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Paying bills online is great, as you say. It not only saves money on checks, bank fees, etc. You don't get charged late fees.
However, if your bank has a free bill payer, I would recommend using it rather than having the different companies do automatic checks from your account. With your bank's bill payer, you are in complete control. In the event there is a question about a payment, you can change the date it is paid, and you can change the amount of payment. You can withhold the payment until the problem is resolved. When they withdraw payments automatically, they are going to take that payment even if there is a problem.
I bank with a credit union and make probably 20 or 25 payments each month, but I have not written a check in years. I check the payments to be made at least once a week to be sure amount of payment is correct and also that there are sufficient funds to cover the payment.
If my money is going to be late coming to me, all I have to do is modify the date to pay a payment. After it is paid, I can go back and modify the date to pay it back on schedule. You can schedule it to make payments weekly, bi-weekly, every 1, 2 or 3 months--whatever schedule you desire.
Shop around for a bank that will let you pay your bills on-line for no charge. You'll save money on postage and checks!
By Elaine O.
Our Credit Union now charges 50 cents for each bill paid online. It's still cheaper than a stamp and quicker, too!
Sometimes paying bills online is not so much cheaper. My bank charges a few for me to use these services, and there is also a "sign-up" charge for the services for some companies. 37 cents is cheaper for me or even better, most places i can pay in town whenever I drive by a payment center - that way i know the check was received and not lost in the mail.
It will also build up Reward Points on a credit card that gives them & some places will let you read the numbers from a check over the phone ,then void the check at home so you don't have to mail it & you have it as proof that you paid.
During the Hurricane Craziness we lost our phone bill & our auto insurance had a billing problem which caused us to realize it was going to expire that day after Hurricane Ivan so I called while Ivan was knockin' on our door & Charged that thing Pronto!
Now the credit card bills are arriving just in time to make the Holidays more frugal than we already knew they'd be. Oh well.
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