Electronic bill pay

[dirtyd]

Ok, I'll give this a shot.

This one may or may not make sense depending on how many bills you pay each month. We’ve typically pay between 15-20 bills per month, I own a couple rentals which is partially why we have so many. Our bank does not charge to use the electronic bill pay feature and they say it’s much safer than traditional checks. They say every month they have multiple cases of identify thief because of stolen checks but have never had a single chase due to online bill paying. If you think about all the info on a check it’s scary, name, address, checking account number, bank routing number, signature.

With postage up to 44 cents, we’re saving approx. $8.80 a month on postage or about $100 per year. Not a lot of cash but I’d rather have a $100 in my pocket than buy stamps from Uncle Sam. Another advantage, once it’s all setup, it takes seconds to pay your monthly bills.

[patricimo54]

I guess I am to old fashion. We use checks only for paying bills. Cash for everything else.

[dirtyd]

That's why I brought it up. I was talking with my mom and she mentioned that they were trying it. I can guarantee you that if can navigate your way around this website your much more tech savvy than my folks. Something to consider.

[maritimer]

All my bills are paid online. Only way to go in my mind ;D

[cam]

I still use the old fashioned way. Stamp and envelope. However, every time I have to go out and buy new stamps because the PO keeps raising the rates, it makes me wanna start doing it online.

Cam

[woodsman416]

I've done online bill pay for quite a few years now. My brother is an exec with Wachovia and I asked him how they could incur the related expenses (stationary, postage, processing) without charging. He said it's what's called a "stickey" service. Once you set it up you're more likely to "stick" with that bank because of the work involved in switching over.

[stomper]

Cam if you buy the forever stamps they are good even if the rate hikes up. Say you have a 44 cent forever stamp and they raise it to 50 cents. Your 44 cent forever stamp still will mail a standard letter with no extra postage necessary. You have to ask for them at post office.

[Admin]

You are definately on the right track dirtyd. ;D Karma for your frugalness. However... If you haven't noticed from my previous post on the subject I would really recommend taking this a bit further and capitolize on the situation. Instead of just saving 8.80 a month why not double dip and MAKE some at the same time. If you pay those bills with a rewards card, even a 1% cash back card and then pay that bill in full at the end of the month, this can really amount to something.

Lets say you are spending 600 per month for these monthly bills and another 400 per month for food and maybe 150 in gasoline.

If these bills were paid with a simple 1% cash back rewards card, they would generate 11.50 in free money in one months time.

Add the 11.50 earnings to your 8.80 savings and you are ahead of the game by 20.30 by doing nothing more than rearranging your bill paying strategy. To some folks 20.30 aint worth bothering with but here's a different perspective for incentive.

Not long ago Hannafords Grocery store had whole natural chickens on sale for .69 per pound. I bought 36 of them with rewards card money. Your 20.30 earnings would put 29 pounds of free chicken in your freezer.

People are really missing the boat by mailing numerous checks every month. There's a LOT of free money out there that can be grabbed simply but changing your spending strategies.

[mike692]

I think I only pay two bills through the mail. One because they don't have electronic available, and the other because they charge a fee for online billing (which is totally backwards). What isn't drawn directly from my checking account is payed with a Cabelas card to collect the points. Works great as long as you pay the credit card in full every month. Never carry a balance.

[Admin]

May 2, 2010 10:07:50 GMT -5 mike692 said:

What isn't drawn directly from my checking account is payed with a Cabelas card to collect the points. Works great as long as you pay the credit card in full every month. Never carry a balance.

You da man Mike ;D I just got my Cabelas bill and I see I already have 111.00 worth of Cabelas points. I'm going to buy my power inverter with my free points so that I can run my laptop and other stuff off a car battery up at the camp. Free stuff for paying my bills. It don't get better than that.

[mike692]

May 2, 2010 10:57:08 GMT -5 Admin said:

May 2, 2010 10:07:50 GMT -5 mike692 said:

What isn't drawn directly from my checking account is payed with a Cabelas card to collect the points. Works great as long as you pay the credit card in full every month. Never carry a balance.

You da man Mike ;D I just got my Cabelas bill and I see I already have 111.00 worth of Cabelas points. I'm going to buy my power inverter with my free points so that I can run my laptop and other stuff off a car battery up at the camp. Free stuff for paying my bills. It don't get better than that.

Good deal. I have $50 saved up. I was going to buy myself a new vacuum sealer, but I've been looking at some other stuff. You can get just about anything from Cabelas these days. They're even carrying pressure canners!

[dirtyd]

JC,

Believe me I take advantage of my rewards card whenever possible. It's issued by my bank and every bill I can pay with it I do. We just pay lots of bills. We don't have any debt other than mortages just lots of irons in the fire, so to speak. But I'm glad you brought it up, it might be time to review my current list of online payees and make sure someone who didn't accept credit before, now does.

Anyone know how to pay your mortgage each month with your credit card?

[Admin]

May 3, 2010 14:29:07 GMT -5 dirtyd said:

JC,

Believe me I take advantage of my rewards card whenever possible. It's issued by my bank and every bill I can pay with it I do.

Glad to hear it. ;D There's a lot of tax free money out there that can be snatched up just by paying what you normally pay every month. Just gotta change the method of payment.