| ColdNoMore |
12-25-2016 07:33 PM |
Quote:
Originally Posted by theorem painter
(Post 1337906)
After that you will receive them monthly and you should set up a direct debit to your checking account.
|
While setting up 'automatic bill payments' can be convenient...it also has some potential drawbacks.
Automatic Bill Payment Plans - Advantages & Disadvantages
Here's the biggest issue, which I had to hassle with a few years ago. :mad:
Quote:
4. Stopping Payments. Automatic payment plans can be set up in a matter of minutes. But stopping them can be much more difficult. Sometimes you have to notify your bank and your merchant, and you may even need to do it in writing. Still, they might not get the message the first time around, so be prepared to closely monitor payments if you’re transitioning between pay accounts. For example, just last week I had my credit card number stolen, and I had to quickly get a new card and then change all my automatic payments to the new number. This was a time-consuming endeavor. I’ll be watching these payments closely to make sure they get paid from the right account before the due date.
|
I now do it manually and set the day I want each bill paid (a little more work, but still very easy) every month with 'Bill Pay,' so I still get the convenience of not having to send checks every month...but I don't worry about the hassle if for some reason I have to cancel it.
Another advantage of doing it this way, is it forces me to check my accounts more frequently so I have a chance to catch something sooner. :shrug: |
