Organizing Your Debt - Part 4












Chapter 4:

Use Automatic Payments

Synopsis

Many banks offer a way to automatically subtract money from your account to pay creditors. Additionally, the creditors commonly offer a lower rate of interest when you sign on for this payment choice as they get their money faster and not late. Think about it as one fewer check to write, envelope to lick and stamp to purchase. Just make certain you record the subtraction when the automatic payment is scheduled or you run the risk of bouncing other checks.

Pay Online

Online bill pay may help you manage your bills without being forced to worry about paper bills and checks. We will cover the various types of online bill pay and how you are able to set up online bill pay fast and easy. Once you're up and running, you are able to spend more time on the fun things in life.

First we‘ll want to make certain we know what type of online bill pay you truly have available.

Respective different services are described as online bill pay:

 Online bill pay provided by your bank
 Online bill pay provided by your service providers

(phone company, mortgage company, and so forth)

The beginning type of online bill pay (online bill pay provided by your bank) is a service that sends off money out of your bank account to whomever you wish. In a few cases these online bill pay services will in reality print a check and mail it to the recipient. If the company you prefer to send payments to is setup inside the banks system, the bank will merely transfer the money electronically when you utilize online bill pay.

To establish this type of online bill pay you‘ll likely just need a copy of the bill that your service provider sends out to you. Establish a new payee in the name of that company at your online bill pay site. Copy the address and your account number, and enter that data likewise. Each time you would like to pay you‘ll just put in the amount of the bill and you‘re done. The bank will print and mail a check that will pull revenue from your account.

To be secure, you should countercheck with the payees if they have particular instructions for receiving payments thru online bill pay. Some payees won't recognize the check (as it was printed by the online bill pay service). In this case, they might give you an alternate address or other directions.

The 2nd type of online bill pay (online bill pay provided by your service providers) is a service that will only let you pay one company – like your phone service for instance.

To establish online bill pay with the telephone company, you‘ll need to furnish the company a voided check and one or two forms and authorizations. The procedure is really similar to direct deposit but they call it online bill pay or ACH debit.

When you've set things up, you are able to pay your bill without being forced to use paper checks or the mail.

Automatic Bill Pay Online 

If you truly like to automate matters so that you don‘t have to think about them, you are able to automate online bill pay. Virtually all online bill pay services will let you establish recurring payments. For instance, you are able to have the online bill pay service attend to your phone bill each month or your insurance quarterly.

A different way you are able to let online bill pay keep going on auto-pilot is to let your service providers pull money out of your account without you being forced to click anyplace. Put differently, the service supplier just ―asks‖ the online bill pay company for payment and the payment is made with no activity on your part. If you authorize these forms of payments, make certain you've a good handle on your budget and usable funds.

Online bill pay may truly make your life easier. Once you set it up, you are able to reduce lost payments and the quantity of time you spend shuffling papers. 

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