Payment to a Bank Account


K

Ken Blake, MVP

I think I already know that the answer to my question below is "no,
you can't do that," but I'll ask anyway, just in case I'm wrong.

With very few exceptions, I write no checks. Some payments (to large
companies) are done automatically when they become due, either from my
checking account or my credit card account. And most of the rest are
done either by EFT from my bank (B of A) through Quicken Bill Payment,
or, for small vendors or individuals, by using Quicken Bill Payment to
send a check to the vendor or individual.

But to an occasional vendor I write a check. In most cases that vendor
then deposits the check in his bank account. So here's my question: to
a small vendor, or to an individual person, can I EFT an amount to his
bank account instead of having my bank send a check--in effect send a
check to his bank account rather than to his address? If so, how?

It probably doesn't matter, but in case it does, I'm currently using
Quicken Deluxe 2013, but it will shortly be Quicken Deluxe 2014.
 
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S

Sharxster

Ken Blake said:
I think I already know that the answer to my question below is
"no,
you can't do that," but I'll ask anyway, just in case I'm wrong.

With very few exceptions, I write no checks. Some payments (to
large
companies) are done automatically when they become due, either
from my
checking account or my credit card account. And most of the rest
are
done either by EFT from my bank (B of A) through Quicken Bill
Payment,
or, for small vendors or individuals, by using Quicken Bill
Payment to
send a check to the vendor or individual.

But to an occasional vendor I write a check. In most cases that
vendor
then deposits the check in his bank account. So here's my
question: to
a small vendor, or to an individual person, can I EFT an amount
to his
bank account instead of having my bank send a check--in effect
send a
check to his bank account rather than to his address? If so, how?

It probably doesn't matter, but in case it does, I'm currently
using
Quicken Deluxe 2013, but it will shortly be Quicken Deluxe 2014.

Ken, I can do that from my bank's web site. It accomplishes it via
e-mail. The receiver is not aware of MY bank's information and,
likewise, I remain unaware of the receiver's banking information.
It works by my bank sending the receiver a e-mail containing a
special code. When the receiver clicks on this code, it sets up the
transmission of the funds to an account of the receiver's. Most
banks, at least in Canada, allow this. No fee to the RECEIVER, a
small fee to the SENDER. My bank is the Canadian Imperial Bank of
Commerce (CIBC)
 
E

Edward

Ken, I can do that from my bank's web site. It accomplishes it via
e-mail. The receiver is not aware of MY bank's information and,
likewise, I remain unaware of the receiver's banking information.
It works by my bank sending the receiver a e-mail containing a
special code. When the receiver clicks on this code, it sets up the
transmission of the funds to an account of the receiver's. Most
banks, at least in Canada, allow this. No fee to the RECEIVER, a
small fee to the SENDER. My bank is the Canadian Imperial Bank of
Commerce (CIBC)
Regions Bank works the same way. If you know the other person's account
number, you can deposit it directly into their account. I believe it
takes a couple of days for the money to transfer.
 
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K

Ken Blake, MVP

Ken, I can do that from my bank's web site. It accomplishes it via
e-mail. The receiver is not aware of MY bank's information and,
likewise, I remain unaware of the receiver's banking information.
It works by my bank sending the receiver a e-mail containing a
special code. When the receiver clicks on this code, it sets up the
transmission of the funds to an account of the receiver's. Most
banks, at least in Canada, allow this. No fee to the RECEIVER, a
small fee to the SENDER. My bank is the Canadian Imperial Bank of
Commerce (CIBC)

Thanks. I don't know I could do that from my bank's web site, but to
tell the truth, I don't particularly care. Besides there being a fee,
it would be at least as much trouble as writing a check, so I don't
particularly want to do it. The advantage of Quicken Bill Payment
would be that the single action also creates an entry in my check
register. Your way I would still have to manually create the check
register entry.

No, it's not an enormous advantage, and considering how seldom I need
to do this, it's not a big deal. Still, if I could, I wanted to do it
that way.

But thanks again for your suggestion.
 

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