How automatic bill pay saves time and money

Setting up automatic payments for your monthly bills can benefit you in unexpected ways.

Online banking is a popular and secure way to review your accounts, track spending and stick to a budget. Your bank’s online resources may be able to provide you with an array of personal financial management tools. Even more, if you take the extra step to connect your accounts to pay your bills automatically on predetermined dates, you can save time and money and enjoy other conveniences.

Here are several reasons why automatic bill payments may be right for you.

What is automatic bill pay?

Automatic bill pay can pay all of your monthly recurring expenses electronically directly through your bank account. When you log into your bank account online, simply opt into your bank’s bill pay program and input information about each biller, such as the company name, mailing address and phone number.

You can choose which bills to pay automatically, and you can pick the same date each month for the transactions to be completed. You may even have the option to receive an email or text alert before a payment is due or after the transaction has been completed.

How can automatic bill pay help you with saving money?

Making payments online through automatic bill pay can save you more than just time. Online payments are often incentivized — some companies may offer a discount or reduced fee if you opt for online bill pay. You can also save money by not having to purchase as many checks, stamps and envelopes. Plus, when your bills are paid automatically, you never have to worry about incurring late fees if you forget.

What are other benefits of online bill pay?

Some primary reasons to consider automatic bill pay include security and reduced costs. However, there are additional perks as well. Online bill pay:

• Might give you peace of mind since you know exactly when upcoming withdrawals will be made from your account.
• Can help to reduce stress when you’re traveling and need bills to be taken care of in your absence.
• Results in fewer checks, envelopes and paperwork, which may mean a neater and less cluttered home office.
• Could help protect you by reducing the number of checks written, websites logged onto and missed paper statements in the mail, which may reduce your risk of identity theft.
• Can be edited, allowing you to confirm amounts due or make adjustments as necessary.
• May include better encryption than vendor online payment websites.
  

Continue reading to learn more about the benefits and convenience of online bill pay.

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