Videos
What is Bill Pay?
Is there a fee for using Bill Pay through Bank of America?
What is a Pay To or a Pay From account within online bill pay?
A Pay To account is a business or individual to whom you will be making payments. A Pay From account is one of your accounts, either personal or small business, from which payments are sent in order to pay that business or individual.
What's with Bill Pay?
Here's the story: I used my local bank's Bill Pay service to pay my rent for years. All good, until it wasn't.
Landlord at several points requested I use Zelle, but my bank's relationship with Zelle would not permit sending from business account, only personal. Because the lease was in the name of my LLC, I wanted to keep transactions separate even though I suppose because of the LLC, it wouldn't ultimately matter to the IRS. But there it is.
Some time during 2022, Landlord texts to say he hasn't received rent check. I check with the bank. "Yes, it was sent and yes, we deducted the amount from your account. Sometimes we deduct the amount whether the money has cleared or not, but that's the way it is."
OK. Grrrrr. I'd LOVE to hear the facts on this from Reddit banking pros, please.
Flash forward to 2023. Same issue with rent check not received by Landlord. Same convo with bank. Cancel and reschedule payments. Nothing gets to the Landlord for 3 months despite my online / telephone efforts.
Eventually, I deliver the back / and next month's rent in cash to Landlord.
Bank says it's definitely NOT their fault. AGAIN: Bank Pros please weigh in.
I suspect that the Landlord was setting me up to get me out of the space "for cause" since I later learn he had another tenant in the building willing to take my space at the significantly higher rent he was asking for.
Loved the space. Had been there twenty years. Moving was going to suck, but...glad I'm out of there.
As of the end of this year, I will have severed all ties with that bank AND the Landlord.
Help me understand it from the bank's perspective.