Path: utzoo!utgpu!news-server.csri.toronto.edu!cs.utexas.edu!sun-barr!newstop!sun!coherent!mrspoc!itkin
From: itkin@mrspoc.Transact.COM (Steven M. List)
Newsgroups: comp.os.msdos.apps
Subject: Re: is anyone here using "CheckFree" ???
Message-ID: <1990Nov19.233124.1551@mrspoc.Transact.COM>
Date: 19 Nov 90 23:31:24 GMT
References: <4035@media-lab.MEDIA.MIT.EDU> <1990Nov15.045653.27357@cbnewsc.att.com>
Reply-To: steven@Transact.COM
Distribution: na
Organization: Transact Software
Lines: 54

psfales@cbnewsc.att.com (Peter Fales) writes:

>In article <4035@media-lab.MEDIA.MIT.EDU>, henry@garp.mit.edu (Henry Mensch) writes:
>> 
>> i'm considering this software to manage electronic payments, and am
>> interested to hear opinions about it, as well as facts about how the payments
>> have to happen (since my bank doesn't have an electronic bill paying service,
>> i'm interested to know how the CheckFree people have access to my funds, etc.)
>
>I have been using CF through "Managing Your Money" for some time and have
>been very pleased.  Unlike other electronic bill payment services, you

Me too!  It's GLORIOUS!  I got so tired of (oldest) writing checks, recording
them in my register, signing the checks, then working on a spreadsheet to
track my finances, then (newer -Quicken) I fell in love with Quicken and
its ability to do most of that in one step, although I was never really
happy with Quicken's reports and it didn't handle consolidated reporting
for multiple accounts, then (latest - MYM w/Checkfree) I changed to MYM
and was quite happy with that, especially with the annual updates which
have consistently added functionality.  Last winter they added Checkfree.
This took away my last manual step - signing checks!  Now I only need to
write checks when there is a REQUIREMENT (like property and income taxes)
to submit a specific form.  And Checkfree is WONDERFUL.  My only complaint
about the way it's integrated into MYM was that it didn't permit true
"automatic payments".  You still had to go in each month and mark the
payments to be made.  The next release (this winter) will correct that.

>can write checks to ANYONE.  If the payee is a big name (like a bank
>credit card or utility) they transfer the funds electronically.
>As far as I know all banks (and many other institutions like my credit
>union) support Electronic Funds Transfer (EFT).  Otherwise, they print

Interestingly, my bank is Wells Fargo, and they DON'T accept EFT for
my credit card payment - nor does B of A, I think!  Interesting.

>a check and send it to the payee.  The funds are withdrawn from your
>account when the check clears.  If you want to see what a check looks
>like, send one to yourself!

Or wait for you first statement after starting to use the service, and
see who got checks instead of EFT.  In the case of WFB, my statement
itemizes EACH EFT by payee name, instead of including them up in the
checks-by-number list, so it's almost a statement!  Of course, it's
now several pages long, but SO WHAT.  Convenience.  Happysigh.

So, overall, if you're into some convenience, accuracy, and have a PC
on which to work, GET ONE OF THE PACKAGES THAT USES CHECKFREE.  There's
Checkfree's own package, Quicken, and Managing Your Money.  I'm sure
there're others, but those are the most popular.
-- 
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 :                Steven List @ Transact Software, Inc. :^>~                  :
 :           Chairman, Unify User Group of Northern California                :
 :     {apple,coherent,limbo,mips,pyramid,ubvax}!itkin@guinan.Transact.COM    :