Should I or Shouldn’t I? That is The Autopay Question
January 30, 2018 |
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In this busy world, anything that’ll save us even a few minutes is a good thing right? So why are you still taking time each month to pay your bills, either online or through the mail, when there’s an even better, faster, and free way to do it?
That’s where autopay comes in.
What is Autopay?
Autopay is a way to automatically transfer funds from you bank accounts to places where you owe money. You can set up autopays for a number of different places, like
- rent/mortgage payments
- Utility companies
- Cable and internet providers
- Car loans
- Student loans
Any regularly occurring bill can be set up as an autopay.
This can make your life easier, as you won’t have to worry about paying your bills on time each month. But it might not be right for everyone, or for every bill. Here are a few things to consider before you set up autopay for all of your bills.
Pros of Autopay
- Convenience. Not having to worry about your bills can take a load off your mind every month. With the automatic and recurring nature of autopay, your bills are practically taken care of for you.
- Credit. Since your bills will be paid automatically, on the same day each month, your credit score will improve. A steady payment history is one of the determining factors of a positive credit score, so autopay is a great way to help improve and keep your credit score strong.
- Security. Paying bills online is one of the safest ways to manage your money. Never worry about a check getting lost in the mail again.
- Finances. You may not have to worry about your bills now, but you’ll need to make sure that you have enough funds in your account to cover all of your bills each month. If you don’t have enough to cover all of your autopays, you may incur overdraft fees.
- Timing. If all your bills are due at the end of the month, you could have a large amount removed each month. Make sure you take bill due dates and your direct deposits into consideration when setting up your autopays. It might be worth it to stagger due dates, if possible.
- Disruptions. Make sure you double check your autopayments regularly, as you never know if there is a service disruption or some other instance that could prevent your funds from transferring on time. Mistakes don’t happen often, but it’s better to be safe than sorry.
Your finances are important to us. Learn more about Dime’s bill pay services, or chat with a representative at 1-800-321-DIME (3463).