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January 1st was this past Thursday, so my pension funds were not processed until Friday. My mortgage payment date is the 4th. Both the pension and the mortgage payment were processed the same day, resulting in concern for overdraft. I want to avoid this crossover in the future, ie a Friday holiday on the first of the month where my mortgage payment could possibly be "processed" before the pension funds arrive. Timing must be adjusted to avoid this from happening and causing uproar in my household. Please let me know how to time this better. Thank you.
January 5, 2015 10:20:09 AM
In reply to Susan, Marlton
Welcome to TD Helps and thank you for sending us your question, Susan.
Generally speaking, we would recommend that you have funds available in your account prior to scheduling any payments or making any withdrawals. If you're referring to using TD Bank Bill Pay to schedule the payments, please take note of the information below.
Bill Payments made through TD Bank Bill Pay can be issued electronically or as a draft check, and actual processing is determined by the Biller. Bills paid electronically can be paid as soon as the next business day and will give you the option to choose the next business day on the calendar, while payments sent in check form will usually need several days for processing and mailing.
This means that for bills which are paid by electronic transmission, we will usually withdraw the money from your account on the same day that you selected as the Pay Date for your bill.
For bills paid in the form of a check, the check will be mailed to your biller by your pay date, and the money is withdrawn from your account just like any other check – when the biller cashes the check.
Please note that in order for the check to arrive by your pay date, TD Bank will process and mail it several days in advance. Depending on the timing of the mail, it's possible that the check may arrive and be cashed prior to your pay date. Additionally, if you have recurring payments scheduled and the monthly payment date falls on a weekend or federal holiday, the payment will be made on the business day prior to the pay date you previously selected. This and other helpful information can be found in the Bill Pay User's Guide and Agreement which is available once you log in to your online account at http://bit.ly/1eaISlq. Once there, click on the Customer Service tab and use the User's Guide and Agreement link to see more.
If you would like to ensure that no overdraft will occur, we recommend scheduling your payments after the funds are available in your account.
Please know that we'd be happy to answer any additional questions you might have. To discuss Bill Pay in further detail, please call a Tech Support Specialist directly at 800-493-7562, using Option 3, or feel free to stop by at any nearby TD Bank Store. A listing of our store locations can be found at: http://bit.ly/TDStores.
Let us know if you have any other banking questions. Have a great day!
LiShu R, Mount Laurel
January 5, 2015 10:22:32 AM