Some Things to Consider When Using Automatic Bill Pay
If you’re someone who finds themselves with too much on their plate, you may find automatic bill pay an enticing way to help alleviate some of the stress of your day to day life. However, there are some important things you want to consider when taking advantage of your automatic bill pay options.
Plan for the Unthinkable
While none of us like to think about our mortality, it’s important that we plan for the unthinkable. What happens to your automatic bill pay if you become serious ill or injured or even die? If your family doesn’t know which bills are being automatically deducted from your checking account and for how much, they might run into overdraft problems, which is something they shouldn’t have to deal with at such a trying time.
When using automatic bill pay options, make sure that you keep clear records for your family. This way, if something were to happen to you, your family will know what money is being taken out of your checking account on what dates and for what reasons. This will avoid any potential pitfalls when it comes to balancing your checking account.