Comments on: Warning About Automatic Bill Pay

By: Millionaire Acts

Millionaire Acts — Tue, 23 Dec 2008 07:33:12 +0000

Nice post! I do online banking payment of my bills. However, here
in our country, you cannot pay mortgage bills thru credit card.

By: shredder

shredder — Fri, 07 Nov 2008 03:05:14 +0000

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By: Moneymonk

Moneymonk — Thu, 11 Sep 2008 23:36:19 +0000

” my bills are being payed automatically, I’ll be sure to not get
too comfortable in knowing everything is being taken care of”
That’s why I do not use auto pay Things changed, nothing in life is
that easy. The only bill I put on auto is our car insurance.
Everything else is online when the bill arrives. I like to see the
bill first.

By: Tim

Tim — Thu, 11 Sep 2008 09:55:15 +0000

This is why I try not to use automatic payments, it galls me that
not having a direct debit incurs a ‘service’ charge with many
service providers but it works out cheaper than having to pay bank
fees for payments that failed. Setting things as automatic gives us
a false sense of security. We need to ‘man-it-up’ and take
responsibility for our budget. Don’t rely on technology, keep a
hard copy of your payments in a diary or something. That was a
lesson I learned a fortnight ago when I was visiting my parents and
was unable to keep track of my payments the usual way. No internet
and for some reason the ATM at the airport wasn’t playing ball!
Also bear in mind that 3-6 working days clearing period can
seriously throw you off track if you just check the current bank
balance.