Electronic bill payment

Electronic bill payment.

If you have an electronic bill payment arrangement with your bank, your bills are sent to an account you designate and the bank pays them automatically each month by deducting the money from that account and transferring it to your payees, either electronically or by check.

The advantage of using electronic payment is that your bills will be paid on time, though it is your responsibility to ensure that there is enough money on deposit to cover what's due.

When the payments are made to credit accounts with the same bank, you may be offered a slightly reduced interest rate for using the service.

However, you'll want to investigate whether there's an added fee for automatic payment and how much flexibility you have in determining how much of a bill's balance due is paid each month on credit accounts where you have the option to pay less than the full amount owed.

References in periodicals archive ?
Since domestic clearinghouse processing is batch-oriented, it's well-suited to high-volume, low-value payments, which include direct deposit of payroll; Social Security; pensions, annuities and dividends; financial electronic data interchange; direct debits; electronic bill payment; and point-of-sale, electronic, tax, government and commercial vendor payments.
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All Amscot Financial branches are open 365 days a year, providing services including check cashing, electronic bill payment, money transfer services, prepaid cards, notary services, cash advances, ATMs, copying and faxing service.
Amscot Financial opens new branch in Coral Gables
6 November 2013 -- Florida-based electronic payment systems firm ACI Worldwide (NASDAQ: ACIW) said it has completed the acquisition of electronic bill payment solutions provider Official Payments Holdings Inc (NASDAQ: OPAY).
-ACI Worldwide acquires electronic bill pay solutions firm
The takeover beefs up ACIa[euro](tm)s position within the electronic bill payment market, president and CEO Philip Heasley stated.
ACI wraps up USD109m buy of Official Payments
Fawry, an electronic bill payment and presentment network, and CashU, a prepaid online payment gateway, have partnered in a bid to offer online shoppers the opportunity to top up their accounts using the Fawry network of post offices and retail outlets.
Fawry, CashU offer online shoppers more payment options
In an effort to introduce its new electronic bill payment service, Charter One added a new wrinkle to its ongoing MegaReward program: Sign up for electronic bill presentment and pay your bills online, and Charter One will award one point for every dollar you spent.
Charter One Throws a Fastball
All Amscot Financial branches are open 365 days a year, providing check cashing, electronic bill payment, money transfer services, prepaid cards, notary services, cash advances, ATMs, copying and faxing service.
-Amscot Financial opens new branch in Oakland Park
According to the firms, the integration of Payveris' electronic bill payment solutions and IBT's suite of banking software allow community financial institutions access to easy-to-use online banking and bill payment services.
-Payveris, IBT partner on online services
Egypt's electronic bill payment and presentment (EBPP) network Fawry has partnered with TE Data allowing customers to pay their monthly bills through its nationwide network, the firm said in a statement.
TE Data allows bill payment through Fawry
The study reports that consumers who are reluctant to use electronic bill payment are particularly concerned about protecting themselves from potential billing errors and about the prospect that unusually high bills might put a strain on their available funds.
WHY NOT PAY BILLS ELECTRONICALLY?
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