Automatic Bill Pay is Great!

What do you think about online bill payments or automatic monthly deductions to pay for everyday bills?

Dear Dave,

What do you think about online bill payments or automatic monthly deductions to pay for everyday bills?

Jay

Dear Jay,

I love them, and I have tons of them. I’ve got mutual funds that automatically tap my checking account, and all of my utilities are set up to be automatically zapped. This way, I never miss the early payment discounts, and I don’t have to worry about payments being late. It’s like automatic discipline!

But never, ever allow anyone you’re fighting with—like a collector if you’re trying to settle a disputed credit card account—to have automatic access to your account. They’ll clean you out! I don’t have a problem with paying for things like your electric bill, water, cable television or investments this way, though. It’s just a good, consistent way to take of business!

—Dave

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