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About the check clearing...checks are becoming a thing of the past and there are fewer check processing facilities resulting. Because of this, the time it takes to process a check is longer than most payees wish to wait for it to clear, and so many payment recipients use electronic check processing to get their check funds "electronically" deposited to their account. This is why they post so quickly. As far as the banks offering bill pay services, they are using this same electronic submission to pay the bills, requiring fewer lost mailing and can assure payment dates are met. This setting up of future payments on your bank's bill pay site is another way some people mess up their accounts when they forget to log in transactions not actually written from their account log. The best advice is to use an easy home bookkeeping program, like Quicken, to record all transactions promptly and to log on to your bank to get frequent updates of items posting to your account. I'm going almost 10 years without one bank fee.
By Rebecca Brace
