Online Bill Payment
Many Internet banks offer bill paying, together with other services including online account and transaction record transfers. Because you already have an account, they usually offer bill paying free-of-charge in an attempt to compete for more clients. In fact, some online banks add more enticements. Wells Fargo & Co., Citibank, the Bank Mepco online bill check of America, JP Morgan Chase & Co., and several other banks add sophisticated and impressive personal finance tools. They allow their customers to pay their bills faster, track where their money is spent, and monitor their accounts.
Since many of bill paying services are free, countless customers are signing up. A recent comScore Networks survey reveals that the number of payment services online rose 36 percent in 2005 from the previous year. Wachovie gets the top spot for the most satisfactory online banking website. Wells Fargo, the Bank of America and Chase follow closely.
CheckFree vs Paytrust vs MyCheckFree
Most online banks use CheckFree. This online banking service provider allows customers to pay paper bills and e-bills (virtual bills) from any participating company. What sets CheckFree apart from other services is that paper bills will still arrive at your doorstep even if the transaction is done online. If you use your bank’s online bill payment service, you will be paying bills electronically whenever possible. Should the biller refuse to accept electronic payment, your bank will be mailing out a paper check that will be drawn from your account.
If you spend much time away from home or if your bank does not offer any online bill payment service, you might consider signing up for a paid service such as Paytrust. Unlike CheckFree, your bank does not send bills to your home physically. Instead, these bills go directly to Paytrust, who will present them to you online. This means that you don’t have to worry that your paper bills might go missing, making it a very good option for you if you are not always at home. Paytrust allows you to take care of your bills whether or not your biller entertains electronic payment. In case your biller doesn’t, Paytrust will send you a paper check. Aside from that, you can view any of your bills online even if the biller does not issue bills electronically. With Paytrust, you can conduct up to 30 transactions a month. Keep in mind, however, that paying a bill and receiving a bill are two separate transactions. This means that you will be paying a maximum of 15 bills only. With Paytrust, there will be no need to worry about dealing with piles of paperwork. Another thing you should not forget is that your current billing address will be replaced by a Paytrust address. Nevertheless, you don’t need to worry about missing your other mail because any misdirected mailings will be sent to your home address.