Online Banking

[JoyJoy]

I finally paid my first bill online after reading a post by one of the regulars on cardratings.com who pointed out how safe and secure this can be without all the hassles of the bill being lost, posting problems, etc.

Do you pay your bills online? Do you pay through your bank's checking account or through the credit card site? How do you like banking online as opposed to sending your bills through the mail?

[sweeps]

It's a no-brainer paying bills online. It's faster and cheaper than mailing out checks. Of course if the payee takes credit card, that is the first choice so I can earn dividend rewards.

I use my own bank for all my bill paying. It's easier to keep track of, and there is less risk of identity theft because you don't have to register your checking account number at a dozen different sites.

[JoyJoy]

Originally Posted by Sweepsplayer

It's a no-brainer paying bills online. It's faster and cheaper than mailing out checks. Of course if the payee takes credit card, that is the first choice so I can earn dividend rewards.

I use my own bank for all my bill paying. It's easier to keep track of, and there is less risk of identity theft because you don't have to register your checking account number at a dozen different sites.

Thanks Sweepsplayer for answering my post! Good point about the identity theft! I will utilize my credit union's bill pay service starting next week! I did do a test to my credit card for the first time on 3/24/06 and my payment was processed and posted on 3/25/06. I should have been doing this a long time ago but I was squeamish about transacting my business online. Again TYVM.

[Bruce Wayne]

I pay practically all of my bills online, or electronically. It's so much easier and I can't remember the last time I went into a bank. A good few months ago now.

[mccartygirl]

I pay our bills online through the bill's website or mycheckfree.com. Our credit union charges a monthly fee to use their online bill pay. Trying to save money, not spend it uselessly. I use our credit card for cell bills to get the points as well.

[DivaJen]

I pay almost all of my bills online via my credit union's site. When they first offered it, it was $4.95 a month. Once it became free, I tried it, and I haven't looked back since. Saves time, saves money.

[Thrifty Ray]

Online all the way!!

Think online banking is unsafe? Consider this:

In my prior life, one of the departments I managed was fraud. When someone paid bills online using a KNOWN, secure site there was no fraud.

When someone paid bills via mail....well, here is a story to illustrate what was common:

Member pays cc bill and puts in the mailbox to be picked up (usually this involves a little red flag for the mailman to stop)

Scuzzy criminal (SC) is out looking for little red flags and spots this one. He quickly pulls over and takes the mail. When he gets home, he opens everything a finds the check. PAYDIRT....SC runs over to his computer and, using the information on the check and a $15 program that he got at an office supply store, creates a whole bunch of new blank checks.

** Extra PAYDIRT if member happened to write the CC number in the memo line or if his drivers license number or social security number were imprinted on the check.

SC keeps some of the checks for himself and then trades the rest for drugs...so lots of other SCs can have access to the account to.

Meanwhile, member has no idea anything is amiss until the bank statement arrives and their account is drained.

SC and his druggies go on a spending spree writing checks all over the state...because members credit was so good, the merchants are most happy to accomodate.

Member gets his money back eventually (because of fraud) But three years later, member is still having to prove he is not a lowlife flake to the merchants who took some of those bogus checks.

Something to think about when comparing online to snail mail.

Bottom line- If you do not trust online...trust your mailbox even less. If you must pay through the mail, take the payments directly to the post office or purchase a locking mail box.

[asmom]

Ditto to the others. I pay all of my bills online. Aside from saving money on stamps and checks, it is free and it is convenient. I use my bank's bill pay to pay my bills. I've been doing it this way for almost 5 years now.

[tgavin71]

Me me me. I do. I pay them out of my everyday saving account. That way I don't have to pay credit card fees. There are some bills that I have to pay that actually give me a discount by paying on line.

[tigerstar]

I'm still living at home, so I don't have many bills, but I usually pay by CC, then pay my CC directly from my checking account. I also pay my student loans directly from my checking account.

I do worry about CC fraud, though. A few months ago, my CC company called to ask if I authorized a large purchase from some company. They told me that the expiration date used was old, so they were checking it out with me. After I told them that it was not my charge, they told me they were going to take it off my bill, and give me a new number. As Thrifty Ray pointed out, this could have stemmed from the years I used to send out my payments (or payment information). That was also when I used to carry a balance on my cards! I'm just glad my CC didn't wait for me to find the phony charge!

[shelbylovesmelby]

I pay almost everything online except a few things that are only available via ACH & or AFT on a fixed date. I like being able to pick the date I want it to be submitted.

[Lemony]

I pay everything through my bank's website. If a company isn't listed online, we don't deal with them. I think the last cheque I wrote was in 2003.

[catlinye_maker]

I pay my bills online through a billpaying service, and have for so long that I started before my bank offered the service. We pay a small monthly fee but this company will also process mailed bills and send out paper checks for us as needed.

It's been a lifesaver. There have been times when I haven't been paying enough attention to the finances for one reason or another, but we've never been late with a payment since we started with the service. I prefer one service rather than signing up with each company individually as it's fewer companies with access to my checking account. And you can set limits so that you don't accidentally pay a wrong bill. My water bill came in at 80K one month when a period was mistaken for a comma; since it was over the limit I'd set (pay if under $90, for example) I got an email letting me know the bill was overlimit, and called to resolve the mistake.

I recommend some sort of billpay service to anyone who asks me about budgeting and so forth. The time and stress savings are well worth it.

[nanamom]

i just started last month with a local bank that has online bill paying for free. I love it. I can check my account daily (or more) and tell them when to pay what bill. If I want money sent to a company or person they don't have an account record with they will cut a check and mail it themselves. That has saved a mint at the post office. I used to use a book of stamps twice a month last month I used 3 or 4 stamps because I still have to mail birthday cards. I love it!!

[JoyJoy]

Originally Posted by catlinye_maker

I pay my bills online through a billpaying service, and have for so long that I started before my bank offered the service. We pay a small monthly fee but this company will also process mailed bills and send out paper checks for us as needed.

It's been a lifesaver. There have been times when I haven't been paying enough attention to the finances for one reason or another, but we've never been late with a payment since we started with the service. I prefer one service rather than signing up with each company individually as it's fewer companies with access to my checking account. And you can set limits so that you don't accidentally pay a wrong bill. My water bill came in at 80K one month when a period was mistaken for a comma; since it was over the limit I'd set (pay if under $90, for example) I got an email letting me know the bill was overlimit, and called to resolve the mistake.

I recommend some sort of billpay service to anyone who asks me about budgeting and so forth. The time and stress savings are well worth it.

I can imagine the look on your face when you saw a water bill for 80K!! Good you did have a limit as to what to pay. I remember receiving an electric bill for a high amount like your water bill and the electric co said it was for a business in the neighborhood and sorry our addresses got crossed lol. Thanks for your input.

[debtfreeme]

i pay almost everything online too. and i love it!

[Tree0164]

I have been doing online banking since 1998. I love it. It takes me hardly anytime now to pay the bills. It also cut downs on the time that I need to manage my money.

[Ima saver]

Ok, I am the only old fashioned person here! I still write checks. How do you all balance your check book?

[JoyJoy]

I still keep a ledger and a bank book just in case this computer dies on me.

[catlinye_maker]

Originally Posted by Ima saver

Ok, I am the only old fashioned person here! I still write checks. How do you all balance your check book?

I enter the checks in Quickbooks just as if I'd written them by hand. Haven't had a paper register in years. We take a set amount of cash out weekly, and other debit charges I enter from my bank account info online; once a week in good times, once a month in bad. Using the paper receipts to update the register doesn't work when your husband loses them as often as mine does. Monthly reconciling from the bank statement works the same as with a paper register, check off the items that have cleared, etc, except the program does the math for me.

I do back up financial records faithfully to my husband's PC, but a major disaster would take out my records (of course that's true of the paper records in the desk drawer, too..)

JoyJoy, yes indeed, that water bill was a real eye opener that morning. 8)