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Home » Jobs & Money » Budgeting Tips & Debt Relief » 3 Reasons Automatic Bill Pay May Not Be For You

3 Reasons Automatic Bill Pay May Not Be For You

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automatic-bill-pay-by-jessica-mullen.jpg There’s no question that automatic bill pay is convenient.

But is it for everyone?

I don’t think so.

Personally, I’m not a big fan of automatic bill pay myself — because it’s too easy for your bank account to get messed up.

Since you have to monitor your bank account closely when you use automatic bill pay, for me it’s just easier to mail a check, or pay online when I know the money is there.

And, I’m not the only one who feels that way. These hidden dangers of automatic bill pay may be enough to change your mind too!

Consider this:

  • Companies change the dates that bills are due. When they do, if you aren’t paying attention, your bank could send out the payment using the old due date and you could be charged fees for paying late.
  • Some bills don’t lend themselves to easy automatic bill pay — like credit card bills. If you charge more one month than you’ve got set up to pay at your bank, then you could end up with overdrafts on your account when the bank pays your bill.
  • It’s easy to miss mistakes on a bill when you aren’t regularly checking it — because you’ve got it set up at your bank to pay the bill automatically.

While there’s no question that paying bills on time is important, automatic bill pay has some serious disadvantages that could cost you more money in the long run.

Regina
Regina

My favorite things to write about are topics that have to do with pregnancy, weddings, saving money, living green, and life with dogs. When I’m not writing, I love to spend time with my husband, read, create 3D artwork and Native American beadwork.

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Filed Under: Budgeting Tips & Debt Relief, Jobs & Money Tagged With: banks, monthly bills and utilities

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LynnetteWith input from Financial Advisors, (a Tax Accountant and an Investment Manager), I share helpful tips regarding money and finances -- including debt relief, insurance, budgeting, and investing for retirement. My goal is to help you save more, spend less, and invest for the future by sharing honest, tried & true budgeting tips and tools. When I'm not saving for the future and helping others save for theirs, you can find me at the corner of Good News & Fun Times as publisher of The Fun Times Guide (32 fun & helpful websites).

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AndreaI have been a certified tightwad striving for financial freedom since I became pregnant with my first child -- and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future -- which will include sending 2 kids to college and early retirement.

Andrea: View My Blog Posts

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