Your bank should offer the safest, easiest way to pay bills online

Most institutions offer an all-in-one bill pay solution, saving you the inconvenience of using a different online payment system for each account due.

Tags: Budgeting, Planning, Fraud protection, Online banking
Published: April 11, 2018

Not so long ago, paying bills meant sitting down with a checkbook and a stack of envelopes. Today, paying bills online is the norm. Before you do that, however, you need to make a choice. Lots of businesses offer their own online payment systems, but many banks also have online bill payment systems. So which do you choose?

Let’s look at two ways to pay a utility bill online.

One, you could log on to the utility’s website with your user name and password and input your information (name, address, bank account, etc.). Now, multiply that effort by every bill you want to pay online. You could spend a significant amount of time logging on to different sites, each with unique user names and/or passwords. Not to mention having to keep track of what bills are automatically paid on what dates.

Or you could log on to your bank’s website and use its bill pay system. In that case, you could set up payments for multiple bills from a single online location and never miss a payment again. It could save you substantial time, prevent you from overlooking a bill and reduce the potential security hazard of having your bank account information on multiple third-party websites. With your bank’s online bill payment system, you can pay that utility bill at the same time as other bills — without ever leaving the bank’s website.

 

More benefits of using your bank's online bill pay

Convenience might be enough to help you decide which way you want to pay your bills online. But if you’re still unsure, consider these other benefits of paying bills online through your bank:

  • The online bill payment service offered by many companies is often restricted to automatic payment schedules determined by them, not you. When you schedule online payments through your bank, you have greater control over when a bill is paid. This lets you schedule payments according to when you make deposits into your account, which can help avoid late payment fees while also preventing your account from being overdrawn.
  • When you pay bills online through your bank, the bank makes a record of each transaction. That can come in handy later if you need to dispute a charge. Plus, having that transaction information in one place makes it easier to sort through or search for payments — or simply keep track of your expenses for budgeting purposes.
  • Many banks guarantee payments made online. This means if a biller somehow loses your payment, the funds can be credited back to your account. As always, check with your bank to see what types of protection it offers.
  • You can often find that a biller offers the ability to have your bill sent directly to your online banking account. By using this feature, you can receive, view and pay bills directly from your online banking account.
  • Some banks may offer access to their bill pay system through a mobile banking app. Smartphone and tablet users can easily access and review accounts through the app and pay bills on the go.

When deciding how to pay bills online, security and convenience are usually top priorities. You can have that and more with your bank’s online bill payment system, all while investing minimal time and effort.

 

Continue reading to learn more about paying bills online.

 

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