Online banking

[whomper]

My wife and I are taking the plunge. Up until now we have never paid a bill online and still send checks. My wife does our books and things have been a little hectic in casa de whomp as she is helping tend to her dad who is recovering from a succesful surgery. I want to make things nice and easy as far as handling finances.

 

We do our banking through TD bank. Of course I will research how to get this set up with them but I wanted to hear from the huddlers that do this as well. We have a few CC's that have balances that we are finishing off . I have 2 Mortgages. Energy bill. I pretty much plan on paying those items online. Water bill , quarterly life insurance I may just still send checks. So give me some advise. Does each Credit card company have online banking option that I sync up to at their websites ? Do i do the same for my banks that hold the 2 mortgages and PSE&G (my energy provider) ? Any tidbits will be helpful. Thanks in advance

[Big F'n Dave]

Can't imagine not paying online. The only two checks I write every month are for our water bill and the country club and that's only because neither of those are set up online. Welcome to the 20th century, whomper!!!

[TimC]

I bank with SunTrust and you just go through their website. Their software "recognizes" the vendor or just asks for the mailing address where you send the payment. It's a one-time setup deal and very easy to do. It can also link up to pull down the bill for you. The only check I still write is to my propane company because they are old school. It cuts bill-paying time down to a few minutes and really helps streamline the process. I wouldn't go through the individual companies website to pay your bills...make it all go through your bank's website.

 

She'll love it after the initial setup. I could never go back to writing checks and dealing with stamps.

[General Itals]

I haven't written a check in seven years. Major bills like CC, mortgage and utilities should all have options to enter bank information so that they can automatically withdraw money at times that you specify. Otherwise, you can set up bill pay on your banks side, although that usually costs a little more.

[SEC=UGA]

If you guys send me your login and passwords, I'll get it all setup for you!

[chester]

I haven't written a check in seven years. Major bills like CC, mortgage and utilities should all have options to enter bank information so that they can automatically withdraw money at times that you specify. Otherwise, you can set up bill pay on your banks side, although that usually costs a little more.

 

Me too. All the bills are directly taken out on the company's end. Still get a paper or email bill every month just telling me what is coming out when.

[whomper]

I haven't written a check in seven years. Major bills like CC, mortgage and utilities should all have options to enter bank information so that they can automatically withdraw money at times that you specify. Otherwise, you can set up bill pay on your banks side, although that usually costs a little more.

 

 

We probably wouldnt want auto withdraw. I like to click when im ready and not have things happen automatically. Baby steps

 

From Timc: I wouldn't go through the individual companies website to pay your bills...make it all go through your bank's website.

 

Yeah . This is what I would like to do. Is that hard to set up ?

[TimC]

We probably wouldnt want auto withdraw. I like to click when im ready and not have things happen automatically. Baby steps

 

 

 

Yeah . This is what I would like to do. Is that hard to set up ?

 

Yeah, I'm still not doing auto-withdraw either. I guess it's the accountant in me that likes to still feel in control somewhat.

 

The one-time setup probably takes just a few minutes per vendor. Once you're done, you're done. Just punch in the amount and the date you want it paid and it's all good.

[cliaz]

I love on line banking and couldn't imagine not using it. We pay everything through the bank and they issues the checks for us or, where applicable, electronic payment. We pay our CC bill this way as well instead of paying at their site. I perform the bank to send checks so that way I can do normal cliaz stuff to the memo line. One of my more wittier comments was to Washington Gas when we lived in Maryland. Each check had a fart reference in the memo field such as, "You think your gas stinks?'

 

I also highly suggest setting up payment schedules for the important bills. Our car note & mortgage are automatically paid on the 1st Monday of each month.

[General Itals]

We probably wouldnt want auto withdraw. I like to click when im ready and not have things happen automatically. Baby steps

 

I misspoke. Unlike TimC, I go to the vendor sites (i.e., CC company), supply them with my bank account info. When the CC site sends me my statement, I then input what date and what amount of $ I want to pay. On the date I specify, they automatically withdraw that amount I set up.

 

The reason I don't set up thru the bank to make payments is the bank would charge me $14.95 a month to do it that way. I also feel that I have more control over paying the different accounts by paying through the account websites, although it probably is a little more work to do so.

Edited February 4, 2011 by General Itals

[TimC]

I misspoke. Unlike TimC, I go to the vendor sites (i.e., CC company), supply them with my bank account info. When the CC site sends me my statement, I then input what date and what amount of $ I want to pay. On the date I specify, they automatically withdraw that amount I set up.

 

The reason I don't set up thru the bank to make payments is the bank would charge me $14.95 a month to do it that way. I also feel that I have more control over paying the different accounts by paying through the account websites, although it probably is a little more work to do so.

 

I used to do it through each vendor's site. The only reason I do it through the bank is it's free for me (no way I'd pay $15/month), it can be done all in one place, keeps a tidy record for me, and I can select the date to pay the bill. Some people I use don't allow you to pick the date. I normally wait until just before it's due to pay it. Otherwise, I'd have to pay it the day I happened to login to pay it. I don't like giving them their money too early. Mainly though, it's the one-stop convenience of going through SunTrust and having them keep the records. :neuroticaccountant:

[General Itals]

I used to do it through each vendor's site. The only reason I do it through the bank is it's free for me (no way I'd pay $15/month), it can be done all in one place, keeps a tidy record for me, and I can select the date to pay the bill. Some people I use don't allow you to pick the date. I normally wait until just before it's due to pay it. Otherwise, I'd have to pay it the day I happened to login to pay it. I don't like giving them their money too early. Mainly though, it's the one-stop convenience of going through SunTrust and having them keep the records. :neuroticaccountant:

 

When you set up payment through your bank, is it sent via snail mail check or ebt?

[whomper]

How does it work as far as timing ? I see where some of you said the bank cuts checks. When I click on a payment, say my mortgage, I assumed the funds were transfered and it was paid on the spot or maybe the next business day. If the banks are sending checks, do I have to allow a certain amount of days before the bill due date ? If my CC is due 3/1 and the bank is issuing checks for me , do i need to authorize the payment X amount of days beforehand ?

[Furd]

You want to schedule automatic payments for each of your revolving accounts. If you don't want to pay the balance or a set amount, check the box that reads"pay amount due." That way, if you forget about making the payment, you won't be late as a timely payment will be made. And if you paid the amount due or more previous to the due date, nothing will be deducted from your account, since nothing will be due on that date.

[SteelBunz]

In some instances (rare nowadays I think), the bank might 'cut checks'...but just make sure the date you choose to pay the bill is a weekday just before the actual due date. We don't 'autopay' in the sense that we choose one day and the bank pays it that day every month. We do it like GI..that's the beauty of online banking, Whomp. You don't have to remember to go in ON that specific day and click to pay a particular bill.

 

We have free online banking with our bank like Tim.

 

The only checks we write anymore as far as bills are quarterly water bills.....lol. We have to buy the 'forever stamps' now because a book of stamps would be out of date before we could use them up. Just saving on stamps, envelopes and checks and the time to write them all out will amaze you!

[matt770]

I've banked with Wachovia and PNC. With both, you put in the payee and your acct number and they do a search. For all the major CC companies, mortgage companies, utilities, etc, they have electronic debit already set up. If they don't, you are prompted for an address. In that case the bank will mail a check via snail mail.

[SteelBunz]

One thing I WILL add....it seems that some mortgage companies are not adequately setup online to distinguish overpayments that you mean to go toward principle. So if you are one that pays extra each month to knock down principle, check with your mortgage company to see how that is handled online with them.

 

Some just apply it to the next payment and never readjust your principle/interest due.

[rocknrobn26]

How does it work as far as timing ? I see where some of you said the bank cuts checks. When I click on a payment, say my mortgage, I assumed the funds were transfered and it was paid on the spot or maybe the next business day. If the banks are sending checks, do I have to allow a certain amount of days before the bill due date ? That depends on the vendor. Power, electric, etc. are usually same day or next day, but that may vary w/ your bank. If my CC is due 3/1 and the bank is issuing checks for me , do i need to authorize the payment X amount of days beforehand ? They typically let you pick a day for payment based on the due date and the speed of their service. My mortgage o. is different from my bank, but I scheduled it for the 6th of every month, that way I know my income is in the acct. and if the Bank F's it up, I still have a few days for A buffer.

 

First of all I've been doing online bill pays since the days of "Prodigy" (anyone remember that service?). See bolded above:

I bank at Chase and most big Co.'s are paid either 1-2 days. Single party checks like medical offices, Aunt Bessie, or my grass cutter are 5 days and sent snail mail. Inside bank transfers, CC payment (Chase Card) are same day. *The other advantage is if for some reason the recv'ing party doesn't get their check, w/ possibly some info from the payee, the original check is stopped and a new one re-issued. Plus, your bank will verify it was mailed to the payee. The "It's in the mail proof" is worth it's weight in gold.

I love it and would never go back to all snail mail.

 

ETA:

* with no stop payment fees.

Edited February 4, 2011 by rocknrobn26

[TimC]

When you set up payment through your bank, is it sent via snail mail check or ebt?

 

All of mine are ebt and credited by the vendor the same day. Never had an issue with a late payment. SunTrust even guarantees payment. However, like most guarantees in life, I would probably dread actually trying to use it.

 

I think if you have some obscure payments, it may be snail mail. I'm not really sure on that part.

 

 

ETA: Yeah, I think Matt nailed it. My bank "recognizes" the vendor and it's simple. If you have to set it up manually, then it may be a check. I guess. That may be a "contact your bank" for further details. LOL.

Edited February 4, 2011 by TimC

[JoJoTheWebToedBoy]

How does it work as far as timing ? I see where some of you said the bank cuts checks. When I click on a payment, say my mortgage, I assumed the funds were transfered and it was paid on the spot or maybe the next business day. If the banks are sending checks, do I have to allow a certain amount of days before the bill due date ? If my CC is due 3/1 and the bank is issuing checks for me , do i need to authorize the payment X amount of days beforehand ?

 

I've been using this for years... Wells Fargo. The way mine works (I don't use the auto feature) is I pull up my account, enter the amount and date I want it sent. The bank tells me when the payment will arrive (depends on the account, most are 2 days, the rest 5 days). They deduct the amount when they process the request (usually around 8PM)

 

So technically, if I put the request in today, it's deducted today, but the payee doesn't get it for 2 days. Still worth it. The bank guarentees delivery buy the day they give you. I've had several instances when a CC company charged me a late fee and had to remove it when I put in a query request to the bank. They also chased down a missing car payment one time. In each of these instances I got nowhere on the phone, but once Wells Fargo was notified, it was cleared up in my favor.

[buddahj]

Can't imagine not paying online. The only two checks I write every month are for our water bill and the country club and that's only because neither of those are set up online. Welcome to the 20th century, whomper!!!

this

[chester]

My last bank did issue paper checks when I didn't have it automatically deducted. When I 'authorized' a payment, it started the check procedure. It would cash 2-5 days later. This was 2 years ago. Just make sure you understand their policies. Once you get in the groove, you (and the wife) will love it.

[Atlanta Cracker]

If your bank doesn't offer free online bill pay check out USAA. Whether you are a veteran or not they let you have a checking/savings account and have free bill pay and rebate any ATM fees each month. Out of 4-5 bill pay services I have used over the years theirs is as good as it gets.

[whomper]

I bank with SunTrust and you just go through their website. Their software "recognizes" the vendor or just asks for the mailing address where you send the payment. It's a one-time setup deal and very easy to do. It can also link up to pull down the bill for you. The only check I still write is to my propane company because they are old school. It cuts bill-paying time down to a few minutes and really helps streamline the process. I wouldn't go through the individual companies website to pay your bills...make it all go through your bank's website.

She'll love it after the initial setup. I could never go back to writing checks and dealing with stamps.

 

 

I broke my cherry tonight and paid my first bill online tonight . My bank is TD bank and my only dissappointment with this was that they didnt recognize a lot of the vendors. The way it works there is if they dont recognize a vendor , you can still set it up with the address etc but it wont be an electronic payment. It will be a paper check sent from my bank and it will take 6-10 days. This I didnt like so I went to each individual vendors site and set up there so I can do faster electronic payments. I have to go from site to site but thats not a really big deal.My wife and I just have to work together because some stuff will still be sent old school. Im pretty psyched