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Should You Pay Your Bills Online?
 Save time and money by paying your bills online. You can all but eliminate the
need for stamps, stuffing and licking envelopes and hoping the Postal Service will deliver your payments on time.
Simply sign up for an online bill payment service and you'll save money and greatly reduce the time it takes each
month to pay those bills.
How it Works
Bill Pay at Online Banks
Most online banking services offer free bill pay with unlimited monthly
transactions. Just set up your payees once - then pay their bills every month through the online service. Since
your bank account and the bill payment service are the same, you have complete records of all transactions.
Examples of Online Banks with
Free Bill Pay
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Bank
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Transactions/Month
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Monthly Fee
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American Express
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Unlimited
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NONE
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Hints on comparing bill pay services
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H
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N
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Compare Fees. Most
online banks offer free unlimited bill pay services. But make certain that the service means unlimited--unlimited
log-ons, unlimited number of bills paid per month--and doesn't have hidden charges. |
| Understand "Accounting" Practices. Bill payment services deduct the funds from your selected account in 2 ways: the funds
are deducted 4 days before or on the date the payment is due OR the funds are deducted when the payee (the individual
or company to which the payment was made) cashes or accepts the payment. |
| Selecting the Right Account.
When using bill payment services, remember to double check the fees associated with withdrawals from your selected
accounts. For instance, your Money Market Account will have transaction fees for excessive withdrawals whereas
your checking account probably will not. |
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