Set up a "Bill Pay" in order to cut down debt
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Why use Bill Pay?
- 4 reasons.
- To Automate the Process & Avoid Late Payments - by automating the process of paying bills, you can ensure all bill payments are paid on time, and therefore avoid late payments.
- To Allocate Checking Funds & Avoid Interest Payments - by setting aside X-amount of money from your checking account, and then having payments come from a debit card, rather than credit cards, you ensure that you do not pay extra interest rate charges.
- Save Time & Money, Securely - by using an secure online system, you can avoid having to snail mail, or call your payments in. And if e-Statements are turned on / with mailed statements turned off, then you never have to deal with "junk" in your mailbox that someone could more easily gain access to.
- Receive Alerts the Way You Want & from One Source - You can set up alerts for when payments are made or fail, etc. It is much easier to have all this come from one system, rather than a half dozen different accounts.
- Bank of America - My preference. I just like Bank of America. I have used at least a half dozen banks of the years, and Bank of America has always just been the best. This has been a no strings attached, free Bill Pay service so far.
- US Bank - Not sure if this is free or not. This is a second preference.
- Wells Fargo - Have never like Wells Fargo; plus you would have to maintain a minimum $5000 balance for this to be free.
What banks offer Bill Pay?
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