On-line Bill Pay- Is it worth it?

On-line Bill Pay- Is it worth it?

Do any of y'all use an on-line bill paying service through your bank? If so, do you like it? Is it convenient? Accurate? Any concerns about privacy issues or security concerning account numbers, etc.? Do you authorize each individual payment or set up recurring amounts (i.e. mortgage, etc.)?

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  1. #1
    Deal GURU
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    Default On-line Bill Pay- Is it worth it?

    Do any of y'all use an on-line bill paying service through your bank? If so, do you like it? Is it convenient? Accurate? Any concerns about privacy issues or security concerning account numbers, etc.? Do you authorize each individual payment or set up recurring amounts (i.e. mortgage, etc.)?

    I still pay my bills the old fashioned way via check and wondered if I should consider my bank's on-line bill paying service. It is free, but I have been leary of authorizing any recurring drafts due to an earlier instance where I couldn't get a gym to stop drafting my account after my membership ended. I have always felt it was easier to start than stop an automatic draft authorization.

    What do y'all think?

    It took my awhile to embrace direct deposit of payroll, but now I love it!!

    Elizabeth
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  3. #2
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    we use it and we think it's great. However, you do have to go in and check it every once in a while because there are bills whose amounts change. The mortgage and car payment stay the same but things like credit card payments and power payments stay the same. I think it's much more secure then sending a check or statement through the mail that someone might intercept. In ours, you can set up recurrent payments (things you know you need to pay the same or about the same every month at the same time every month) and/or you can set up one-time or a few times type payments in advance so you won't forget to pay them on time. The one thing we have learned to watch for is that, if you set up a payment to go on, say, the 5th of the month - the bank often actually takes the money out of your account to send the check a few days before so that it arrives at its location the day you set the payment for. You'll have to check with your bank and see what they do. Our bank is Chevy Chase.
    Liz
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  5. #3
    Deal GURU
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    > i have used online bill pay for almost 3 years now and I love it! I
    have never had an issue with it. It makes bill time so much less
    stressful!
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  7. #4
    Deal GURU
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    I use my bank for all of my payments. It is awesome!! You don't have to buy checks, buy stamps, buy envelopes or even remember to mail it!!! You just put how much and to who. They print out the check and put it in the envelope and mail it for you!!! I love it!!! The one thing you REALLY have to be wearry about is how your bank takes the money.

    Some banks they will take the money out of your account as soon as the check is OK to print and put it into a general account and make the check out to that account. Others like mine, the money is taken out when the check clears!! Believe me truly check this out!! I found this out the hard way after trying to figure out how I kept bouncing checks, and it was $35 a pop!!! I called them on it and they told me and I got 1 refund and I closed my account after loosing over $100!!!

    So yes it is VERY safe and convienent to use. Just remember the gym was out to get your money any way they could, the bank is yours and its their responsibility to take care of it the way you want!!

    Jan
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  9. #5
    Deal GURU
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    What bank do y'all use, Jan? We're with BofA.
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  11. #6
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    have Washington mutual ?Online banking is great?rarely have to write a check but for a kid or some activity



    Free Checking

    Free checks

    Free bill pay (even will pay people)

    And saves me a stamp.

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  12. #7
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    I use my bank's online bill paying system. It is great. ...so yes to all your Q's. I auto-schedule recurring bills and pay the others as I get the amounts. No concerns with privacy issues. I would rather do it through my bank, then through the individual company - I have more control over it (like the gym scenario you are mentioning).
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  13. #8
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    I dont use our banks online payment service, ours cost $5 a month I believe, our creditcard companies offer free automatic withdrawl which I use, and those of our utility bills that offer free pay by phone I use that..others I just mail out a check each month. Some online programs like Lowermybills I believe offers free automatic withdrawl, I have tried to set it up, but had some difficulties and never succeeded in doing so, so I gave it up and still pay by check.

    Hope that helped.

    Thank you,
    Maja
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