheck, this is important information to know!