Paying Bills Online

[mom31257]

Okay, I admit I don't manage my checking account online or pay bills online. I've always been a little afraid of something happening like my accounts being hacked and such. I want to get over that and start doing it. 

 

Where do I start? I assume I need to start with my checking account and can talk to my local branch.

 

Do I pay each bill from within my checking account or go to the company website?

 

Educate this half-in/half-out of technology girl! 

[Wilma]

I pay bills from my bank's website. It's just like sending a check, except you don't send a check. I have a list of the bills I usually pay (utilities, water, internet, blah blah) that I select from a drop down menu. If it's one of those regular things, all the address and account numbers and whatnot are stored and I only type in the amount and the pay-by date. I can also easily see when and how much I last paid last time.

 

I like being able to handle the bills as they come in without having the $ leave the account until it needs to.

 

It's super-easy. Also, if you give it a whirl and find you don't like it, you can totally go back to paper checks.

[bolt.]

It depends what your bank offers.

 

You can start by going to your bank's website. You might not need to visit the branch (or you might need to visit, or you might need to make a phone call).

 

Bills can be paid two ways (your bank may or may not do both).

 

1. You "tell" the bank who to pay, your relevant id ot account number, how much, when, etc. this involves registering each bill on the bank's website, then filling in the how much / when data, and pressing OK. You will get a confirmation number that it has been done.

 

(1.b.) You can set up bills to be paid that way on a repetitive schedule -- monthly or whatever, as long as they are the same amount, and you want it that way.

 

2. You "authorize" the biller to pay themself whenever the bill is due, for however much it is. This involves mailing the biller a signed form (or possibly can be done without paperwork) with your bank data: kind of like a direct deposit form, but for withdrawals.

 

I hate to increase your anxiety, but the online banking functions associated with your accounts can be hacked with the same amount of effort -- whether you are using them or not. First, it's not that easy. Second, your personal accounts are pretty small potatoes for hackers. Third, there is generally some kind of insurance or protection for you in case of fraud.

[5of5]

I have all our big, monthly bills paid through setting it up with the company (PP’s #2 option).  The company doesn’t request the electronic withdrawal until the bill is due.  I prefer this method only because, this way, I don’t have to remember to get into the bank web site and initiate the payment.  I’m very lazy.

[Ellie]

Okay, I admit I don't manage my checking account online or pay bills online. I've always been a little afraid of something happening like my accounts being hacked and such. I want to get over that and start doing it. 

 

Where do I start? I assume I need to start with my checking account and can talk to my local branch.

 

Do I pay each bill from within my checking account or go to the company website?

 

Educate this half-in/half-out of technology girl! 

 

I've been happily paying my bills on-line for over 10 years. ::pats self on back::

 

I pay through my checking account,  not on the company's website. Most of them I pay manually; that is, I tell the bank each month when and how much to pay each payee. I have one payee paid automatically, because it's a five-year contract (air conditioner went out last summer ::head desk::) and it's always the same amount. I never allow payees to access my account.

[mom31257]

Okay, first step is done. I went to the website and set up my online banking. I am liking the idea of companies not accessing my account. 

 

I think I'm going to attempt my first payment. Wish me luck! 

[mom31257]

Okay, my first problem. I am to the point of making the payment, and it won't let me choose today's date. The first available date is Monday. Why is that?

 

[creekland]

Another option... I opt to pay all of my regular bills via a credit card that gives me a cashback bonus or other perk.  I set it up on each company's website (electric, Dish, life insurance, etc).  All are auto pays, so it happens automatically on the due date.

 

Then, once a month I pay the credit card.

 

No interest.  Little risk.  And we just used another $120 of that cashback bonus toward buying my oldest a graduation gift... totally free discount.

[SemiSweet]

Okay, my first problem. I am to the point of making the payment, and it won't let me choose today's date. The first available date is Monday. Why is that?

The pay date is supposed to be when the company receives payment, so they usually take about three days, though sometimes if it's paid by electronic transfer it can be next day.

[QueenCat]

1. You "tell" the bank who to pay, your relevant id ot account number, how much, when, etc. this involves registering each bill on the bank's website, then filling in the how much / when data, and pressing OK. You will get a confirmation number that it has been done.

 

(1.b.) You can set up bills to be paid that way on a repetitive schedule -- monthly or whatever, as long as they are the same amount, and you want it that way.

 

 

This is the way I do it but I don't have them on a set schedule. I go in and manually "pay" each month. Sometimes amounts are different, and I like being more in control. I only do one where the company goes in and gets it from my bank rather than my bank sending it to them. My car insurance requires it this way if you want to pay monthly.

[QueenCat]

Okay, my first problem. I am to the point of making the payment, and it won't let me choose today's date. The first available date is Monday. Why is that?

 

It's too late for them to process it today. They don't process them on the weekend. My bank has a later cut off time than yours, though. I can "pay" on a specific day up until 3:00pm that day.

[justasque]

While it's nice to pay bills online, it's also really useful to send checks to individual people via online banking. If I'm paying an individual, I can put in their address and the amount and the bank will send them a check. I don't even pay for the stamp. It's *so* nice to be able to pay people right when I think of it, from my computer or via my iPod at a wifi hotspot, rather than having to remember to bring a check when I am going to see them or find an envelope/stamp and put one in the mail. It's particularly nice when I'm arranging field trips and have to refund people who have overpaid, etc.

[vonfirmath]

I've been happily paying my bills on-line for over 10 years. ::pats self on back::

 

I pay through my checking account,  not on the company's website. Most of them I pay manually; that is, I tell the bank each month when and how much to pay each payee. I have one payee paid automatically, because it's a five-year contract (air conditioner went out last summer ::head desk: :) and it's always the same amount. I never allow payees to access my account.

 

I'm the same way, to the greatest extent possible I don't let payees access my account.

[Mandylubug]

I have paid through my checking online and I have paid through company websites. I personally don't like too many automatic payments and I hate waiting for a check to clear. For bank products, such as insurance (USAA), it is an automatic payment. No check to be mailed. So, I approve. On others, I prefer to go to company websites and pay with my debit card. The payment is typically instant and no waiting for those transactions to clear my bank.

 

I get email reminders from those companies and I pay then because I always have my phone on me. If you don't check your email frequently, this method may not work for you.

[LostSurprise]

Congratulations!

 

Different bills may take different amounts of time to reach places. For instance, some companies allow digital transfers and some don't. Some companies only take checks so your bank has to process it, cut a check, mail it, then it has to reach the company, they process it, request funds from your bank, etc. 

 

Strangely, the bank we have our checking account with will not do a digital transfer to the bank which has our mortgage so I have to make sure there's a 4 business day window before the payment is due, so there is time to cut a check and send it over...even though they are both in the same town on the same street! 

 

Also, some companies are eliminating paper bills, so you have to go to their website to get your 'bill.' At that point, it might be easier to pay the bill at that site. That means you set up that account to directly withdraw from your checking account. Discover (credit card) and our gas company both do that. It's a bit of a pain because I prefer to do all my bills at once from one place without having to remember more passwords. I've gotten used to it. 

 

Oh, and I keep a paper copy of our bills and expenditures. I have a ledger for that. I don't know if everyone does, but its easier for me to keep track of things and even see how expenditures change from year to year. 

[mom31257]

Thanks for all the help ladies! This forum is good for so many, many things in life. What would I ever do without all of you? 

 

I've made 2 payments today to be paid on Monday. I will definitely still be keeping a paper ledger. I can't imagine not doing that. 

 

I do have a Disney card I would like to get as many reward dollars on as possible, so I will see how many thing I can set up for payment on it.