Automatic Payment Systems

[pcslookout]

If you do why and do you double check it every time ? If not why ?

 

[Miramonti]

I use them for my credit card bills and local utilities.

Never had a problem, and I do a decent job of checking them.

 

[Caesar]

I do it for my utility bills, mortgage, insurance, cell, internet.
I like it because I have habit of forgetting things and its easy this way. Do check the once every month.

 

[pcslookout]

The thing is what if you forget to check it and for some reason, computer glitch there or anything, then the payment doesn't get posted. The only person they will blame is you. Can't wait to see a topic on here saying you had automate payment scheduled but your payment was never sent!

 

[kranky]

For my credit cards, I set up automatic payments with the credit card issuer. If something goes wrong, it's no one's fault but theirs. They were the ones authorized to pull the money from my bank account. Same for the mortgage. I have no problem with that because I know how much I charge each month.

For utilities, etc., I pay through my online banking. No one gets automatic withdrawal privileges except credit card issuers and the mortgage company. If it doesn't get paid, I'm responsible. If the bank dropped the ball, then I can get them to straighten things out, but once I set up the payment, I don't check any more.

My co-worker, who has her utilities on autopay through her bank, had her gas meter incorrectly read a while ago and they pulled $800 from her checking account. It took her 3 weeks to get it all straightened out with bounced checks and a couple dozen phone calls back and forth with the bank. The bank would not forgive her bounced check fees in total but they did cut it down by half. That's why I want to be the one to decide how much I'm going to pay people and not let them take whatever they thought was right.

 

[pcslookout]

Your credit card company and mortgage company could do the same thing. They could charge you wrong or have a error of how much they charged you.

 

[kranky]

They could, but the chances are much, much smaller IMHO.

 

[pcslookout]

Yeah I guess.

 

[spidey07]

Originally posted by: pcslookout
Your credit card company and mortgage company could do the same thing. They could charge you wrong or have a error of how much they charged you.

So have 2 months expenses in your checking account?

I look at my checking account probably 4 times a week to monitor things. Any problems and you get on the horn.

 

[FoBoT]

no, i am too chicken or too OCD or just paranoid

 

[Regs]

School loans. Do I check?

I'm afraid to see how much money they take out of my pocket each month

 

[shopbruin]

i do it for my car and for my student loans. almost everything else i set it up manually each month so i can review the bill first.

 

[Brainonska511]

I don't do it for anything. If there is ever a problem, I'd rather be the one holding the money. Plus, I don't have a problem watching and paying what I owe to various companies on my own.

 

[RossMAN]

Originally posted by: kranky
They could, but the chances are much, much smaller IMHO.

FWIW I've been using ACH and online payments for at least a decade. I've never had one of these errors where the wrong amount is charged.

It does happen but it's usually human error by either the customer, the merchant or your bank.

 

[spidey07]

Originally posted by: RossMAN
<div class="FTQUOTE"><begin quote>Originally posted by: kranky
They could, but the chances are much, much smaller IMHO.</end quote></div>

FWIW I've been using ACH and online payments for at least a decade. I've never had one of these errors where the wrong amount is charged.

It does happen but it's usually human error by either the customer, the merchant or your bank.

True.

But once it does happen it is like pulling teeth.

"I have faxed you a copy of the check you cashed. This is the third time that I have proven payment and yet you still have not credited the account."

One bad experience can turn you off forever. But I still use auto-pay exclusively becase the 80+ hours I spent on one problem are more than made up in time by using auto-pay.

 

[pcslookout]

Originally posted by: spidey07
<div class="FTQUOTE"><begin quote>Originally posted by: RossMAN
<div class="FTQUOTE"><begin quote>Originally posted by: kranky
They could, but the chances are much, much smaller IMHO.</end quote></div>

FWIW I've been using ACH and online payments for at least a decade. I've never had one of these errors where the wrong amount is charged.

It does happen but it's usually human error by either the customer, the merchant or your bank.</end quote></div>

True.

But once it does happen it is like pulling teeth.

"I have faxed you a copy of the check you cashed. This is the third time that I have proven payment and yet you still have not credited the account."

One bad experience can turn you off forever. But I still use auto-pay exclusively becase the 80+ hours I spent on one problem are more than made up in time by using auto-pay.

Interesting so you admit you had at least one problem before with auto-pay and it was a pain to get fixed.

 

[I Saw OJ]

I had auto payment for my cable bill. It didnt post for a couple months and one day I got a notice in the mail saying I owe them 400+dollars or the cable is going to be shut off. Called them up trying to explain that I had the automatic payment and its not my fault things didnt go through. They weren't having any of it and I had to pay the entire bill.

 

[Pepsi90919]

cable --> chequing
phone --> chequing
cell phone --> mastercard
other miscellaneous internet services --> citi mastercard that's never used --> chequing

 

[RossMAN]

Originally posted by: spidey07
<div class="FTQUOTE"><begin quote>Originally posted by: RossMAN
<div class="FTQUOTE"><begin quote>Originally posted by: kranky
They could, but the chances are much, much smaller IMHO.</end quote></div>

FWIW I've been using ACH and online payments for at least a decade. I've never had one of these errors where the wrong amount is charged.

It does happen but it's usually human error by either the customer, the merchant or your bank.</end quote></div>

True.

But once it does happen it is like pulling teeth.

"I have faxed you a copy of the check you cashed. This is the third time that I have proven payment and yet you still have not credited the account."

One bad experience can turn you off forever. But I still use auto-pay exclusively becase the 80+ hours I spent on one problem are more than made up in time by using auto-pay.

Oh trust me I know that and I feel sorry for the average banking customer. If this happens to them they have to jump through a lot of hoops, sign and possibly notarize forms, and wait for their money to be returned to them. When it gets returned it hasn't accrued any interest and there is no compensation other than the standard "We're sorry due to a system ...." form letter pumped out by the thousands. If that ever happened to me I dunno what I would do.

Fortunately in my line of work, I have learned what the process is from an operations standpoint, where it gets screwed up and how to expedite it. Fortunately I haven't had to use that for my own personal accounts, yet.

 

[pcslookout]

Is there any one, two, or more banks that make the process of getting your money back very quick and easy, if this ever happens or does no such bank exist?

 

[RossMAN]

Originally posted by: pcslookout
Is there any one, two, or more banks that make the process of getting your money back very quick and easy, if this ever happens or does no such bank exist?

That's a very good question.

I recently saw an ad where Wachovia or WaMu.com advertised you'll receive a refund within 24 hours while they investigate the matter. I want to say it was Wachovia but it could have been WaMu.

 

[pcslookout]

We should have a sticky list of all banks that do this.

 

[Dulanic]

Originally posted by: RossMAN
<div class="FTQUOTE"><begin quote>Originally posted by: pcslookout
Is there any one, two, or more banks that make the process of getting your money back very quick and easy, if this ever happens or does no such bank exist?</end quote></div>

That's a very good question.

I recently saw an ad where Wachovia or WaMu.com advertised you'll receive a refund within 24 hours while they investigate the matter. I want to say it was Wachovia but it could have been WaMu.

Most banks do that. Regulation E requires them you give you a provisional credit within 10 days or complete their investigation within 10 days.

 

[ch33zw1z]

Double question but no double poll?!

Yes I use them for some of my monthly payments, and HELL yes I check them everytime. Every transaction to or from my checking account is written in my check book, it's called covering your ass.

 

[boomerang]

I've had ALL my bills set up for auto-pay for as long as I can remember. The only time I've ever had trouble with bill payment is when I relied on the Post Office to deliver my mail. They lost 4 bill payments I made. All were made on the same day.

The USPS will never handle another bill payment delivery for me.