If your payment is due on the 15th rather than the 1st of the month then yes, you would instruct your financial institution that the automatic epayments are to be made on the 15th of every month. It's up to the financial institution as to the time of day that the funds are removed from your account on that day (versus "end of business day"). If your payment is to be made on the 1st of the month, then you would instruct them to make payment on the 1st of every month.

Is the 15 days a grace period? Some condo's (graciously) allow grace periods for individuals that may have difficulty making payment on the 1st or are absent. If you are in those circumstances, I am certain that you would be allowed to make the epayment on the 15th rather than the 1st of the month. If not, then you should be making payment when it is due rather than trying to take advantage of the grace period.

The grace period is until - and including - the 15th. The due date is the 1st.
The billing person at eh mng agent office says it is OK to have personal checks "in hand" on the 15th and not get a late fee.
Usually we pay earlier but sometimes this happens.
The problem is the Board/mng agent is not counting an echeck as if it is a paper check. (at least, for one resident...)

You mean they processing it on the due date of the 1st?

My management co. lets you choose the date that they will debit your account. If that date falls on a holiday, they will debit your account a business day earlier.

No - It is not on autpay but we can pay via a registered electronic system. Is this clear to you?

Actually it's not clear to me; I am familiar with EPS in retail.
In my own environment I signed a (purchasers) agreement that stipulates that my fees are due on the 1st of the month. We have a 5 day grace period - not a 1/2 month. 80% of our owners provide post-dated cheques - dated for the 1st, not the 5th. When we migrate to paperless (auto withdraw from banking account), it will still be due on the 1st of the month.

I think your condo is very gracious to allow a 15 day grace period (which is excessive) however it sounds to me that folks are working it to their advantage and instead of paying on the due date of the 1st, they want to pay, whether by hand delivered cheque or EPS on the 15th, the last possible day before interest is charged. Here's the thing: if all residents had the same mentality, waiting until the 15th, then why have a due date of the 1st (not to mention the impact it could have on available operating funds).

It sounds to me that you want to take advantage of the grace period whether you are paying by cheque or EPS. If your friend is so concerned with their echeque payment coming out on the actual day it's due, the 1st, tell them to revert to cheques like yourself and date them the 15th. Otherwise, the management company has every right to process the echeque when the amount is actually due - on the 1st of the month.

Sorry Ned but to accuse everyone of taking advantage is off-point Different residents pay at different times for varying reasons They may forget, they may be traveling, they may have money coming in after the 1st. We have several board members who regularly pay after the first.
Thus, the standard grace period offered by most coops.
It is not unusually generous. It is standard to have a grace period.
My question had to do with - is there a difference btw personal checks and e-checks ? They seem to essentially one and the sale for payment purposes. on the rare occasion you give a paper check in-hand on a certain date and it is considered within the permissible grace period then why not a paper check?

I did not mean to insinuate that everyone was taking advantage of the 15 day grave period and apologize if it sounded that way.

Technically, the payment is due on the 1st of the month not the 15th and if they have a cheque in hand it will be deposited on that due date unless otherwise specified.

Depends on what you are calling an e-check. If you initiate the transfer from your bank, you're 'pushing' out the payment. Be a little careful with that, not every payment will go out as an electronic transfer. My dentist, for example, gets a paper check mailed to him, which obviously adds a day or two. However, if your coop is 'pulling' the funds from your account, then they are responsible for generating the transaction on a timely basis to insure that the funds are in their account on the designated day. Generally, if the designated day is a holiday, the transaction will occur on the prior business day.