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Old 07-29-2011, 06:06 PM   #41
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I'm curious how many people make extensive use of direct EFT payments from their banks to pay bills? I set automated electronic checks for bills that have regular amounts and EFT direct from the bank to pay credit card bills where I might get a penalty if I am late. Where I can automate a payment using a CC I do that to get points (as long as there are not charges for doing so). I am leery of setting up direct EFT for everybody under the sun since I worry something would go wrong or some outfit go rogue and empty my account. Doing it with credit cards doesn't bother me since they have a dispute process. Am I too paranoid about EFT?

My priorites for bill paying are:

1) pay via CC (love the cash back bonuses)

2) pay via ACH or ETF

3) pay via personal check

I only really write one recurring personal check each month. That's my contribution to my HSA. I could even set this up automatically, but I don't since the amount could vary each year depending on the allowing contribution limit.

Plus, I'm a bit old fashioned in this way...a good old paper check and stamp (forever stamp, that is ).
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Old 07-29-2011, 08:00 PM   #42
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Quote:
Originally Posted by donheff View Post
I'm curious how many people make extensive use of direct EFT payments from their banks to pay bills? I set automated electronic checks for bills that have regular amounts and EFT direct from the bank to pay credit card bills where I might get a penalty if I am late. Where I can automate a payment using a CC I do that to get points (as long as there are not charges for doing so). I am leery of setting up direct EFT for everybody under the sun since I worry something would go wrong or some outfit go rogue and empty my account. Doing it with credit cards doesn't bother me since they have a dispute process. Am I too paranoid about EFT?
I have been using automated payments for my routine, monthly bills going back to the 1990s. These include electric, phone (includes internet), and cable TV. When I had a mortgage, I had it there for a few years, even using it to fulfill my payoff notice (very helpful).

The only monthly bill which I could not pay that way was my co-op's monthly maintenance charges. But I very recently switched to online bill-pay after the post office misplaced and/or delayed my payments. I avoided any late charges but this is the next best thing.

For irregular and less frequent payments such as health, home, and auto insurance as well as income taxes and the rare credit card bill I get, I pay via check. The home/auto insurance company actually collects the money via electronic payment so I don't see a canceled check any more, while I pay the CC in person at a local branch walking distance from where I live so they can't "lose" a payment and hit me with late fees.

With only the irregular payments needing my actual labor, there will now be several months per year I will not have to write a check. Yay!
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Old 07-30-2011, 07:52 AM   #43
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Quote:
Originally Posted by easysurfer View Post
My priorites for bill paying are:

1) pay via CC (love the cash back bonuses)

2) pay via ACH or ETF

3) pay via personal check

I only really write one recurring personal check each month. That's my contribution to my HSA. I could even set this up automatically, but I don't since the amount could vary each year depending on the allowing contribution limit.

Plus, I'm a bit old fashioned in this way...a good old paper check and stamp (forever stamp, that is ).
I follow the same pattern except if I have to pay by check then I will do an on-line payment by check as it saves writing out an envelope, putting a stamp on it and carrying it to the mail box.

1) pay via CC (love the cash back bonuses)
2) pay via ACH or ETF
3) pay via paper check using on-line banking
4) pay via personal check
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Old 07-30-2011, 11:12 AM   #44
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I fund annually during my re-balance transactions. The re-balancing produces the cash I need in addition to interest/dividends/pension. The cash is transferred from my broker to my CU Savings account (which doesn't pay a lot). I transfer from the CU to an Amex HISA. Quarterly, cash is moved back to the CU Savings account.

The CU savings account automatically transfers a set amount twice a month to cover bills. I maintain a money market account at the CU with 6 months expenses in it for emergency use (i.e., nail in tire -- means new tire -- not in budget!).

Unfortunately, the CU Money Market account doesn't pay nearly as much as the AMEX HISA. If there was no such thing as a high yield savings account, this cash would be in a CD ladder maturing every quarter.

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Old 07-30-2011, 02:02 PM   #45
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We do an electronic transfer once a month, with exceptional transfers as needed, e.g. tax payments.
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Old 07-30-2011, 02:11 PM   #46
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Quote:
Originally Posted by scrabbler
I have been using automated payments for my routine, monthly bills going back to the 1990s.
+1 Same here. Love it.
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Old 07-31-2011, 09:27 PM   #47
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monthly

Take funds monthly from my HSBC online account which pays 1% interest. Beginning of each year the HSBC account is replenished from my portfolio withdrawal.
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Old 07-31-2011, 09:32 PM   #48
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I replenish my credit union Money Market annually and from that account I replenish my checking account monthly. I have a base amount that I put in my checking account every month unless there are additional expenses such as property taxes or annual insurance payments.
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Old 07-31-2011, 09:39 PM   #49
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I replenish my credit union Money Market annually and from that account I replenish my checking account monthly. I have a base amount that I put in my checking account every month unless there are additional expenses such as property taxes or annual insurance payments.
Do the same except do the money market move monthly also. 2 reasons: leaves money in IRA a little longer to grow non-taxed; we have taxes withheld so spread that out over the year as well.
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