How do you pay your bills? Do you still write checks each month, stuff them in an envelope and put on a postage stamp or have you checked into the world of online bill paying or automated payments?

Bills can even be paid these days with a simple phone call and telephone transfer. Most people have at least a couple options available for bill paying. Customer service is on the rise for bill paying, business will take your money any way you want it. No matter what method you choose, there are several things that should be taken into consideration.

1. Fees:
If you would like to pay your bills online or via telephone, make sure to ask about any fees you might be charged for this convenience. My main bank charges no fees. I have a credit union that charged fees, I think they do not right now.

2. Time to Post:
Also, ask how long it takes for the payment to be posted. Some places take the money out of your bank immediately, cut a physical check to your creditors and then mail it. Some simply do electronic transfers from your account. Most will show you the date the transaction will take place, so you will still need to plan ahead.

3. Security:
Check with your bank on what security measures they provide for electronic bill paying and what charges you may incur from them as a result.

4. Personal Time:
Automated payments and online billing can save you time when paying your bills. If, however, you have money incorrectly taken out of your account, for whatever reason, sometimes it is a very difficult and time consuming process to get the money returned back to your account.

Bottom line, online bill paying saves me time, postage and it also keeps track of my transactions. Do you pay any bills online? What are your billing experiences?

Labels: Financial How-To, online payments