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Show Current Balance by subtracting any checks pending in Online BillPay

Right now, a member cannot see how much is really in the account after paying bills. If a payment has been logged into the payment module, it should be easy to reflect that pending payment in the current balance. Since it's all electronic, there shouldn't be any lag time and it would be much more like writing a check down in a check register and subtracting it as you go.

 

Once the payment module has all the checks submitted for payment, the current balance should reflect everything BECU knows is outgoing from the account.

17 Comments
Sightseer
I would love to see bill pay payments taken out of my pay from account. It would help me to keep a better idea of my balance status.
Pioneer
Status changed to: Check out this idea!
 
BECU Employee
Status changed to: Under BECU Review
 
Trailblazer

How about a way to add a check number into a ledger while that check awaits the recepient to attempt to deposit it? Say, I have check 1034 and I use it to issue a payment to someone for $100. Then I add a ledger line that removes $100 from my available balance and commits it to that check. When that check clears, it's matched and the ledger line is reconciled.

This is just like when you use a credit card to buy something, and they lock the money in your account so it's available to them when they attempt to take it.

BECU Employee

@PeterFA- Another interesting concept you're sharing! So do you mean you would somehow enter the check number and associated amount in your online banking? Cheers, KristinA 

Trailblazer

Yes, exactly. It would guarantee that the money is available to fulfill the check. In online banking, the user enters the details and the online banking software knows.

Sightseer

In my opinion, I'm not a fan because I schedule my bills about 6 months in advanced. I pay the same amount every month on/around same date and keep track of how much I need to deposit for that pay period separately to cover myself. If this feature was activated, it would show me "negative" all the time. 

Explorer

You said you >schedule< your bill payments. That means that they are date bracketed in the system. The system could be managed to only deduct those payments that are currently scheduled, ones that you figured would appropriately be paid against the funds in the account now. Those that were date-scheduled for the next month would be held until then and would not affect the "available balance"...

Community Manager
Status changed to: Further Consideration

@Mmattheisen0427 & @miryamgordon Thanks for the added conversation on this topic. We've reviewed this with our Digital team recently and it's been determined we're going to look at other enhancements first. Both your comments are definitely good feedback and have been shared internally for consideration down the road. Thanks! JohnS

Adventurer

I currently ask BECU to pay my rent and my monthly insurance premium, using the Payments option. When I do this, the money does not immediately come out of my account, for I predetermine on the online calendar when the check is to arrive, thereby assuring that I DO have sufficient funds when it arrives. However (comma) I have a difficult time remembering that the $82 premium check is 'out there.' 

I would really appreciate it if, on my checking account page, my Pending Payments could be shown in grey, as you do for me when a creditor has you put a payment on hold until they are sure I have the funds to pay them.

This would be a separate line, perhaps with a heading in a different color from the regular Pending, that would say Payments Pending.

My brain would so appreciate this reminder to keep that money in my account. I am a lazy user and rely totally on my online information. Please Fellow Mixers, do you use Payments? If so, would this help you, too?

Thank you.