Quote:
Originally Posted by retiredguy123
Thanks for the warning.
But, I don't think it is a good idea to give any company access to your checking account. If you have to use an auto pay system, it is much safer to allow automatic credit card charges. They are easier to track and can be disputed with your bank using the Federal protection rules.
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Better than a credit card you should set up Electronic bill pay with your bank. You control who gets a check, you can set up auto reoccurring payments (same effect as creditor drawing from your account, but you control) for bills that are the same every month (like mortgages). I also set up reoccurring for credit cards at a small amount to cover any minimum payment level, to avoid missing a payment and getting a late fee charge. I don’t trust any company to tap into my checking.