Whats in it for the Banks??

[TUalum0982]

We bank with several diff banks in town (BOK, IBC, and Chase).  I was at a Chase branch earlier this week making a deposit and paying our house payment and was surprised that I was almost "harrassed" into signing up for their FREE online bill pay service and the chance to get one of my bills paid by Chase every day.

This had me thinking, why are they pushing this so much?  I have never felt pressured or hassled at any other bank before, so why now?  I don't know if the other banks do it or not but has anyone else had this experience?

Is there any gain to the bank for me paying my bills from their website then the individual companies website that I am trying to pay?

The branch manager says they send over an electronic payment and if for some reason an electronic payment can't be made, they will mail a check or money order for that amount and pay the postage.  Seems kind of odd to me since this ends up costing them money in the long run.

Am I missing something here??

[BKDotCom]

The thinking is that once you've signed up for such services it adds to the hassle of changing banks.

The reason you got hassled so much is probably because the employee gets some sort of credit for each product they sign you up for (even if you don't end up using it and end up costing the bank money.)

I will say that it's much handier to have an all-in one place to pay bills (rather than doing it through all the separate websites).

Just as there's no free parking, there's no free billpay.   The bank is most likely paying a vendor a couple of bucks per month per user.   (note:  the bank doesn't print/mail the check, the vendor does)

Electronic statements (rather than mailing you statements) is cost saving for the bank.
Mailing stuff is expensive.

[FOTD]

We bank with several diff banks in town (BOK, IBC, and Chase).  I was at a Chase branch earlier this week making a deposit and paying our house payment and was surprised that I was almost "harrassed" into signing up for their FREE online bill pay service and the chance to get one of my bills paid by Chase every day.

This had me thinking, why are they pushing this so much?  I have never felt pressured or hassled at any other bank before, so why now?  I don't know if the other banks do it or not but has anyone else had this experience?

Is there any gain to the bank for me paying my bills from their website then the individual companies website that I am trying to pay?

The branch manager says they send over an electronic payment and if for some reason an electronic payment can't be made, they will mail a check or money order for that amount and pay the postage.  Seems kind of odd to me since this ends up costing them money in the long run.

Am I missing something here??

Banksters.....remember that. Their game has changed. They are now directly screwing "customers" instead of just the taxpayers. Chased sucks and Skank of America is no better.

You can rest assured that the banksters will lie, cheat and deceive you. Do not be surprised if hackers steal your money and the banksters jack you around to recover it.

After noticing Chased charged me $40 late fee for a check mailed 7 days prior, the card got cancelled after 25 years. Before, it was easy to get the charge reversed. Now, it's a sea of red tape. The bank can delay receipt to increase their take. It use to be when the mail service stamped your payment envelope that was the date paid. Now it's when they say when the bank received it is the same as when you sent your payment in....and make sure when you cancel your card that the banksters register this is at the customers request to protect your credit score.

Be careful. A second wave will come and make sure the bank is safe. It's a whole new ball game thank you bank deregulation (Phil and Windy Graham et al) failure.

[rhymnrzn]

I walk into the bank check in hand, to mosey over my meager means, and I find they went leaps and bounds to redecorate the once content-to-be banking hall, and lo and behold they now feature not one plasma screen for useless advertising, but a grand display consisting of eight large plasma screens.  It is a mockery.

Watch out for how wild they seek to get with rfid's, and playing about with the standards, as cash comes to its end.  They like to meddle with the weights of the balances balances as it is, and prove to never be content with such things as they have, wandering with desires.

[Hoss]

I walk into the bank check in hand, to mosey over my meager means, and I find they went leaps and bounds to redecorate the once content-to-be banking hall, and lo and behold they now feature not one plasma screen for useless advertising, but a grand display consisting of eight large plasma screens.  It is a mockery.

Watch out for how wild they seek to get with rfid's, and playing about with the standards, as cash comes to its end.  They like to meddle with the weights of the balances balances as it is, and prove to never be content with such things as they have, wandering with desires.

Please, keep editing...

[rhymnrzn]

God bless you.

[Hoss]

God bless you.

Did someone sneeze?

[rhymnrzn]

No, I thought I was done editing: what was your point?  Or do you just want to criticize me for adjusting my entry?  I'll try and be more carefull.

[TUalum0982]

I walk into the bank check in hand, to mosey over my meager means, and I find they went leaps and bounds to redecorate the once content-to-be banking hall, and lo and behold they now feature not one plasma screen for useless advertising, but a grand display consisting of eight large plasma screens.  It is a mockery.

Watch out for how wild they seek to get with rfid's, and playing about with the standards, as cash comes to its end.  They like to meddle with the weights of the balances balances as it is, and prove to never be content with such things as they have, wandering with desires.

I will be honest...I like to think that once I read something, I can comprehend it as well.  I am having a hard time understanding the 2nd paragraph in your post.  Not trying to bash you, but it doesn't make much sense, and I think thats what Hoss was probably referring to.  Not trying to speak for him, but I don't think I am the only one who can't make it out clearly.

[Wilbur]

We bank with several diff banks in town (BOK, IBC, and Chase).  I was at a Chase branch earlier this week making a deposit and paying our house payment and was surprised that I was almost "harrassed" into signing up for their FREE online bill pay service and the chance to get one of my bills paid by Chase every day.

This had me thinking, why are they pushing this so much?  I have never felt pressured or hassled at any other bank before, so why now?  I don't know if the other banks do it or not but has anyone else had this experience?

Is there any gain to the bank for me paying my bills from their website then the individual companies website that I am trying to pay?

The branch manager says they send over an electronic payment and if for some reason an electronic payment can't be made, they will mail a check or money order for that amount and pay the postage.  Seems kind of odd to me since this ends up costing them money in the long run.

Am I missing something here??

It is WAY cheaper for a bank to deal with electronic transfers than deal with a paper check.  I doubt your bank knew you were paying your bills through the other businesses web sites.

Most banks give away free electronic bill pay because, again, it's way cheaper.  Those banks that charge you for this service are ripping you off!

I use BOK and use their free bill pay service.  It's great.  Fill in the info one time on your payees, then, when you pay your bills, you simply enter the amount and date for all your payees and your done....  all at one web site.  They also handle re-occurring bills, transfers, .....

[Hoss]

I will be honest...I like to think that once I read something, I can comprehend it as well.  I am having a hard time understanding the 2nd paragraph in your post.  Not trying to bash you, but it doesn't make much sense, and I think thats what Hoss was probably referring to.  Not trying to speak for him, but I don't think I am the only one who can't make it out clearly.

You're spot on.

[tim huntzinger]

No, I thought I was done editing: what was your point?  Or do you just want to criticize me for adjusting my entry?  I'll try and be more carefull.

Hoss rarely has anything to contribute and typically the only thing to offer is sophomoronic stupidity like he dished on you.  H, get a life.

+1 on BOK's observation.  Tell the bank manager to call off his employees or have them try another tact.  Or **** and stop going there.  "Harassed?"  Reaaalllly?

[Hoss]

Hoss rarely has anything to contribute and typically the only thing to offer is sophomoronic stupidity like he dished on you.  H, get a life.

+1 on BOK's observation.  Tell the bank manager to call off his employees or have them try another tact.  Or **** and stop going there.  "Harassed?"  Reaaalllly?

Look in the mirrah, Timmah.  Let's remember who is the one that constantly complains about personal attacks but thinks he can do it and get away with it.

Go back to shilling your AT&T products.

[cannon_fodder]

+1 Hoss.

Know Nothing, nearly every post I read from you starts with some sort of jab, insult, or baiting comment and then makes a point on topic.  Can we please just skip the first part and go on with the second one?  You generally add to the topic but always have to get in a jab first.  This eventually leads to the thread deteriorating and being locked.  PLEASE just stick with the on topic comments because I appreciate what you have to add (even if I don't agree).
- - -

Why online bill pay?

1) it is a "service" they can brag about.

2) it makes switching banks a pain in the neck.

3) electronic transactions save the bank money in many ways.

4) the error rate for electronic transactions drops way down.

5) in many instances it is harder to commit fraud with electronic transfers and when it occurs, the bank's liability is different as are the criminal ramifications for the perpetrator.

6) many vendors prefer electronic payment.  Vendors also have to bank.  Thus, the bank can appease vendors by getting more electronic payments.

[PepePeru]

Most of my bills are automatically charged to my credit card, so i can earn a little (1-3%) cash back paying them.

I pay my credit card off in full every month. 

Pretty simple and I get to save a little money.