When do uncashed electronic payments get re-credited to my account

I sent an electronic payment via Money 2004 to a friend, but before she 
received it we worked out some other compensation.  When she received the 
$700 check, she tore it up instead of cashing it.  

However, even before she received the check, $700 has already been taken out 
of my account!  When do I get this money back?

I've been using e-payments through Microsoft Money for about three years, 
and this is the first time I've had this situation.  I hadn't been aware 'til 
now that these paper checks that get sent out apparently take my money out 
immediately and move it to some intermediary account--this really annoys me 
to know that my account is being tapped before anyone actually gets a check.
0
11/4/2005 3:51:05 PM
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In microsoft.public.money, Dar Steckelberg wrote:

>I sent an electronic payment via Money 2004 to a friend, but before she 
>received it we worked out some other compensation.  When she received the 
>$700 check, she tore it up instead of cashing it.  

It will probably help if you have the pieces. Otherwise it would
seem you have a lost cashiers check.
>
>However, even before she received the check, $700 has already been taken out 
>of my account!  When do I get this money back?
>
>I've been using e-payments through Microsoft Money for about three years,

"through Microsoft Money" to whom? You will take that up with
whoever issued the check and accepted your money.

 
>and this is the first time I've had this situation.  I hadn't been aware 'til 
>now that these paper checks that get sent out apparently take my money out 
>immediately and move it to some intermediary account--this really annoys me 
>to know that my account is being tapped before anyone actually gets a check.

There are different services. Some  do as you now wish you had had. 

0
via_newsgroup (13114)
11/4/2005 4:16:18 PM
"Dar Steckelberg" wrote:

> However, even before she received the check, $700 has already been taken out 
> of my account!  When do I get this money back?

The checks the bill pay service issues must be cashed within a fixed time 
period (usually 60-90 days).  When the time period expires without the check 
clearing, the amount of the check will be credited to your payment account.

A situation similar to yours has happened to me although for only $20 so the 
wait wasn't quite so painful!

If you have further questions about the process you should call your bank or 
bill payer.  If you're not sure about how long you'll have to wait you could 
always send yourself a payment and then see what expiration date is printed 
on the check!

Regards,
JB

0
JB (195)
11/4/2005 5:18:07 PM
Cal--

Okay--thanks for your reply.  

I did dig the pieces out of the garbage and found an 800 number to call the 
service on there.  They put a stop-payment on it and said I'll have the funds 
back in 1-2 business days.

This is the first time in three years that I've had any problem--normally 
I'm quite content to have the checks go out and get cashed--but this was an 
unusual situation.  Now that I know how to handle it if it happens again--and 
I don't expect it will happen too often, if ever--I'm quite content.

Thanks for the reply--it provided the clue that I needed to get this resolved.

Dar
0
11/4/2005 5:38:04 PM
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