With online bill pay, you can quickly pay your bills wherever you are – using your computer, phone or tablet. But, do you actually save money using the service? Let’s take a closer look.
You can eliminate the cost of paper checks, envelopes and stamps.
Let’s assume you pay seven bills a month. Using bill pay, you’ll save $.49 per bill (for stamps) and won’t have to buy checks and envelopes as often.
You can avoid late fees.
According to a 2016 survey by financial technology firm Fiserv, more than a third of consumers paid a bill late in the previous 12 months, and 65 percent had a late fee. This is where online bill pay can really save you some money. With recurring payments and automatic transfers, your bills will be paid on time and you can avoid any costly late fees.
Keep track of your bills.
With recurring payments, it’s easy to forget what bill gets paid when, and this may result in overdraft fees if there are insufficient funds in your account. Use email or text alerts so you can avoid this situation.
Use one source for paying bills online.
Bill payments can get lost in the shuffle if you’re using multiple providers. Make it easier on yourself – consolidate your bills through one provider.
How DuGood Can Help
If you’re not already using our Bill Pay service, it’s free to sign up. Unlike other sites, with our Bill Pay, you’re the boss. You have the freedom to choose the date your payment is made, so it fits your needs and budget. You can pay bills from anywhere – your PC, laptop, tablet, or mobile phone.
Sources:
- https://www.nerdwallet.com/blog/banking/online-bill-pay-what-it-is-why-you-should-use-it/
- https://lifehacker.com/5533965/how-to-stop-worrying-and-start-saving-time-and-money-with-auto-bill-pay-and-online-banking
