With Wachovia, I have never been clear what would happen to an on-line bill pay check if the recipient did not cash it. This mainly had to do with the paper checks that are sent to people or small businesses rather than corporations… corporate bill pays tend to be electronic.
At Wachovia, my account would be deducted right away, and I had no way of knowing if the person had received or deposited the check. I didn’t like that.
At HSBCdirect.com, the “laser checks” act more like a real check. It only comes out of my account when the recipient deposits the check, and I see an image of their endorsement on the back. So I like HSBC’s on-line bill pay better than Wachovia’s.
Of course, none of this is good news for my company.
Letter attached.