Online Bill Payment – Best Thing Since Sliced Bread
Posted in Money on Wednesday, September 28, 2005
I hate paying bills every month. Finding the bills, stuffing envelopes, spending money on stamps, etc. I’m sure some of you are the same way. Thanks to the internet and the advancement of the banking industry, there is a better way.
Many banks offer online bill payment for free. I know Bank of America does and most of the bigger banks do as well. This does help quite a bit by saving the time stuffing envelopes and the expense of stamps, but you still have to track down the bill and enter it in to the computer.
But there is an even more convenient solution for many payees out there. Some companies will let you have your amount due charged to a credit card, which not only relieves you of the worry about whether you paid your bill or not, but lets you gain rewards points on the transactions through your credit card. Be sure to make sure there are no fees associated with these automatic payment plans – some companies charge a convenience fee for putting your bill on your credit card. Other companies will let you set up an automatic withdrawal from your bank account each month. Sometimes they even allow a withdrawal from a savings account saving you the hassle of transferring money to your checking account or not gaining interest on your balance.
Here’s a summary of how I pay my bills:
Cell phone – T-mobile: Automatically charged to my credit card
Cable Bill – Time Warner: Automatically charged to my credit card
Rent – Apartment Building: Automatic deduction from checking account
Electricity – Austin Energy: Automatic deduction from checking account
Car Loan – Honda Finance: Automatic deduction from checking account
Water – ista North America: Manually pay with Bank’s BillPay service
Credit Card – Chase: Manually pay with Chase’s online interface
As you can see, I now only have to pay 2 bills a month, and since both have statements available online, I don’t have to search through my piles of mail for the statements.
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Justin,
Liz is the only person that I know that pays her bills this way each month. I still write checks every month. I guess its about time that I join the 21st century….BURL
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