Quote:
Originally Posted by Bubba  Why? It's free and I don't have to pay for a stamp or an envelope or the cost of check that I would have to write it on if I didn't pay electronically. [snip] If your bank charges you a fee for online bill paying, you should switch banks. |
Screw the fees Bubba I'm talking about access to YOUR money.
Do you track the time it takes from the point the bank takes your money from your account and your payment gets posted by your creditor? One of my clients was so proud of going to her bank's website once a month and entering her bills. What she did not pay attention to was the two week swing from the time the bank took the money from her account and the time it got credited by GMAC, AT&T, Sprint, et al. It's your money, why should they make take it into their account and earn interest on it, when you could be doing it yourself?
I pay bills online, but only those websites that allow you to pick a payment date. AT&T does not with their phone service so they still get a check. My cell phone, mortgage co, credit card and Home Depot accounts let you pick a payment date, typically the due date. Those I pay online
Same with Debit cards, yeah they save writing a check but the bank takes your money for the transaction quickly. Since most folks don't get any interest on their checking funds they don't think of it in those terms. But then again most folks purposely overpay their taxes so they can get a refund from Uncle Sam.