This is still happening both for bounties that are paid off at a fence and bounties that are cleared by the timer.
You will get the on-screen notification and sound stating that your bounty has cleared, the UI reflects that by not showing the bounty "wheel" anymore but guards will still stop you and ask for a bounty payment (and take your stolen loot) for several minutes(!) afterwards. And if you decide to run, you get a new bounty ...
@ZOS_GinaBruno