Using bill pay to automatically debit your checking account to pay bills not only is convenient, but also saves customers money in the long run. Between fees incurred for paying bills late to the reduction of stress of remembering multiple dates, automating the process has many perks should the due date slip your mind.
1. Timeliness
Nerd Wallet reports that according to a survey in 2016, of the 35 percent of consumer survey respondents who paid a bill late, 65 percent of them were charged a late fee. Ultimately, they advocate for using bill pay through your bank. Personal banking today isn’t only about monitoring your bank accounts, but also the convenience of an all-inclusive system. There’s no need to write paper checks that need to be sent, only to wait for them to clear after a matter of days.
2. Keeping a Record
The beauty of paying all of your bills through bill pay is that you get a record of every transaction. While many people who pay for things using checks have carbon copies, there are many who don’t. This is where bank statements with recorded authorizations made through the bank itself come in handy. If you ever need to prove a transaction took place, using bill pay will ensure that it’s officially recorded and documented.
3. Documented and Official
In today’s financial world, electronic transactions leave a trail and official record, whereas paper checks do not until they clear. Although, a few years ago, writing a check and then allowing it to clear using a signature was the best tactic to avoid lawsuits or other reasons that require documentation.
These are all reasons why using the automated electronic process of bill pay through your bank will not only save you money and protect you from late fees, but will also help ensure that if you ever need official documentation of payments, you’ll be prepared.