Wednesday, July 18, 2012

Is anyone else doing electronic bill-pay?

Am I the only one having my bank pay my bills electronically?
I noticed the confirmation-numbers of my bill-pays last night: 55, 56, 57 and 58.
55 was over a week ago; 56 and 57 were a few days ago, and 58 was last night.
No doubt people are having their payee charge their bank.
I see this option.
“Pay your bill electronically,” trumpets some utility. “Save postage; go green!”
I prefer authorizing the bill-pays myself.
I
authorize the bill-pay instead of the payee.
I don’t like the payee doing it.
I’ve seen what can happen.
The payee mistakenly charges your account multiple times, and overdraws your account.
This happened to a friend.
Her college-loan repay started doing multiple charges per month, and overdrew her account.
Her attempt to straighten it out was fraught with much hair-pulling.
Parry a service-center in India, where her representative was more interested in expressing concern than actually fixing things.
“We are truly, truly sorry. Yada-yada-yada!”
Her bank, of course, charged her overdraft penalties.
Get the payee to understand and pay that!
Having the payee charge your bank when your bill comes due, may be more convenient.
But I don’t trust it.
If anyone makes a mistake, it’s me, not the payee.

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