How to set up automatic bill pay so you pay your bills on time
Life is busy, there is no denying it, and sometimes due simply to the hectic nature of life, we have plenty of money sitting in the bank, but forget to pay our bills. This is a problem that plagues many, and is very obnoxious as you get hit with late fees, charges, etc. So, the solution to this problem is automatic bill pay. Most banks have an option that allows you to set up automatic bill pay so that your bill is paid on time each month without you doing anything other than setting it up the first time. You have to have money in your account for your bill to be paid, but if it is there, you will be able to say good bye to late fees and charges.
So, now you know bill pay exists, the question becomes how to set it up. The following is a general explanation of how to set up an automatic bill pay through your bank. Most banks do not charge for this service, although, you will want to
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Step one: go to your bank's website, and log yourself on. If you do not already have an account through your bank online, you will need to set it up so you can access your account online. So, take a few minutes to get to this point.
Step two: Add bill pay to your account if you do not have it. Sometimes, depending on the bank, you can just click a button that indicates that you can set up bill pay, others you have to click a promotion, etc. However, on every site there is an option to add bill pay. Usually at this point there will be something that indicates whether or not you will be charged for the bill pay.
Step four: follow the prompts. Basically at this point every bank sets bill pay up differently, however, all have questions that you will fill in answers, and prompts to help you move forward. For example, you will need to put in the name of who is to be paid, and some information of how to pay them, and the amount. You will need to put the date you want the bill paid on. Some banks have an option for paying it when it is due, others you will need to manually enter in a date. You will put what account you want bills paid out of, and in some cases you will be able to provide a second account number to pay bills if the first account has insufficient funds. So, you follow the prompts until the end.
Step five: Pay your bill the following month the same way you have been, or check to ensure they received payment from your bill pay. Some times there is a couple of month processing time, usually not, however, you would not want to miss a payment because you thought it was coming out automatically. You will want to check to see that the bill was paid in full each month, and it is also good to make sure you always have sufficient funds to pay the bills.
Now that you know how to set up automatic bill pay, do it, it will make your life much easier.
