How To Guide For: Automatic Bill Payments Pros & Cons

Automatic bill payments are regular payments made from a banking, brokerage or mutual fund account to vendors. Automatic payments can also be made from a checking account or with a credit card.

Automatic bill payment (aka Auto-pay) is a great way to pay bills because the bill is setup to be paid via the account you selected--you can select any of the accounts mentioned above. So you know the 1st or whenever your bills are due it will be deducted from the account that you instructed the funds to be taken from. You don't have to worry if you go on vacation or out of town because you know that your bills are all on auto-pay. Just make sure that you set up an alert to let you know once the money has been deducted from your account how much is left in the account. This way you can monitor the account and make sure it doesn't go below a certain level.

Automatic bill pay has its pros and cons to learn more - please click the pictures below to read the articles.