5 Ways Online Bill Pay Saves You Money

01.26.07 | Online Banking | 1 Comment | by junger

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Paying your bills online is still a relatively new thing. Not everyone is comfortable with the idea of not getting a paper bill, writing a check and mailing it in, while others are still skeptical of sending their credit card information over the Internet.

It's understandable, but a bit silly. Having the ability to pay bills online — besides the comfort of knowing your payment isn't lost in the mail — can also save you money.

Here's 5 ways online bill pay saves you money.

  1. You buy fewer checks, stamps and envelopes.
    If you don't need hem, you don't buy them. Simple as that. Yes, you are paying for the Internet connection and the power, but you'd be paying for those things anyway.
  2. No late fees for automatic transactions.
    Set up your monthly bills to be automatically deducted, and you'll never have to worry about late fees. Late fees, of course, is where they can really get you.
  3. Your money is not in limbo.
    Since money is deducted automatically when you pay a bill, you have more control over the exact dollars and cents in the account. Earn interest by putting into an online savings account — don't worry about when the check will be cashed and if you have enough money to cover it.
  4. Service Price Breaks
    Some utilities will give you a price break if you pay online, at least according to MSNBC. Unfortunately, I'm not subscribed to any of them, but if you are, let us know in a comment below.
  5. You've got more time.
    If your bills are set up to be paid automatically, you don't have to take them time to write the checks, rip off the bill, stuff the envelope, walk to the mailbox, etc. Time is money, and now you've got more of it.

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