Don't know if it is appropriate to post a thread like this here as it is not related to funds or even investing but should be relevant to some members here and may require some action on their part. It is my first new thread. Please delete if inappropriate.
Bank of America changed its Bill Pay processing sometime this year without any notification I am aware of. Before when I sent someone a check via Bill Pay, it would show as processed in Bill Pay and the amount would be deducted WHEN the check was received and deposited. After it cleared, I could see the images of the front and back. Now the payment gets recorded as cleared on the deliver by date you specify and nothing else happens when the recipient actually deposits the check. No check images even when a physical check is sent.
So, I called up BoA and had a chat. Turns out there are two modes of payment and they have automatically switched everyone to this new system. But you can call and have them switch back to the previous method. I tried hard to find out what the advantages of the new system is to me or the disadvantages in staying with the older mode, She could not provide anything.
I can see a lot of disadvantages to me with the new mode. I get no indication of whether a check has reached/cleared, no canceled check image and if I suspect a check is lost nothing I can do pro-actively. Lot of advantages for the bank like a free flaot up to 90 days or cashed like a banker's draft. In the older mode, if you suspected the check was not received, you could just cancel that check and immediately send another one. Now, you cannot unless you have additional funds to cover it or wait until they process the cancelation and deposit funds back (one of the reasons I prefer credit cards over debit cards).
Don't know if all banks have switched to this. Anyway, if this applies to you, you can call them and have your account switch back to the previous mode.
If using for Bill Pay for electronic transfers to utiities, etc, may not make any difference but if you are running a business (even a small one) where you use it to pay individuals or one-ofs, it will likely make a difference.