[QUOTE=fluiddruid]
So they pay the cost of mailing and get interest for a couple weeks at best? Sounds like a fair trade to me. My bank does the exact same thing.
[/QUOTE]
They save a ton of money by having people use Bill Pay. The vast majority of the payments are electronic, and cost them virutually nothing to process - much cheaper than processing a check mailed to the company. That’s why they are pushing the service so hard - every time someone uses the Bill Pay service instead of writing a check out by hand, they save money.
It’s not a bank draft or cashier’s check - it’s just a regular check.
Interest for a couple weeks (or up to 90 days - a full calendar quarter!) is money that should be mine (and which I thought WAS mine). Multiplied by everyone that uses the service it’s a whole lot of money. In my opinion, they should debit the account when the check is cashed - as has been the practice as long as I’ve been writing checks! I’m not sure how it would occur to anyone that it should be different.