🚀 go-pugleaf

In <15058@oasys.dt.navy.mil> curt@oasys.dt.navy.mil (Curt Welch) writes:

>Ok. What is Checkfree?  Could some of you explain a little more about
>just what it does and how you use it?

Checkfree is a business that pays bills for you.  The interface to them is
via an IBM or MAC type computer and modem.  In it's most sophisticated form
it comes bundled with applications like Quicken from Intuit, but from what
I've seen, the stand alone Checkfree program is not too bad by itself.

>Is it basically just an electronic check writing service?

Saying it's _just_ an electronic check writing service seems to give them
less credit than they deserve.  Yes, they will print checks (as a last
resort), but the greatest part of their interface to the payee is via 
the nationwide electronic banking network.  I presume that they are a
bank (as far as the Federal Reserve is concerned) and they operate via
that network.  More than paying your bills however, they are also in the
business of supporting you as the bill payer by thourally documenting 
the transactions and fighting with the payee, if necessary, on your
behalf.

>I've seen a phone billing paying service that was offered by a bank in
>LA many years ago.  Any company you wanted to write checks to had
>to be pre-registered with them.  They would give you a 2 digit code
>for each company.  Using your touch tone phone, you could call up and
>tell them to send money to any of the companies.  You could also do
>nice things like specify a date in the future when you wanted the
>money sent.  I assumed they were using some type of electronc fund
>tranfer system, but latter found out that they were just printing
>checks and sending through the mail.

With checkfree, you enter the payee information and transmit it to them.
They verify the payee and determine the most effective method of payment.
They provide an internal reference number for each transaction for use in
inquiries.

>This Checkfree system sounds similar, but more advanced.  It sounds
>like you get to use a PC (or Mac) to enter the data, and is sounds
>like they actuall send the funds electroniclly most the time.  Is this
>what it is?

Any payee that can be payed electronically, will be.  Only those places that
cannot be are sent paper checks.  One of the nice features is the ability
to pay debts from a checkbook-type interface that tracks the payments for
you.  There is also a built-in feature for sending email-style inquiries
regarding your transactions.

>What I keep dreaming about is the day when my bills are electronicly
>sent to a service like this - instead of being mailed to me.  I want
>to be able to log in to the service, examine my bills, and specify which
>ones get paid when.  I like the same system to give me access to all
>my bank records, and all my past bills.  Are we getting any closer
>to seeing this?

Actually, Checkfree can operate this way, but it is still not very wide-spread.
Compuserve, for example, has an option of billing to Checkfree.  Every month,
they bill me (via Checkfree) and I get a transaction notice with my bank
statement.  The facilities seem to be in place for this feature, but I have
not seen many payees 'sign up' for the service.
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