The days of sitting down with a checkbook once or twice a month, writing out your bills by hand, placing them in a stamped envelope and making a trip to the nearest mailbox are quickly becoming a thing of the past. Online banking services have been expanded to include bill paying features in addition to the standard balance and transaction information, monthly statements and the option to transfer funds between accounts. There are a number of pluses and seemingly few--if any--minuses associated with paying your bills online.
Convenience
According to U.S. Bank, you can use online bill pay services for any payee that has a valid U.S. mailing address. You can pay your monthly utilities, credit cards, babysitters or even send money to friends and family.
Control
Wells Fargo says that you simply type in the amount you want to pay and when the money should be withdrawn from your checking account. When your scheduled payment date arrives, the funds are deducted and sent to the payee. You always have the freedom to change the payment date before the due date arrives. You have the option of receiving a confirmation e-mail noting that a payment has been sent. Otherwise you can simply log onto your account for verification.
Automatic Payments
Your online bill paying experience can be made even easier if you decide to use the automatic payment feature. This may be a good option if a particular bill is the same amount every month. You simply instruct the bank on how much to withdraw from your checking account--whether it's a minimum payment, payment in full or any dollar amount you select.
Recordkeeping
U.S. Bank and other financial institutions provide easy access to your bill paying history for up to 18 months. You have the option of organizing payments by category, amount, biller and date. This recordkeeping feature enables you to look back and monitor the dates and amounts of your payments.
Security
U.S. Bank Internet Banking guarantees that every scheduled payment will be paid on time, and they will pay for any late fees or other related costs. Wells Fargo also promises that your bills will be paid on time as scheduled, and in a safe and secure manner.
Cost
Online bill pay is generally offered at no cost if you have an account at the bank. However, according to Ecommerce Journal, some banks will charge a minimal monthly fee (five to seven dollars) or offer the service for free if you maintain a minimum balance in your account.
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