Why does online bill pay take so long? I'm frustrated because banks say to have a date to deliver by but it never happens. For every single bill I pay using Bank of America I have to make sure it occurs immediately because there is always problems.
Apparently they still mail actual checks to companies. What sort of companies? Like CC, utilities, cell phones, anything. I can't believe they mail out an physical check 5-6 days before the delivery date.
This really confuses me as to why this happens? Why isn't everything electronic? Why aren't the banks just zapping the money over immediately and it appears that day? A money transfer between two banks (ING and BofA) takes 2-3 days? Do you ever wonder how and why? Or when you roll money from one investment account to another? It takes 10 business days to allow things to happen.
Do you use online banking? Do you find it is convient or inconvient? I find it convient in that I don't have to write checks, but that waiting for the company to actually cut a check is sometimes more frustrating. It feels like for all progress we have made in technology we still haven't done anything in the banking industry.