One of the most convenient and useful features of an online checking account is the ability to set up bill payments online. Whether it is a one-time bill, or an account with frequent billing, an online bill pay program is invaluable. Setting up such a bill payment system can be done in a few simple steps.
The first step to setting up bill payments from an online checking account is to collect all of the necessary information about the bill you will be paying. This includes the payee company name, your personal account number, when the bill is due, etc. Next, log on to your online checking account. Depending on your particular bank, the process could slightly vary, but in most cases, there will be a bill payment setup page that will guide you through the process of setting up your bill payment.
You will need to enter information about the company or person you will be paying. When setting up your account, itâ€™s imperative that you correctly enter all information (such as account number, billing address, etc.). One incorrect entry could result in your payment being applied to the wrong account, or possibly being denied by the payee. During the setup process, some banks will also offer you the option of receiving certain bills directly through the bank as opposed to a separate statement. This can be a great tool for those looking to consolidate their bill payments.
Once you’ve entered all of the necessary account information, it’s time to start thinking about when your bills will be paid. Most banks will allow you to either make payments individually, manually choosing to send a payment each time it’s necessary, or choose a recurring payment. Choosing an individual payment option will allow you to pick a specific day to make your payment, and to pay a specific amount. A recurring payment option is wonderful for accounts with frequent billing. Using a recurring payment option, you can choose when your payments should be sent out (once a month, bimonthly, etc.) and the bank will do the rest. With this option, your payments will be automatically sent to the correct account with no need for you to take any further action.
An online checking account is an incredibly useful money management tool. It allows you the flexibility to manage your finances in real time, and enables you to take advantage of convenience tools such as online bill pay. Whether it’s a single payment or a frequent billing, utilizing the online bill pay program offered by your bank is a great way to ensure bills are paid in a timely manner.