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Quickbooks Banking practices
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Posted by slhalufska
(64.136.27.26) on May 10, 2003 at 21:17:49:
Has anyone run across this problem?
I use Quickbooks to pay my bills online through my bank. Since Oct. 2002, they have changed their practice to withdrawing funds from my bank account on the date that I authorize payment, rather than when the check clears the bank. As a result, I've incurred several overdrafts. I argued with them that this does not seem legal because a check really has no value until presented to the bank, yet they claim that they must withdraw the funds in order to cut the check. My claim is that the account is MINE and if I authorize a check for $5000 to my brother & my brother hangs onto that check for a year, where the heck is that $5000? Certainly not in my account! Who's making money off that check? A check is simply a piece of paper until redeemed by the payee. Does not seem legal to me - just hoping that maybe someone else has run across this problem and come to a solution. Thanks for your help. ph0942@netzero.com
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