🚀 go-pugleaf

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

 CW> Is it basically just an electronic check writing service?

Yes.  They can electronically transfer the funds to your payee.  If that doesn't work they can electronically transfer the funds to themselves and generate a lazer check from their account.  If that doesn't work, they can duplicate your check, drawing the funds from your account.

I've seen all 3 methods used on my accounts.

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

With CheckFree, your are limited to one checking account, but you can add and delete payee's at will.  Similar to your LA bank, you can specify what date you want your payee to receive the money.

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

I see about 4 out of 12 of my payee's receiving their funds electronically.  Usually they are the more forward thinking ones, like my student loan company that provides balance information from a touch tone phone, and the larger credit card companies that wish to reduce any manual steps possible.

I've heard that with large transactions (>$500) they tend to print a check.

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

Sort of.  Managing Your Money gives you the capabilities you speak of, but you must enter and reconcile all the accounts "manually" on your own computer.  Twice a month, I spend an hour entering receipts and transactions.  Then I reconcile any statements, transfer any funds necessary, then have the computer dial-up CheckFree (wbtw, is a local call).

Chris.Stevens@p1.f400.n109.z1.FidoNet.Org


 * Origin: Stevens Point of The BUG BBS - Greenbelt, MD  (1:109/400.1)