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It is convenient, true. However, I've heard horror stories about companies that, once they obtain your private banking information, refuse to stop drafting payments after being asked. Does anyone here have stories, good or bad, about auto payments?
I don't do auto payments with any company. I don't like the idea of not having control over my accounts and where my money is going. Though many sites tout on how easy and convenient it is, there may be a week where I have a short paycheck somewhere and the company makes an auto-draft for an amount thats over what I have. Easy way to rack up OD charges and fees.
Only way I could see this work is if you know exactly what you get each week and its steady and you know w/o a doubt that it will be there, but even then....
I will never do it though. I prefer to pay manually each bill i have and that way its done properly. I don't want people having that kind of control on my accounts.
I don't like it, but I let my lease payment autodraft each month b/c the amount never changes. I would also let my mortgage payment.
I sure as heck would never do anything like an electric bill or cell phone bill or anything that has variation to it. B/c if you find an error, they already have your money and good luck getting it back.
It is convenient, true. However, I've heard horror stories about companies that, once they obtain your private banking information, refuse to stop drafting payments after being asked. Does anyone here have stories, good or bad, about auto payments?
I don't have a story, but I do use this function to pay my auto insurance and I haven't had any problems. I wouldn't do it for something like a gym.
I pay everything online but my only auto payments are my electric bill and my student loan. Both are very low. The loan changes only every two years and is basically pocket change, while I'm notified of the electric bill weeks before they withdraw. I see no problem with it for small things like these.
I use them with companies who's bill is the same each month. I also pay auto payments every month to my CC companies. I pay off the CC's at the end of every month, but I also have them set to auto pay a certain amount, just in caseI forget to pay on time.
I pay all bills through BofA and use their auto pay plan. I pay with ebills on all companies that subscribe to that system. In other words, the company ebills the bank, the bank makes the payment and notifies me when it is made. I never touch anything. You can schedule payments months ahead if you wish...
It's a great system, but make sure you have money in the bank. I check my account on line at least once a day, so there has never been a problem.
I am just funny and old fashion I guess; as I like to handle all payments out of my account myself. Just the way I am and what I like.
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