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Electronic Bill Payment -- safe and secure?Jun 26 '00 Write an essay on this topic.I've always been the one in the family to pay the bills and take care of the checkbook. This chore used to run upwards of 5 hours a week. It isn't as easy as it sounds, actually, which is why I spent so much time on it. Besides balancing the checkbook, the bills had to be paid, ongoing bills had to be re-totaled, plus the bills had to be licked, stamped, and addressed, and since we don't have a mailbox at our house (long story...let's just say the snowplows are the cause) I had to hand deliver these envelopes to the post office, plus hand pay the ones that were local. Also included in that time figure were the phone calls I had to make when the bills weren't right, spending several minutes on hold while a nasty sales representative looked up my account. I tried using Quicken for my balancing of the checkbook and making payments, but after awhile it was taking longer than I wanted to type everything in, plus figure out how to work the thing to its fullest capabilities. I'd seen the automatic Bill Paying services online and was very wary of the security and ease of use. If someone gets ahold of your checking account number and the routing number, the results could be disasterous, to say the least. But I was at the end of my rope. I was sick of licking envelopes and writing out checks. I was tired of all the paperwork the companies send along with the bills. That alone would take me an hour just to sort through. Finally, I decided to start searching for a bill paying company online. I did my research and discovered MSN Bill Pay. When you sign up, you get the first six months free (for a standard account -- up to 10 bills a month) then $2.95 each month after that....or you can get three months free with the premium service and at $5.95 per month after that, you can pay up to 20 bills online. First off, I was wary about the security, but MSN is extremely reliable. Microsoft is constantly upgrading their security on their software, so I know they must do the same for their bill paying features. They guarantee security on your checking account, so my fears were lain to rest, thankfully. Also, I was very worried that my bills wouldn't get paid on time, but this was also an unfounded fear. MSN lets you choose the date for the bill to paid so you can make sure it gets there on time. I'm sure other bill paying places allow you the same feature, and I think it is nice. I've been using this bill paying for three months now and haven't had any trouble with it. My bills are paid on time and my hand doesn't get cramped from writing checks out. If you are still undecided about the safety and usefulness of paying your bills online, then try this...add up the amount of stamps you use each and every month to send out bills. Then, add up the cost of your checks each year and divide by 12 months. If the monthly figure is more than $3-4.00 then online bill paying is for you, if it isn't then I wouldn't bother. However, for most people, the figure for stamps and cost of checks more than outweighs the monthly fee for paying online. THEN check out several bill paying companies. Find out what their security features are. Only sign up if they seem reputable and very secure. Some places will guarantee your security and offer a compensation if it is breached. Once you have signed up, you need to type in all the addresses and account numbers...once. After this you merely click on the company you want to pay and Voila! it's done. It takes me about 10 minutes a week now to pay my bills and balance my checkbook. A big difference from that five hours. My checkbook as well as my fingers are thanking me!  |
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