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I've been doing online banking with bill payer for 11 yrs now, no problems. BOA has the best system.
How do you now? Have you researched it?
I have Schwab and what I love about it is that the money doesn't come out of my account until the payee receives the money.
Other banks take the money out the moment they send the check. We once send a $1500 payment to the wrong address. Since the money was taken out of our account we assumed they had received it. Nope. When the payee wanted us to pay the $1500 again then we had to call the bill pay people who then confirmed the check was never cashed. That was almost a month later. They then put the money back but we lost out on a month of interest and had the hassle of calling during the closing of our house.
Now when I send a payment that I know is a paper check I stay on top of it to make sure it clears before the due date. Like property taxes.
I pay my bills online but I dont get the point of using the banks online bill pay... I get paperless billing so in order to see the statement I still need to log in to the billers website to see how much I owe that month. Doesnt make sense to add an extra step of going back to the bank site to pay it when I can just pay it then and there
I pay my bills online but I dont get the point of using the banks online bill pay... I get paperless billing so in order to see the statement I still need to log in to the billers website to see how much I owe that month. Doesnt make sense to add an extra step of going back to the bank site to pay it when I can just pay it then and there
I prefer not having to remember a dozen different login/password combinations for everyone I have to pay. I'd rather just get the bill in the mail.
I pay my bills online but I dont get the point of using the banks online bill pay... I get paperless billing so in order to see the statement I still need to log in to the billers website to see how much I owe that month. Doesnt make sense to add an extra step of going back to the bank site to pay it when I can just pay it then and there
BofA has the best bill paying. The billing company emails the bill to the bank, and the bank pays the bill. Your only chore is to make sure you have ony in the account.
The bank emails me that the bill to company X is scheduled to pay on the due date. Bills due the coming month are all listed, in order of date to be paid, in the "Bill Payment" section. You can g in and change the date to wenever youwish. I always change all dates to the first day of the month. Checks are auto deposited on the 1st, and the bills are all paid on the 1st. I'm ardly needed i the equasion..
As far as your extra step going to the various accounts, that doesn't happen with online banking. BofA has a page where you put all of your account information for every account. All other bank accounts, retirement accounts, investment accounts, all your bills, everything you have, and it's all available to you on one page, so never again need to log into any other accounts you might have. The accounts are all automatically updated very day, so you can see your net worth at a glance.. It adds all you assets and subtracts all you debits, and ittells you your exact worth.. 'course some people don't want to know what they are worth..
Anyone ho has ever tried it would never go back to the old days..
I pay my bills online but I dont get the point of using the banks online bill pay... I get paperless billing so in order to see the statement I still need to log in to the billers website to see how much I owe that month. Doesnt make sense to add an extra step of going back to the bank site to pay it when I can just pay it then and there
Uhhhh... have them email the bill to you, then only ONE site to logon to, i.e. the banks and pay away.
I have US Bank, and their internet bill pay is light-years ahead of where Citibank's was. You can have any company send the bill to US Bank; they'll scan it and you can view it online from your US Bank account manager. They'll even enter the due date and amount for you. To someone like me who has no fear of the internet, this is absolutely amazing. I imagine that's not for everyone though.
And they don't take money out until the payment is completed. It's exactly the same as if you wrote a check yourself. I've had my landlord sit on the check for weeks, and the money stays in my account until the check gets cashed out.
I prefer the "push" method rather than the "pull" method which is why I use bill pay. I want to be the one in control of pushing money out to the people I owe instead of allowing everyone access to grab money from my account. I trust computers....but I also trust that things get screwed up once in awhile. And I can track, record and compile reports of my spending better that way.
I prefer the "push" method rather than the "pull" method which is why I use bill pay. I want to be the one in control of pushing money out to the people I owe instead of allowing everyone access to grab money from my account. I trust computers....but I also trust that things get screwed up once in awhile. And I can track, record and compile reports of my spending better that way.
I agree. The push method is also easier because I pay all my bills at once from the same place, rather than going to a bunch of different websites and giving all of them my bank information.
One thing I absolutely refuse to do is allow automatic account debits. My rule is, anybody can put money into my account, but only I can authorize a withdrawal.
I agree. The push method is also easier because I pay all my bills at once from the same place, rather than going to a bunch of different websites and giving all of them my bank information.
One thing I absolutely refuse to do is allow automatic account debits. My rule is, anybody can put money into my account, but only I can authorize a withdrawal.
That's a common reaction but I can tell you I have autodebit on every bill I have that will allow it.... at this point that's all of them. (The garbage company was the last hold out!) All my mortgages, all my credit cards, all my utilities, insurances....
In the 25 years I've used autodebit, I've had ONE problem. That problem was caused by MY bank, when someone grabbed the wrong EFT tape and ran it. They ran the tape for the 10th on the 15th. They figured it out, and all was well with the world.
So that's 25 years of stress free bill paying. No checks to write, no stamps to buy and no stress of trying to remember to go to the website and set up the payment monthly (I had a credit card that only did it that way after they were bought up.... and I dumped it because it freaked me out -- I'd wake up in a panic thinking I had forgotten....)
No thanks.... I'll stick with autodebit....
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