Apr 9, 2014, 10:37 pm
Last edit by: sechs
Please read the wiki before posting a question.
2/25/2015 - Single payment limit raised to $2999 when using credit or debit cards. Maximum payments per calendar month per individual biller account raised from 1 to 4.
2/18/2015 - Beginning next week, certain debit cards from smaller banks, as well as prepaid debit cards and gift cards will be subject to a 3 percent Bill Pay Fee on each payment.
Evolve now accepts Discover, Visa and Mastercard credit cards with 3% fee.
Debit Cards Not Charged the 3% Fee:
Transaction Limits:
http://www.evolvemoney.com/transaction-limits/
Daily dollar limits include:
Individual bill pay dollar limits include:
Monthly payment limits include:
The limits are based on charge date, not payment date.
There are currently no credit cards that can be paid via Evolve.
Tips for Using Evolve
Mortgages Section
Let us know if payments auto apply to principal or if you have to call
Bank of America: After making 4 payments over the weekend you MUST call (or use online banking messaging) to allocate funds to the regular payment - by default it goes to principal.
Central Mortgage: Appears to go to additional principal payment. YMMV
Chase: Payments with JPMorgan have to fall within a ~5-day window in order for them to be unallocated, otherwise they go to principal. Your window depends on the billing date (usually the 1st of the month). If so, the window is until the 5th, so using Evolve, you have to allow for the payment to post and have it post between ~the 1st and the 5th. PITA
Citi: Made two payments near the end of the month and these were originally "unapplied" and labeled as "additional funds received". A day or two afterwards they moved to principal payments. A quick call to Citi had the payments moved from principal to make up my monthly mortgage payment.
Nationstar Mortgage: Payment applied as an "Additional principal payment" if you sent before the 1st of the month. If you pay after the first, the payment is held until you submit the full payment amount, and then the whole thing is applied to your monthly payment.
PNC: Partial payments will be held aside until payment in full is made. They will send a letter.
Provident Funding: Does not accept partial payments. After month's mortgage is paid, accepts Evolve a additional principal payments.
US Bank: Made 4 payments in June; after a couple of days, payments moved from principal payment to applying to monthly payment w/o a call
Wells Fargo: Two $500 payments day 1, One $500 payment day 2 going over the actual mortgage payment amount due. The payment automatically combined itself to pay the exact amount due once the Third hit. Any amount that was overpaid subsequently went towards principal. Nice to not have to send in the Exact amount, if you don't mind paying some extra principal.
"If you have any problems with gift cards please send us an email at support [at] evolvemoney.com" [Source: AlexAtEvolveMoney]
2/25/2015 - Single payment limit raised to $2999 when using credit or debit cards. Maximum payments per calendar month per individual biller account raised from 1 to 4.
2/18/2015 - Beginning next week, certain debit cards from smaller banks, as well as prepaid debit cards and gift cards will be subject to a 3 percent Bill Pay Fee on each payment.
Evolve now accepts Discover, Visa and Mastercard credit cards with 3% fee.
Debit Cards Not Charged the 3% Fee:
- Insert here
- US Bank (but not prepaid)
Transaction Limits:
http://www.evolvemoney.com/transaction-limits/
Daily dollar limits include:
- $2,999.00 in payments funded by a debit card and/or credit card
- $999.00 in payments funded by a cash load pack
Individual bill pay dollar limits include:
- $2999.00 for a single bill funded by a debit card and/or credit card
- $999.00 for a single bill funded by a cash load pack
Monthly payment limits include:
- 4 payments per month using a credit or debit card within the dollar limits listed above.
- Unlimited number of payments per month using a cash load pack within the dollar limits listed above.
- Maximum of $10,000 total payments per month for credit, debit, and cash load packs combined.
The limits are based on charge date, not payment date.
There are currently no credit cards that can be paid via Evolve.
Tips for Using Evolve
- No need to register your debit card
- If your transaction does not go through, you will have to wait for the authorization to fall off your card
- Using multiple Evolve accounts paying the same biller may lead to your biller being permanently blocked
- If using GCs with the new scheduling feature, it is important to schedule in such a way that it says your card will be charged today (not on a future date) to prevent a decline; and if you want to avoid the Express Pay fee this also means typically scheduling a few days out (click each date to find one without the fee but still charges your card today).
Mortgages Section
Let us know if payments auto apply to principal or if you have to call
Bank of America: After making 4 payments over the weekend you MUST call (or use online banking messaging) to allocate funds to the regular payment - by default it goes to principal.
Central Mortgage: Appears to go to additional principal payment. YMMV
Chase: Payments with JPMorgan have to fall within a ~5-day window in order for them to be unallocated, otherwise they go to principal. Your window depends on the billing date (usually the 1st of the month). If so, the window is until the 5th, so using Evolve, you have to allow for the payment to post and have it post between ~the 1st and the 5th. PITA
Citi: Made two payments near the end of the month and these were originally "unapplied" and labeled as "additional funds received". A day or two afterwards they moved to principal payments. A quick call to Citi had the payments moved from principal to make up my monthly mortgage payment.
Nationstar Mortgage: Payment applied as an "Additional principal payment" if you sent before the 1st of the month. If you pay after the first, the payment is held until you submit the full payment amount, and then the whole thing is applied to your monthly payment.
PNC: Partial payments will be held aside until payment in full is made. They will send a letter.
Provident Funding: Does not accept partial payments. After month's mortgage is paid, accepts Evolve a additional principal payments.
US Bank: Made 4 payments in June; after a couple of days, payments moved from principal payment to applying to monthly payment w/o a call
Wells Fargo: Two $500 payments day 1, One $500 payment day 2 going over the actual mortgage payment amount due. The payment automatically combined itself to pay the exact amount due once the Third hit. Any amount that was overpaid subsequently went towards principal. Nice to not have to send in the Exact amount, if you don't mind paying some extra principal.
"If you have any problems with gift cards please send us an email at support [at] evolvemoney.com" [Source: AlexAtEvolveMoney]
Evolve Money
Apr 21, 2014, 8:25 am
#826
Join Date: Aug 2013
Posts: 1,207
Ive never had a problem with my wells fargo payments. Worse case scenario is if they dont all show up at the same time and they go towards principal you can call them and have them fix it. A pain yes, but still workable. That said in the last 3 months Ive not had a problem with mine going towards the payment.
Apr 21, 2014, 8:31 am
#827
Moderator: Travel Buzz
Join Date: Aug 2012
Location: Sunny San Diego
Posts: 3,099
In my calculations, a 500 extra principal payment that cost 5.95, is nearly paying for itself the first two months in reduced interest owed. Over the course of my loan (18 years to go), that 500 bucks, amortized over nearly 2 decades, would cost me between 250-400 in interest charges.
Yes, I've been reading Mr. Money Mustache lately!
Last edited by StartinSanDiego; Apr 22, 2014 at 7:45 am Reason: spelling, math
Apr 21, 2014, 8:42 am
#828
Join Date: Apr 2014
Posts: 8
My lessons learned is if you have multiple 500$ payment, try to make it 497,498,499,500, etc. In this way you will know which payment is not arrived.
In my case, as I have 4 $500 payment, and 3 of them arrived, I have to call evolvemoney and let them check all the 4 payments
In my case, as I have 4 $500 payment, and 3 of them arrived, I have to call evolvemoney and let them check all the 4 payments
Apr 21, 2014, 8:59 am
#829
Join Date: Apr 2012
Location: Uranus
Posts: 333
This could end up being a phone-in nightmare. My mortgage is a minimum 10 minutes on hold for pretty much any reason. I'm not willing to chance something as important as my mortgage to this. So I"m only using evolve for extra principle payments-- my regular payments are ACHed out of my bank account, same as always, but I'm taking a little boost in points by kicking in a few extra bucks when I can. It's going very smoothly this way.
In my calculations, a 500 extra principle payment that cost 5.95, is nearly paying for itself the very first month in reduced interest owed. Over the course of my loan (18 years to go), that 500 bucks, amortized over nearly 2 decades, would cost me between 250-400 in interest charges.
Yes, I've been reading Mr. Money Mustache lately!
In my calculations, a 500 extra principle payment that cost 5.95, is nearly paying for itself the very first month in reduced interest owed. Over the course of my loan (18 years to go), that 500 bucks, amortized over nearly 2 decades, would cost me between 250-400 in interest charges.
Yes, I've been reading Mr. Money Mustache lately!
For example, my payment isn't considered late until the 18th of the month. I try 5x $500 through evolve on May 1st. If something gets screwed up, there is a lot of time to fix it.
Apr 21, 2014, 9:24 am
#830
Moderator: Travel Buzz
Join Date: Aug 2012
Location: Sunny San Diego
Posts: 3,099
What are you chancing? The worst case in the scenario is that you get extra principle applied instead of covering the payment.
For example, my payment isn't considered late until the 18th of the month. I try 5x $500 through evolve on May 1st. If something gets screwed up, there is a lot of time to fix it.
For example, my payment isn't considered late until the 18th of the month. I try 5x $500 through evolve on May 1st. If something gets screwed up, there is a lot of time to fix it.
If the expectation is that random multiple GC payments made on different dates will post correctly without a hitch... well, I think that's iffy, as the posts above indicate. It seems that some do, some don't. If you wait till the due or late date, and it doesn't post correctly, then you are taking the risk that you will pay a late fee.
All of which could likely be sorted out over the phone, but, once again, it will take time and effort. Mortgage companies can put your money in an impound account, apply it to principle, etc. Perhaps as the mortgage company payments get seasoned via evolve payment methods, it will go more smoothly without intervention.
Apr 21, 2014, 9:25 am
#831
Join Date: Jun 2005
Location: DFW/DAL
Programs: AA 1MM Gold, Marriott Gold, Hilton Diamond, Hyatt Discoverist
Posts: 1,524
Just wanted to add a few comments here for the Evolve Money people.
Evolve Money is awesome and I hope for continued great success for you. Hopefully there are good enough profits for you to sustain this model very long term. Being able to pay bills easily with giftcards/debit/other reloadables is excellent (and hopefully mastercard/US bank gets fixed soon). Your product has given us the incentive to pay down our mortgage and car loan faster than planned since we are able to do so with gift cards purchased for spending requirements, on discount, for bonus miles, etc... Really great all around!
Their responsiveness over email is very timely and they seem to be listening to their customers well too. Looking forward to the ability to schedule payments and some of the other features possibly coming soon.
Good job ^!
Evolve Money is awesome and I hope for continued great success for you. Hopefully there are good enough profits for you to sustain this model very long term. Being able to pay bills easily with giftcards/debit/other reloadables is excellent (and hopefully mastercard/US bank gets fixed soon). Your product has given us the incentive to pay down our mortgage and car loan faster than planned since we are able to do so with gift cards purchased for spending requirements, on discount, for bonus miles, etc... Really great all around!
Their responsiveness over email is very timely and they seem to be listening to their customers well too. Looking forward to the ability to schedule payments and some of the other features possibly coming soon.
Good job ^!
Apr 21, 2014, 9:29 am
#832
Moderator: Travel Buzz
Join Date: Aug 2012
Location: Sunny San Diego
Posts: 3,099
Just wanted to add a few comments here for the Evolve Money people.
Evolve Money is awesome and I hope for continued great success for you. H Your product has given us the incentive to pay down our mortgage and car loan faster than planned since we are able to do so with gift cards purchased for spending requirements, on discount, for bonus miles, etc... Really great all around!
Good job ^!
Evolve Money is awesome and I hope for continued great success for you. H Your product has given us the incentive to pay down our mortgage and car loan faster than planned since we are able to do so with gift cards purchased for spending requirements, on discount, for bonus miles, etc... Really great all around!
Good job ^!
Apr 21, 2014, 10:57 am
#833
Join Date: Jul 2013
Posts: 322
While I, for one, applaud your ingenuity, just be careful, because CaptainMiles (THEE CaptainMiles? I hear you asking /mock gasp) and happy9zz (not the real Happy, mind you; that would mean something) want you to know that you are probably greedy and will ruin it for everyone.
(Don't worry, you won't really, and I hope you wouldn't care what trolls/haters say either : )
(Don't worry, you won't really, and I hope you wouldn't care what trolls/haters say either : )
Apr 21, 2014, 4:30 pm
#834
Join Date: Nov 2012
Location: NYC
Posts: 398
Just wanted to add a few comments here for the Evolve Money people.
Evolve Money is awesome and I hope for continued great success for you. Hopefully there are good enough profits for you to sustain this model very long term. Being able to pay bills easily with giftcards/debit/other reloadables is excellent (and hopefully mastercard/US bank gets fixed soon). Your product has given us the incentive to pay down our mortgage and car loan faster than planned since we are able to do so with gift cards purchased for spending requirements, on discount, for bonus miles, etc... Really great all around!
Their responsiveness over email is very timely and they seem to be listening to their customers well too. Looking forward to the ability to schedule payments and some of the other features possibly coming soon.
Good job ^!
Evolve Money is awesome and I hope for continued great success for you. Hopefully there are good enough profits for you to sustain this model very long term. Being able to pay bills easily with giftcards/debit/other reloadables is excellent (and hopefully mastercard/US bank gets fixed soon). Your product has given us the incentive to pay down our mortgage and car loan faster than planned since we are able to do so with gift cards purchased for spending requirements, on discount, for bonus miles, etc... Really great all around!
Their responsiveness over email is very timely and they seem to be listening to their customers well too. Looking forward to the ability to schedule payments and some of the other features possibly coming soon.
Good job ^!
disclosure: what do i know, i'm just a CPA specializing in international tax.
Apr 21, 2014, 4:58 pm
#835
Join Date: Jun 2005
Location: DFW/DAL
Programs: AA 1MM Gold, Marriott Gold, Hilton Diamond, Hyatt Discoverist
Posts: 1,524
i don't know their business model, but i assume it is like GrubHub i.e. funded with venture capital money to grow a large user base, and then valued at some made up new metric by the investment bankers who want to take it public, followed by public investors who lose money when the insiders cash out once it goes public. although the last time i read about GrubHub, it was 50% above IPO value.....
disclosure: what do i know, i'm just a CPA specializing in international tax.
disclosure: what do i know, i'm just a CPA specializing in international tax.
Apr 21, 2014, 5:01 pm
#836
Join Date: Feb 2014
Posts: 825
i don't know their business model, but i assume it is like GrubHub i.e. funded with venture capital money to grow a large user base, and then valued at some made up new metric by the investment bankers who want to take it public, followed by public investors who lose money when the insiders cash out once it goes public. although the last time i read about GrubHub, it was 50% above IPO value.....
disclosure: what do i know, i'm just a CPA specializing in international tax.
disclosure: what do i know, i'm just a CPA specializing in international tax.
Apr 21, 2014, 7:57 pm
#840
Join Date: Jan 2003
Location: Fairfield County, CT USA
Programs: AA PLT+2MM / DL DM+1MM / A3 *G / Fairmont LT Plat / Ritz Gold / SPG Gold
Posts: 4,077
This could end up being a phone-in nightmare. My mortgage is a minimum 10 minutes on hold for pretty much any reason. I'm not willing to chance something as important as my mortgage to this. So I"m only using evolve for extra principle payments-- my regular payments are ACHed out of my bank account, same as always, but I'm taking a little boost in points by kicking in a few extra bucks when I can. It's going very smoothly this way.
In my calculations, a 500 extra principle payment that cost 5.95, is nearly paying for itself the very first month in reduced interest owed. Over the course of my loan (18 years to go), that 500 bucks, amortized over nearly 2 decades, would cost me between 250-400 in interest charges.
Yes, I've been reading Mr. Money Mustache lately!
In my calculations, a 500 extra principle payment that cost 5.95, is nearly paying for itself the very first month in reduced interest owed. Over the course of my loan (18 years to go), that 500 bucks, amortized over nearly 2 decades, would cost me between 250-400 in interest charges.
Yes, I've been reading Mr. Money Mustache lately!
As to your math of a $500 payment saving you $5.95 (over 1% of the payment amount!) in the first month on interest, you either have a 12%+ mortgage or need to sharpen your pencil and check both your math and spelling.