I'm considering opening an on-line account for paying bills.It would be through my own bank. How does automatic deposit work with this. Need neg. or pos. input from people that have an account.
2007-03-23 13:58:45 · 7 answers · asked by peach 6 in Business & Finance ➔ Personal Finance
I think online bill pay is cool. I mean all you have to do is put in the bill information, the due date and the amount that youre going to pay and thats it.
A few thing to watch out for are make sure that when you put in the due date for the bill that you know when the bank is going to pull the money from your account.
For example:
My wireless bill is due April 9th. After I set this up with bill pay online, the bank will probably pull the money on the 7th because it needs a couple days to process the payment and send it to the biller. Some banks process time may differ.
Also some banks charge a fee for using their bill pay, so make sure you know the fee if their is one.
2007-03-23 14:05:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I belong to a good credit union, not a bank, but apart from the charges, the system is the same, and I use it frequently. For direct money transfers it is ideal, especially regular amounts at regular intervals. Your bank will give you the run down on procedure (but check on what they'll charge you) and accounting is as easy as logging in and checking. But to get cash for the odd item, you still have to use an ATM!
2007-03-23 21:06:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, and I love it. Not only does it save me trips to the post office and stamps, but also the fact that i can keep track of checks the moment they leave the bank is a great security for me. I can't see any negs. The only neg. is the possibilty that your identity may be stolen, but many banks have secure access nowadays, so don't worry. BTW, I use Wescom Credit Union.
2007-03-24 01:39:33 · answer #3 · answered by Stewie 2 · 0⤊ 0⤋
Automatic (or direct) deposit means your paycheck goes directly into your account.
There's various ways to pay your bills; automatic payment would only apply if the bill is the same each month (such as the cable bill or a car payment). You can also type in the amount manually every month.
I rarely write checks anymore; I do all my bill paying online. It's convenient.
2007-03-23 21:03:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I have been doing it for years and love it. Automatic deposit is same, money is deposited in checking. You can bills from that money on day of deposit.
2007-03-23 21:02:37 · answer #5 · answered by ? 5 · 0⤊ 0⤋
Best things since sliced bread. Once you go online you never go back.
My vote is go for it!
2007-03-23 22:04:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I do all my banking online. Love it, love it, love it. Do it.
2007-03-23 22:27:00 · answer #7 · answered by KL 3 · 0⤊ 0⤋