Baby Boomer Finance – Automatic Bill Payments

Welcome to this weeks edition of Baby Boomer Finance – Automatic Bill Payments

Show Notes:

"If you set it up and forget it, you will probably regret it."  Keep that in mind.  No matter how you pay your bills each month there can be problems.  Automatic payment by credit card, bank bill payment system or direct withdrawal from you checking account can lead to problems.

You have 15 days from when you receive your statement to report an error if you use an automatic payment method.  If you used a credit card based payment system you have an additional 60 days to report the error.  However no matter what system you use, check it regularly and report potential errors immediately.

Paying with a credit card each month manually can actually lead to more potential identity theft.  More manual contacts more risk.  The potential of an automated payment leading to identity theft is less likely.

So no matter what automatic payment system you use, check it regularly (at least monthly) and be on the look for errors.  And if you find what you think is an error, report it immediately.