Avoid Late Payments by Using Automatic Withdraw
Life is hectic and here is so much to do in one day; some things are bound to be forgotten which can lead to disaster. Some things can be put off for another day, but others must be taken care of immediately to avoid turmoil. Picking up kids from school, grocery shopping and paying bills are some of those things you can’t put off. Paying your bills on time can be successfully achieved every time by using automatic withdraws from your checking account.
Technology is constantly growing and with this change comes huge advantages. In the past the only venue individuals could use to pay their bills was through the mail. Customers would write a check and send it directly to the utility company to pay for their monthly usage. Huge errors would occur through the mail becoming lost and customers would stress about the utility company receiving their check. Then alternate sources became available for individuals to pay for their utilities like at local grocery stores and over the internet.
The most convenient way that emerged was automatic withdrawal from the banks. It’s a simple process that takes minutes to set up. Simply speak with the representative you are doing business with and they will assist you with it. All you need is the bank’s routing number and your bank account number. Then you tell them which day you would like them to withdraw the money every month and how much. The process is simple and you will have your outstanding accounts automatically withdrawn to ensure timely payment.
Avoid Hefty Late Fees
The major benefit for utilizing automatic withdraws is avoiding forgetting and unjust fees. Having the money directly withdrawn from your account will ensure timely payments and no fees. These fees can add up and some companies charge outrageous fees that are more than the amount owed.
Bonus for using Automatic Withdraw
Some companies offer perks for customers to have their debt directly withdrawn from their account. They may offer less interest rate, less fees, and other benefits to attract customers to use this feature. Most electric companies will charge you less per kilowatt if you take advantage of automatic withdraw.
Not for Everyone
Some individuals cannot afford to have money directly withdrawn from their account. This may not be for you if you live paycheck to paycheck and do not keep track of the amount of money on the bank. Some prefer to have cash on hand and avoid utilizing banks at all. Be sure you can have enough money in the bank to afford have money withdrawn from your account. It can be beneficial for those who keep a close eye on their finances, but for others it can lead to debt and a financial pit of despair.