When it comes to paying bills, many people
can’t imagine returning to paying and sending bills via the U.S. Postal
Service. But, the “turn it on and forget it” nature of automatic payments can
create zombie payers who no longer challenge or review the details and amounts
of bills. Here are some ideas to keep this from happening to you.
Create a list. Make a list of the
companies you authorized to use automatic payments to pay your bills. Include
in the list the card or account each company uses for the automatic payments,
as well as payment amounts and frequency. If you use credit and debit cards to
pay companies, record the expiration dates, in case you need to update any
company that has your card on file. When there’s a change in a card or bank
account, you will be able to consult the list to find the companies you need to
notify.
Watch for
fees. Make sure the bill payment system you’re using is low cost or no cost.
Some companies will charge you a fee for automatic payments. If your biller
wants to charge you, pay them with a traditional check.
Beware of price creep. Paying for a product or service
automatically can create a situation where you do not notice when your price
changes. Monitor your ongoing payment amounts so you are able to question any
price increase or discontinue service (if applicable).
Review underlying bills. Along with automated bill payments is the
vendor’s desire to stop sending hard copies of your bill. However, because
you’re not receiving a bill, you may be unaware of changes. If possible, opt to
continue receiving email or paper billing statements so you can verify that
your payment has not changed and there are no additional fees or errors.
Take care to review your accounts and statements to avoid
zombie paying, and in turn protect yourself and keep your finances in your
control.
