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Originally Posted by PennyPincher
I'm a little confused as to how the bank is justifying the $4.95/month when you can usually set it up directly with the companies. Everyone's trying to get their share...
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I'm on the Supervisory Committee of our Credit Union. Our CU recently moved to make this option free for its members. However, it does in fact cost the credit union not only per member but per transaction to carry these services, so it's not as much getting their fair share as recouping their expenses.
I pay with automatic charges to my credit card whenever possible. It gives me a small rebate (1%) and I think it usually offers more protection than a ACH withdrawal from checking/savings account.
By the way, Yahoo! offers a free bill-pay service for up to 12 bills from their approved list.
John