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Honored Advisor

Online bill pay-------

 Anybody using it  a lot and-----------------anybody comfortable with it??

problems??

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16 Replies
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Veteran Contributor

Re: Online bill pay-------

Use it for everything I can, electric, gas, credit cards, mortgage. Never had a problem with it, its just like using a check book to pay your bills.  You can either set it up with your bank so that they initiate the payment every month or you can go to your creditors' websites and pay it there.  I've done it both ways in the past, as long as you remember to pay every bill doing it on the creditor's website is ok.  Doing it at your banks is probably easier because you can have it set up so that it automatically pays the bills every month (if its the same payment monthly).   

 

I use it more than I do a checkbook.

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Advisor

Re: Online bill pay-------

Only with certain web sites.  Credit cards mostly.  As always, observe recommended guidelines for banking.  Use encrypted, secure format.  Change passwords and use combinations of numerals and letters to make it difficult to crack.  Close browser after signing out.  Use a trusted antivirus software that prevents hackers from sneaking a peek at your keystrokes.  AVG is a good one, and free.  Norton antivirus software is easily overcome by trojans.  Trust me, found out through experience.  And never respond to an email that alleges they are your legitimate bill paying agent.  Never click on a link from an email like that.  Odds are that it's a phishing scam.

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Honored Advisor

Re: Online bill pay-------

Toughguy,  Last I checked the bank online direction was a lot more expensive than mailing em in.  Is that true for you and/or is it worth it for convenience?

 

I understand on online item orders and I follow your guidelines for parts orders, etc.  

I was thinking about the online checking issue,------didn't make it very clear.   sorry.

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Senior Advisor

Re: Online bill pay-------

I use online bill pay for every available bill that will accept it.  I even use it for my deductible purchases.  As long as what you are purchasing is being charged to your account, it can be traced in case of an IRS audit.  Most of the things I pay cash for, I use a debit card instead of writing a check as well.  The only problem with this is, I always fill my checkbook register before I need to get another box of checks.  The tellers at my bank say I am not the only one, they supply additional registers free of charge as long as you are a customer.

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Advisor

Re: Online bill pay-------

  No on online bill paying.  I don't trust cyberspace to be secretive.  I use a credit, not debit card.  Why pay now when you can have 30 or more days to pay?  Especially for large purchases.

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Senior Advisor

Re: Online bill pay-------

I understand what you are saying about the 30 days to pay, but that is not the way I was raised.  My parents instilled in me that if I had the money, then pay for it.  I have never got into the habit of waiting until the end of the month to pay all my bills.  The only account I generally do this on is the local coop as well as my equipment dealer.  Don't misunderstand me, I'm not knocking anyone that chooses to do this, all I'm saying is I prefer to pay at the time of service completion or product delivery.

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Senior Contributor

Re: Online bill pay-------

Yes I use it a lot, probably well over half of any months payments made 'online'.

I do mine directly through my bank website.

Have been using online for well over 10 years.


Addressing other comments in this thread.

There is no charge for me to do this through the bank so it is most economical way to do it.

No envelope, cheque or stamp and no worry of getting it in the mail soon enough to get there on time.

The way it works here is I make the payment from my bank today and they make the payment to my account with the company I owe tomorrow.

I make it a practice to pay bills on the day they say is my last before charges.

I cash manage so surplus cash goes into an interest paying account (transfer online too) or if I am in a negative position at the bank I am paying interest so all payments are made on the last day possible. Time is money to me too.

As far as cheque register I do not use one.

Payments are entered into bookkeeping program and that is reconcilled against bank register which I download from bank, online, on a regular basis so if I do miss entering a transaction the bank withdrawal comes into my program and I then have to input the details, allocations etc to balance the program with the bank.

Small items or many businesses that do not have availability to pay online I charge to the credit card then pay it online BEFORE interest is charged.

Biggest problem is allocating Credit card balance takes some time to enter all necessary items properly.

Benefit is the Credit Card pays a small dividend (0.25% I think) on all purchases, paid once a year.

Adds up to a nice sum in 12 months to reduce the bill for that month.

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Senior Contributor

Re: Online bill pay-------

So I was curious and went back in the books and find a couple of online payments made in 1999.

Those were the first. The local co-op was one of the first and then more companies gave that option after that and I was quick to use it as it became available.

 

I did use automatic payment for many utilities and a few regular payments.

Worked well except for Bell which can not keep proper books.

After they took more money from my account and several days earlier than they were supposed to I lost my confidence in auto pays.

Paying online leaves the payment in my control so when there is an error I can deal with it and not have someone else taking money they are not entitled to.

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Honored Advisor

Re: Online bill pay-------

I have used a Chase credit card, which pays variously 1 to 5 percent cash rebate on all purchases to autopay every routine monthly bill - cell, satellite, Internet, electric bills, telephone land line, etc.  I think all told, there are about eight autopays, coivering close to twenty accounts, that are paid this way. 

 

Besides the convenience - I am writing about 10% of the checks I used to write - I get wonderful buyer protections.  Example: The tire company that had primised to carry away the tractor tires it replaced, but left them laying in the barnyard, doing everything they could to avoid the disposal obligation.  This went on for a month, and since I paid a state disposal tax on the purchase of the new tires, which was itemized in the bill, I called Chase.  The old tires were gone in thirty minutes, and the place is over 25 minutes away. 

 

I use the credit card, but I have just  developed a new wrinkle in my security strategy for my convenience.  My account number is the main one on teh account, but Mike and each of the klids carry their own sub-account number, on their own card, and the bill is itemized for each cardholder each month. 

 

My number got hacked back in July, so I had to go through contacting the autopay recipients to give them my new number.  Ordinarily, I only have to do this every three years, when the expiration date on the card changes.  After going through this inconvenience due to the theft, I realized I could ask Chase for a card in my nickname, and dedicate that account number to the autopay function.

 

When the card renews in the next sixty days, i will be using that number for all the autopay accounts. 

 

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