Online bill pay is a digital banking tool that allows you to pay bills directly from your bank account over the internet. You can specify things like the payee, dollar amount, date to send the payment, and how often – right from your online or mobile banking.
Depending on the payee, your bank will send them either an electronic payment or a paper check by mail. It’s important to note that either payment type can take up to a few business days to be received, so it’s best practice to schedule the payments a few days before they’re due. It’s also crucial you have sufficient money in your account to cover payments that are set up as overdraft fees will still apply.
Pay bills with ease
Not only is online bill pay safe, easy, and secure, it offers an efficient way to get your bills paid on a schedule without taking the time to manually pay or mail them each month. This also saves you money on buying checks and on the processing fees many companies charge to take payments online. An added bonus: You’re also helping the environment by saving on paper and postage.
If organization or technology aren’t your strong suits, paying bills online can seem daunting. However, once you get the hang of your online banking and get your bills set to pay on a schedule, it couldn’t be simpler. The days of getting a paper bill in the mail, writing a check, paying for postage, and mailing it back are over. It is the Digital Age after all, might as well take advantage of it!
OMB and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decision.
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