Useful Links

Patrick · 10-19-2006, 01:45 PM

Quote:

Originally Posted by 73ss454

1M

Well that lets me out. Guess I'll be going to Presidential Bank.

free4now · 10-19-2006, 01:52 PM

Quote:

Originally Posted by donheff

I am with Eridanus. I don't like giving companies access to my checking account. I would rather have creditors chase after me than the other way around. Also, DW's cash flow is eratic and at times there is a lot of money in checking. The thought of some company I thought I could trust being a fly-by-night outfit makes me too nervous.

I have no problem letting the big players (mortgage, insurance, utilities, credit card etc) have access to my checking account. With them I can trust that they won't scam money out of the account because they have a reputation to uphold.

But any company involved with providing telecom service (especially small long distance companies) has to bill through my credit card, not the checking account. Telecom providers are all too flighty for me to trust the checking account to them.

Mach1 · 10-19-2006, 01:57 PM

I use my bank's bill pay for everything and write checks only for taxes, charity and school donation. On an average the bank or the post office looses two payments a year, the funny thing is it happens only to my business accounts.

Mach1

audreyh1 · 10-19-2006, 02:34 PM

Many of the recurring bills go to one of my credit cards - a different one that the one I use for everyday and internet purchases.

A few I schedule out of my checking account. The "ebill" set up is very nice. I get an email about the amount and when due. Then I can go schedule the payment in advance. Bank of America requires very few days notice in most cases - 2? Some of the bills I have set up to be paid automatically when due since the amount varies little. The credit cards are handled as ebills.

A very bill few do direct withdrawal from my checking account - mainly insurance, and the IRS for estimated and annual taxes. When I was living in a house I found it convenient to do direct withdrawal for the main utilities.

Audrey

LOL! · 10-19-2006, 03:31 PM

Quote:

Originally Posted by Maddy the Turbo Beagle

I have used several bank billpay systems and by far the best is my credit unions....doesnt deduct the money until the payment clears and gives me an indication when the payment cleared....most others debit it right away and dont do this...

Also, can schedule payments to go for the next day...so no wait....Also, mbna credit cards had a nice feature for billpay, but with the boa merger, it might go away....you could pay other cc's, insurance, and several others

All the online bill pays that I have used (WellsFargo, Bank of America, TDWaterhouse) allow one to specify the date to send the money (anytime in the future) and all did not deduct the payment until the receiving institution deposited the check or got the money. There was never any "debit it right away."

honobob · 10-19-2006, 05:14 PM

I use BOA and link all my other accounts through "My Portfolio" so I don't have to remember passwords. I specify date I want the check to be there and they get it there on time and debit on that day. Some accounts will "e-bill" with BOA and send them an electronic bill that I can view and payment usually takes 1-2 days. I can pay anyone anywhere. I never write a check. If I need to hand someone a check I have it mailed to me in their name.
"My Portfolio" keeps track of my net worth/miles/real estate market values.
I don't allow anyone access to my account and don't set anything on automatic pay.

Direct deposit or some balance gets it free! I can also transfer funds from credit unions or other banks.

samclem · 10-19-2006, 05:30 PM

Free4now,
Nice password system. I do things in a similar way, but hadn't thought of using a portion of the site URL as a portion of the password.

The advent of biometric ID procedures holds lots of civil liberties pitfalls, but it will sure be nice to say goodbye to passwords and PINs.

jazz4cash · 10-19-2006, 08:38 PM

BofA works very well for me. They have recently changed to a "deliver by" format and even my obscure (small credit union) accounts are paid in 5 business days. Most large accounts (utilities, etc.) get paid in 2 days. Funds stay in the account until deliver by date. Reccurring bill payment feature is fairly flexible and I am thinking about using it for everything that I can reasonable estimate.

audreyh1 · 10-19-2006, 09:45 PM

Yeah, I just switched to the recurring bill payment for those bills that are close to the same every month. This means even less babysitting the bills!

I really love how BofA does ebills - very slick.

Audrey

Meadbh · 10-19-2006, 10:42 PM

Quote:

Originally Posted by Cut-Throat

I use a credit card for Everything and pay it off via a on-line transfer once a month.

For all recurring bills like utilities, property taxes I have automatic withdrawals set-up on a checking account. I don't even have to think about it anymore.

I basically pay 1 bill a month - The credit card via an on-line transfer. - No paper, no stamps, no check writing.

Ditto. Preauthorized withdrawals are by far the most efficient way to pay recurring bills that don't vary a lot, especially if you are away frequently; that way, they are always paid on time. Just make sure your current bank account has sufficient cash without holds on it. I keep a money market account linked to my chequing account so that any surplus cash is earning more interest. I travel quite a bit so I can keep an eye on this from anywhere and can transfer funds between the accounts if necessary.

I use my (one) credit card for everything else if possible. And if, as I do, you have a credit card is linked to benefits (e.g. airline points), so much the better. I pay my credit card bill in full using online banking, always setting the payment date a minimum of 2 workiing days prior to the due date and recording the transaction number. I reserve cheques for firms which don't accept other forms of payment, so nowadays I use very few cheques or stamps.

The only time this didn't work for me was when I let things get too close to the wire and paid my credit card bill based on the cash flow from a cheque that I had deposited into my chequing account, without realizing that there was a 6 day hold on the incoming cheque. But, because I have private banking, the bank reimbursed me for the interest and I now have no holds on incoming cheques. Scotiabank: nice bank if you are a Canadian, and many international branches too!

Meadbh

Goonie · 11-04-2006, 10:28 PM

I have some of my accounts, like internet, life ins, and a couple others setup to Auto EFT on a given date. (new car loan will be starting next month)

For cellphone, satelite tv, CC, car ins, and a couple others, I use that vendor's site to pay online, either directly from my checking acct or using a CC directly linked to that checking acct. It takes me a total of about 15 minutes a month. Since I know the exact date that a new bill is posted for those accounts, I pay it that day and get it out of the way. That way I don't forget about it, or wake up in the middle of the night and think "Did I pay that bill

"

I keep a ledger book with a section for each account, and record the basic info (current balance, balance due and/or minimum due, due date, amount & date paid or invested, current int. rate, etc) I have Quicken AND Money, but never really cared for either. I may be nutz

but I prefer my 'hard copy'. (which, by the way, is kept in a waterproof/fireproof safe even though I could recover all that info fairly easily with a little time & effort)

It's nice to be able to grab my book and take a gander at where every cent of my hard earned $$$ is going, and at loan balances dwindling, and investments sky-rocketing....

This system works for ME...it may not work as well for others. Each to there own. But in all these years I have never missed OR been late with a payment. Not one....ever! And that makes me VERY happy!!!

Also, that keeps my credit score and FICO score VERY high! And THAT makes me VERY happy, too!!! It also guarantees that I will invest on a very regular basis....and THAT will make me VERY, VERY happy later in life when I'm ready to start making withdrawals!!!

Mr._johngalt · 11-05-2006, 01:43 AM

Checks, envelopes, stamps. That's it for me.

JG

Corporateburnout · 11-05-2006, 05:50 AM

BoFA works great for me. They deduct the money from any account you specify on the bill's pay date you specify and it's all itemized on your statement. Never had a problem with this method except on a couple of occasions when I specified the wrong date..........

bosco · 11-05-2006, 09:16 AM

Quote:

Originally Posted by Corporateburnout

BoFA works great for me. They deduct the money from any account you specify on the bill's pay date you specify and it's all itemized on your statement. Never had a problem with this method except on a couple of occasions when I specified the wrong date..........

same experience here. And even when I screwed up, they were willing to reverse the charges once I convinced them it was just a dumb mistake.

Goonie · 11-05-2006, 10:54 AM

Quote:

Originally Posted by Mr._johngalt

Checks, envelopes, stamps. That's it for me.

JG

You mean they still make those things

I had to dig out my checkbook the other day to write a check for the car payment (they said I HAD TO make 1st pymt by check. It's been so long since I'd written one, I had to sit there and think about how to do it!

That was my 3rd check this year....tied with last year. I had hoped to get it down to 2 this year, and 1 next year, and 0 from there on. Oh well...the best layed plans.....

.....