Method of Payment
Posted on October 6, 2008 - Filed Under Business |
My bills have been automated beyond recognition. Except one. Some city municipality is operating in the stone ages still and only accepts payment in the form of chickens and goats. Irritating.
Bill Pay, in addition to electronic payments, can send paper checks. Type in the contact information and within a few days, a paper check arrives at the destination. Now unless you’ve been living under a rock, most people know this.
Usually when a check is sent, the check does not clear until the other party cashes it. With Bill Pay sends a check, it is cleared when it leaves the bank. I had no idea this was occurring. When I would check my account at the end of the week, I’d see the check had been cashed and leave it at that.
What I did was turn around and tell my tenants that I would no longer accept personal checks. Payment was either as a cashiers check or as a “Bill Pay” check. They adhered to the new policy readily enough.
One tenant offered to transfer the money into my account but they had Bank of America. One of the few banks still left standing. But Wells Fargo is my bank so no transfers.
So far I’ve never had reason to suspect that a personal check would bounce. But it is nice to have that extra little bit of insurance that the checks will clear.
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Disseminate on August 10th, 2007
This website was sent to me the other day: .
Stretch on January 25th, 2007
A knock at my door was followed by an interesting question:
"Clifford, my dad is going to help me buy something.
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