Save time and money with automatic bill pay

Setting up automatic payments for your monthly bills can benefit you in unexpected ways.

Tags: Online banking, Budgeting, Home
Published: August 01, 2018

Online banking is a popular and secure  way to review your accounts, track spending and stick to a budget. Your bank’s online resources may be able to provide you with an array of personal financial management tools. Even more, if you take the extra step to connect your accounts to pay your bills automatically on predetermined dates, you can save time and money and enjoy other conveniences.

Here are several reasons why automatic bill payments may be right for you.

 

What is automatic bill pay?

Automatic bill pay can pay all of your monthly recurring expenses electronically directly through your bank account. When you log into your bank account online, simply opt into your bank’s bill pay program and input information about each biller, such as the company name, mailing address and phone number. You can choose which bills to pay automatically, and you can pick the same date each month for the transactions to be completed. You may even have the option to receive an email or text alert before a payment is due or after the transaction has been completed.

 

How can automatic bill pay save you time?

According to the most recent data from the Pew Research Center, more than half of American adults (51 percent) were using online banking services back in 2013, and that number is certain to be higher today. One of the reasons for its popularity is how much time it can save. Unlike outdated payment methods, modern automatic bill pay boasts many advantages: 

  • No more writing checks for every bill that’s due.
  • No more calling and paying bills over the phone.
  • No more logging into multiple payment websites to pay with a credit card.
  • You can pay bills even faster with a photo bill pay app. Just snap a photo of your paper bills using your smartphone and you’re done.

 

How can automatic bill pay help you with saving money?

Making payments online through automatic bill pay can save you more than just time. It can aid you in saving money. 

  • Some companies may offer a discount or reduced fee if you opt for online bill pay.
  • You can save money by not having to purchase as many checks.
  • Online bill pay means no envelopes or stamps are required.
  • Automatic bill pay can help you avoid missing payment deadlines and associated late fees.

 

What are other benefits of online bill pay?

Some primary reasons to consider automatic bill pay include security and reduced costs. However, there are additional perks as well. Online bill pay: 

  • Might give you peace of mind since you know exactly when upcoming withdrawals will be made from your account.
  • Can help to reduce stress when you’re traveling and need bills to be taken care of in your absence.
  • Results in fewer checks, envelopes and paperwork, which may mean a neater and less cluttered home office.
  • Could help protect you by reducing the number of checks written, websites logged onto and missed paper statements in the mail, which may reduce your risk of identity theft.
  • Can be edited, allowing you to confirm amounts due or make adjustments as necessary.
  • May include better encryption than vendor online payment websites.

 

Continue reading to learn more about the benefits and convenience of online bill pay.

 

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