Electronic bill pay thoughts...

[JudyJB]

Beth, I agree wholeheartedly with checking your accounts online constantly. I also had problems with the credit union depositing a check to my savings account instead of my checking and then bouncing checks. I chewed them out seriously.

Had another case when they called me about my late mortgage payment. I told them I not only had sent the check in (I was not using electronic payment then) but that they had cashed it! They had deposited it also but did not credit it to the mortgage.

I check it a couple of times a week--probably once a week is enough.

[AlmostThere]

When a friend died, their bank accounts were "frozen". Nothing could go out of an account without approval of the executor. That would include any autopays.

Each state may be different because that wasn't true here in WA. From Dec - March auto pay took out funds from my X's account, and even though I am the executor and also had the Letter of Testamentary from the courts, the bank still had 40 days to release the account to me, which they went way over, hence me and my financial advisor calling Keybank's CEO.

[MsBHaven]

We are full-time RVers and use auto bill pay for every possible opportunity. I monitor our accounts frequently anyway, so this works well for us. Never had a problem thus far.

[khenrie]

We have used electronic payments, both bill pay and auto-drafts, for years and never have had a problem. I guess I'm not worried about what I pay after I die. I won't need the money at that point. Perhaps I will rethink that at some point, but honestly, our bills aren't so big that my kids will suffer greatly if an extra payment or two gets through.

[retiredhappy]

I quit getting paper statements on EVERYTHING, you know, save a tree. As for what would happen if my computer goes kaput, you guys know me, I have a second one, a little notebook and I have all my various account info in that one as well.

As for turning off an autopay, yes, it will take sometimes a couple of months for their systems to do it but the convenience is wonderful. On my property taxes, I can now pay one of them on line. I have my credit cards set up to notify me anytime a charge over $50 is made. They send me an email or text - just another way to monitor things. I also check my accounts frequently as there is a karen L West in Kerrville who does NOT pay her bills so I want to be sure her stuff doesn't get mixed up with my stuff.

[Pooker]

Yeah, it's a hornet's nest, all right. Some of the gals who have been on the forum a long time might remember my story of how frantic I was when my DH died and we had automatic electronic bill pay. The bills were still being deducted, but his SS, pension, etc. weren't going in to cover them! I spent days and days playing telephone menu tag trying to stop payments before they happened. It was such a stressful time and I swore I'd never do that to our sons when I go. It was such a convenience when we were travelling, though. Unfortunately, there doesn't seem to be a perfect solution to paying bills on the road that doesn't also have repercussions when one of the principals dies or there is a problem with the system.

I now have the same bank electronic system many of you have where I indicate how much and when I want a particular bill to be paid. However, there are glitches: some companies absolutely won't accept payment that way; if you are travelling you have the problem of getting the bill and knowing the amount; not all companies will e-mail a bill; and there is always the fear of not being able to get on-line when you need to.

We just have to muddle along doing whatever works for us!

Pooker

[OutandAbout]

When traveling I always keep the name, address and phone number of all bills that are to be paid. That way if there is a problem with the bill I can call and get it all straightened out. Sometimes this is quicker than dealing with emails. I find this especially helpful for those bills that only need payment once or twice a year (like property taxes). In this case I keep a copy of lasts years bill which has all the needed info. This works for me as a back up system. Linda

[JanetA]

All very good advice!! I agree w/ Karen that one coudln't really full time w/o having online bill pay. I can see why it's not good to have auto pay in most cases... if one accidentally "checked out" but w/ one of the responsible kids, et al on the account,, that should take care of that. I plan to have a chat w/ my banker and see what is the natural course of things to assure that nothing goes awry.
I have my auto insurance on the auto pay thingy but that is all and that sure does come in handy,, as that was the one bill that i repeatedly forgot to pay! WHat a hastle!!!

Thanks for the 'heads up' on all of this stuff!

I just keep seeing proof of why this forum is a WONDERFUL thing for us greenies!!


love you all!!

J

[cpatinjones]

I use electronic bill pay, also. I have never had any problems, thus far. I only have one auto pay, the rest I pay when I am ready.

[jemek]

I do online banking, but non of the payments are automatic. I have to go in and enter them to be paid. This just gives me another reason not to make them automatic.

I don't do it now, because my thought is if something was to happen...ie we not get paid or the like. I would not want to have to be stopping payments on things.