We're excited about the enhancements we've made to Bill Pay for our business customers in TD Bank BusinessDirect, and we want to share some of them with you here.
The new Bill Pay is available now in TD Bank BusinessDirect Online Banking. In order to use the new Bill Pay, you will need to accept the new Bill Pay Terms and Conditions. The terms and conditions are available when you first log into BusinessDirect and click on the Bill Pay tab.
Do you also use TD Bank Online Banking for your personal finances? Learn more about the enhancements we've made to Bill Pay for your personal account as well.
You now have more control over payment dates. In the new Bill Pay, you choose a Deliver By date and we will deliver payment to your payee by that date. The next available Deliver By date is shown in blue on the calendar. This allows you to pick a payment date based on when your bill is due. No more guesswork or estimated delivery times.
You can now add hundreds of national payees just by searching for a company name. If you find a match, most payee information, including address, will be pre-filled for you.
Stop Payment requests are now available for Bill Pay checks. Just click the Stop Payment link in the Payment History Detail and you can easily stop your bill payment.
Bill Pay check images are now displayed in your Account History, just like any other checks you write yourself.
The processing time for payments is changing. Because we now deliver payments by the date you choose, we will begin processing payments 4 business days before your payment date. During this processing time, payments cannot be edited or canceled.
We've made some important changes in the new Bill Pay, and we want to make sure all of our customers are aware of them. We have made these updates so that Bill Pay works even harder and better for you.
Here's what you can expect in the new Bill Pay:
In the new Bill Pay, money is withdrawn from your account a little differently:
For electronic payments (for instance, your phone bill with a national carrier), the date you choose as your Deliver By date is the day money will be withdrawn from your account.
If your bill is paid by check (for instance, if you are paying an individual, like an electrician), then we will make sure the check is delivered by the Deliver By date you choose. And just like checks you write yourself, money will be withdrawn when the check is cashed.
The cutoff time for scheduling payments has changed.
In order to choose the earliest possible available date for delivery, you must schedule a payment by 5:59 pm ET on a business day. At 6:00 pm ET, the next available Deliver By date will shift forward one business day on the calendar.
There is a four day lead time on all payments.
Because we deliver payments on the due date of your bill, we begin processing payments four business days before your payment date. These four days include today (if it's a business day) and the day you choose as your Deliver By date.
For instance, if it's Monday before 5:59 pm ET, the earliest possible Deliver By date would be Thursday. If you choose Thursday, your payment would be delivered to your payee on that day, no later. If you enter Bill Pay on a Saturday (and Monday is the next business day), the earliest Deliver By date would also be Thursday.
In the new Bill Pay, payment dates are business days only.
Weekends and Federal holidays cannot be chosen as Deliver By dates. You can see this on the calendar inside Bill Pay. Weekends and holidays appear gray, and business days are blue.
If you had a payment scheduled in the old Bill Pay for a weekend or holiday, your payment has been automatically rescheduled for the first previous business day. For instance, if you had a payment scheduled on a Saturday, it will now be delivered on the previous Friday.
You may have read that Online Banking customers need to update their accounts within Quicken or QuickBooks in order to continue using these programs to access their accounts. Please note: This change does not affect business customers who use QuickBooks to access their TD Bank BusinessDirect accounts. This change applies only to customers who access their personal bank accounts through Quicken or QuickBooks.
If you also use TD Bank Online Banking for your personal finances, and you use Quicken or QuickBooks, learn more about the required changes. Detailed instructions to complete the update are also available.
In the new Bill Pay, payments are delivered on or before the Deliver By date you choose. This means that you can choose a payment date based on the due date of your bill, and we will make sure your payment is delivered by that date. No guesswork or estimated delivery times.
Previously in Bill Pay, you chose a Send Date, the date on which we sent your payment for processing. This was not the day when the payment was delivered to your payee. The actual delivery date was estimated, based on your payee and the date you chose. With the new Bill Pay, you choose a Deliver By date. This is the date that the payment is delivered to your payee. This allows you to choose a payment date based on when your bill is due. No more guesswork or estimated delivery times.
In the new Bill Pay, all available Deliver By dates are shown in blue on the calendar. Because we deliver payments on the date you choose, the next available Deliver By date is four business days from today. This allows payments to be processed and delivered on time to your payees.
In Bill Pay for Business, the next available Deliver By date is displayed in blue on the calendar. This is typically four business days from today's date.
If you need to make a next-day payment, you may be able to use ACH or wire transfer options. These are not guaranteed to arrive the next day, but they offer another fast payment option. You can enroll in ACH and wire services on TD Bank BusinessDirect.
In the new Bill Pay, only business days are available as Deliver By dates (i.e., weekends and national holidays are not available dates). If you currently have a payment scheduled on one of these days, we automatically adjust your Deliver By date to the closest previous business day. So if you have a payment scheduled for a Saturday, we send the payment on Friday instead.
With the new Bill Pay, money is withdrawn from your account a little differently than before. Before, money was withdrawn from your account as soon as you scheduled a payment. With the new Bill Pay, money is only taken out of your account when a payment has been delivered to your payee.
Bills Paid by Electronic Transmission: We withdraw money from your account on the same day that you have selected as the Deliver By date for your payment, no earlier.
Bills Paid by Check: The money is withdrawn from your account just like any other check – when the payee cashes the check. This is normally on or within a few days of the Deliver By date. Note: If a payee receives the check before the Deliver By date, they may cash the check anyway, so hold enough funds in your account to cover the payment from the time the payment is submitted until the time it is cashed.
The TD Bank Bill Pay service will process your payments exactly as you specify – on the date you choose, for the dollar amount you enter and to your chosen payee. If you entered the correct payment information according to the terms and conditions of the TD Bank BusinessDirect Online Bill Pay Services Agreement, but the payment does not post on time, TD Bank will pay up to $50 in late fees, penalties or related finance charges that you incur from your payee.
Bill Pay check images are now available in your Account History, just like checks you write yourself. And like checks you write yourself, the new Bill Pay checks show your name and account number on the check image, rather than the TD Bank information that appeared on old Bill Pay checks.
Please note: If available, older check images are viewable in Bill Pay. All new Bill Pay check images are viewable in your Online Banking Account History.
Because the new Bill Pay will debit your account in the form of an ACH transaction, you cannot have an ACH debit block or filter on your account. If your account is blocked, the ACH debit will not go through.
We want to help you avoid this situation. If you think there might be an ACH or debit block on your account, please call Customer Service at 1-800-493-7562 and we'll be happy to assist you.
If you don't have sufficient money in your account on the Deliver By date, or when the laser check is cashed, your account may be charged a fee for Non-Sufficient Funds (NSF) or Overdraft Protection charge(s), whichever is applicable. There may be up to a total of three debit attempts made on your account, after which the payment could be sent for collections. To avoid this situation, it is important to be aware of when you have scheduled payments and when money will be withdrawn from your account.
New Terms & Conditions for Bill Pay in TD Bank BusinessDirect
Because we have made changes to Bill Pay, we have also updated the Bill Pay section of the TD Bank BusinessDirect Services Agreement. All TD Bank BusinessDirect Customers who use Bill Pay are required to accept the new terms and conditions before accessing the new Bill Pay. This means that in order to have all of your future and pending payments processed, and to view your Bill Pay history and payee information, you must accept the new terms and conditions.
It is important to us that you understand these changes and feel comfortable accepting the new terms and conditions.
To view the new terms and conditions, please log in to TD Bank BusinessDirect and click on the Bill Pay tab. If you have any questions, please call 1-800-493-7562. Thank you for choosing TD Bank!
Need more information? If you have any questions, please call us at 1-800-493-7562 and we'll be happy to help. Thank you for choosing TD Bank!
Securities and other investment and insurance products are: not a deposit; not FDIC insured; not insured by any federal government agency; not guaranteed by TD Bank, N.A. or any of its affiliates; and, may be subject to investment risk, including possible loss of value.