cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Veteran Contributor

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

I bank through a credit union and US Bank, and before that used Wells Fargo, as far as I know the online banking through them has always been free.  I've thought about using a credit card like Kay, but I've gotten almost completely away from using them.   I also don't use my check register from a check book, instead I just use quicken to keep track of purchases and reconsile that with the bank.

0 Kudos
Highlighted
Senior Advisor

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

Online and most local purchases are done with credit card.  One macihinery dealer charges extra for credit card so he gets a check.   Anyone who will bill me gets a check from a bank via online banking.  It is free and my bank says it will likely stay free because it is cheaper for the bank than paper check processing.  I pay recurring and one-time bills via online checking.

I also deposit via my smartphone, up to 10,000 so many grain checks can't be handled that way.  But, if I sell a load of junk or a load of corn, I can take a picture of the check and it is in my account in seconds.

I've always used USAA bank from my military days and a local bank when I returned to the farm.  Now, I find that distance is not a factor for many aspects of banking, so I don't need a local bank as much as I used to. 

 

0 Kudos
Highlighted
Senior Contributor

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


@JIM Meade / Iowa City wrote:

Online and most local purchases are done with credit card.  One macihinery dealer charges extra for credit card so he gets a check.   Anyone who will bill me gets a check from a bank via online banking.  It is free and my bank says it will likely stay free because it is cheaper for the bank than paper check processing.  I pay recurring and one-time bills via online checking.

I also deposit via my smartphone, up to 10,000 so many grain checks can't be handled that way.  But, if I sell a load of junk or a load of corn, I can take a picture of the check and it is in my account in seconds.

I've always used USAA bank from my military days and a local bank when I returned to the farm.  Now, I find that distance is not a factor for many aspects of banking, so I don't need a local bank as much as I used to. 

 


That is something I understood they could not do.

Thought the credit card companies had a rider in their agreements with maerchandizers that say they have to charge the same for cash sales as credit card sales.

 

Maybe that is just in Canada.

 

I had wondered why they would not allow a cash discount since there is a % discount on what is charged on credit card.

Some cards are higher than others. I know American Express used to be a full .5% higher than Visa.

Have had some discussion about it with merchandizers years ago.

Wondered why they did not push cash rather than a discounted Credit Card sale but there are various costs to cash sales from handling the actual cash, fees for depositing large amounts of cash, vanishing cash (it just disappears and some say it is not pilfering but mistakes in making change) etc.

Lots of different reassons and pros and cons.

 

Card works for me with cash back and I pay them the day it is due before they charge interest so purchases can be delayed payment for 6-8 weeks or so.

Does not sound like a lot but it is still free money for that time period.

 

'A penny saved is a penny earned'.

0 Kudos
Highlighted
Honored Advisor

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

I started using the credit card this way maybe 5 years ago, when I first got this Chase card with cash rebates.  It cuts out my checkwriting for most items, except payroll and local government bills like property tax and county water for the employee's residence. 

 

I cannot tell you how much time and aggravation this saves me every month.  Also, if anything happened to me, and Mike needed help getting the bills paid, the auto-pay buys him some time to wrap his head around the business side of things here.  . 

 

About once a year, I call and ask for my rebate check to be mailed.  It has amounted to more than I ever expected it to over the years. 

0 Kudos
Highlighted
Advisor

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

  Most truckstops here have 1 price for cash and another for credit on diesel fuel purchases.

0 Kudos
Highlighted
Advisor

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

   We use a GM Mastercard that pays 5% to a fund for a new vehicle purchase.  It adds up quickly when paying college costs with the card.  I have saved 7K+ on vehicles since I got this card.

0 Kudos
Highlighted
Honored Advisor

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

Spoiler
 

I had the same understanding about charging for using a card.  I was told, or read somewhere, that the credit card issuers will charge a $10,000 "fine" against companies that make such charges.  I guess someone has to report it, though. 

 

We used to see two different prices for gasoline, one for credit card, the other for cash, as a "discount."  Only places we see that now is on the interstate truck plaza signage, for diesel fuel.  I think that is mostly a matter for professional truckers, who I have been told carry a lot of cash for this reason. 

 

I have had one or two service providers screw up the system over the years...our electric cooperative is notorious for billing shafus.  It is easier to work these out with the credit card, than with checks or a debit card, I find.  My funds aren't tied up while we hammer out our differences.  They can occupy part of our credit limit, without having their sticky fingers directly stuck into my bank accounts. 

 

I only allow the health insurance and the farmowners policy premiums to auto-draft monthly.  Each account pays the portion of the credit card bill owing to that business each month.  That is the only "online bill pay" I have ever done, or really intend to do.  I always print the confirmation  page for those payments, since I once had a bill-pay that failed, due to website problems, and fortunately, the credit card company forgave my interest charges, since I had a perfect history of paying the total balance on time every month. 

 

I am just fond of the freedom from checkwriting that auto-pay with our card has afforded me.  You don't think about it, but not having to spend that extra half-hour in the office every week adds up to a day or more of time every year.  The rebates and consumer protections are just icing on that cake. 

 

0 Kudos