Moneydance does not have its own bill pay service, rather it uses the banks service if is is available via direct connect, hence it is part of the Direct Connect specification. All Moneydance can do is submit the payment request it is up to your bank when it is processed, it is not something that Moneydance has any control over.
Ethan on 01 Mar, 2019 10:12 PM
To add, I would think that whatever dates you were using with direct connect to your bank in Moneydance would align with however else you access their bill pay system, such as through their website. If that's not the case, that's an issue for the bank to look into, since all Moneydance does is connect to your bank and send that information.
Thank you for your responses dwg & Ethan. So I guess I would need to contact my bank tp see how & when they will process payment requests via direct connect? Moneydance sends payment info.....recipient, amount, & date payment due and bank controls when and how payment is made.
Ethan on 02 Mar, 2019 04:49 AM
Contacting your bank is one option. As a fair warning, some banks have better support for things like this than others. Many have great support, and many will have customer support scripts that tell them to say that they don't support anything besides Quicken, and won't go farther than that.
Another option could be to set a bill payment date well within a safe range to make sure it gets paid on time, but also so you can see it was submitted on your bank's website in enough time to alter it if needed. For example, you could add one that submits 5-10 business days before the due date, and then you could see when it is actually processed.
I sent a bill payment to my wife for a test from Moneydance. Moneydance showed that it was sent ok….but it doesn’t show up on Banks Online Bill pay anywhere…..and it did not send payment. I contacted the bank (Wells Fargo) and their answer was as you said “we only support QuickBooks and Quicken”. I guess I will not be able to use Moneydance after all. I really hate Quicken and especially Quicken Bill Pay since they switched from Intuit but I am running out of options.
Unfortunately, many banks using Direct Connect (OFX) do not show OFX scheduled payments and do not pass to MD info on website bill pay scheduled payments, i.e. you do not see them in MD until they clear at the bank.
Website and OFX bill payment were integrated for some banks I have used in the past. I used Wells Fargo until 2019. Their OFX service does not integrate the website and OFX bill pay functions. However, WF OFX bill pay did work and was free.
I now use USBank and it does not integrate the two bill payment functions and charges for OFX bill pay.
BTW, if the bank expects the payment to be made by mailed check, both WF and USBank (most other banks too) show a pay date about 7 business days before the due date you enter. If the bank expects the payment to be made by ACH (electronically), the pay date will be about 2-3 days before the due date you entered. WF and USBank show, and deduct/debit, the payment when it clears.
I have not had the experience to know for sure, but would not be surprised that, if there were not sufficient funds in the account to send a scheduled payment, it would trigger an account overdraw - maybe stopping the payment or incurring an over draw.