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 ?
They will also have the option to sign up for an ongoing electronic bill payment relationship or to make their loan payment quickly with no sign-up required.
M2 EQUITYBITES-January 23, 2013--Fiserv, Bank of America extend electronic bill payment pact(C)2013 M2 COMMUNICATIONS http://www.
31 July 2012 - US lender TD Bank has adopted the CheckFree RXP solution provided by Fiserv Inc (NASDAQ:FISV) as part of efforts to offer electronic bill payment for consumers and small business customers, the US financial services technology provider said Tuesday.
Global Banking News-July 31, 2012--TD Bank selects electronic bill payment solution(C)2012 ENPublishing - http://www.
Best Software plans to begin offering electronic bill payment this month through the company's partnership with Metavante Corp.
As a result, the financial services industry faces significant uncertainty regarding potential investments in electronic bill payment technologies as well as in debit cards, smart cards, stored value, e-cash, check imaging, and check conversion technologies.
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