Showing posts from December, 2013

The mess called ECS

It was designed to be the simplest and easiest way to pay your bills on time. Free of charge. Easily set up online. If you are worried about your bills overshooting your bank balance, you can even specify a cut-off limit above which bills will not be paid. 
It is of huge benefit to billers, as they are assured of timely payments and do not have to go to the additional expense of follow ups, disputes with customers, cheque pick up services etc. 
Then why is it so chaotic, bureaucratic and hard to set up, change or cancel?

In the last few months, as our business goes through a transition of switching banks, I have had to change my ECS set up a couple of times. I imagined it would be an easy procedure as nowadays most banks actively urge you to do it online. I was so wrong.

Here are some of the things that I found out about ECS:

When there is a mess up you have to run between the bank and the biller, as both will pass the buck. Ultimately, it's better to sort the issue with the biller as …