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Terrible New Years resolution idea
#1
In this fool article, one of their recommended New Years resolution is to automate bill payment. I think that is so wrong. 

A better idea is to put reminders on a calendar when to pay a bill and then pay them online. This way you never not know what all your spending your money on.
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#2
I don't know how other banks work, but with mine, you can see the amount taken from your account and for what. I often set up automatic payments for bills because it's easier and saves me the risk of not getting it done in time. The problem with calendar reminders is that you have to either remember to check the calendar, or set up a notification on your phone that goes off at a certain time (which for me, usually happens to work out as a time where I can't do it then and there, and thus forget about it until a few days later).
I know it doesn't work for everyone, but for some of us automatic payments are a lifesaver.
As for not knowing what you're spending your money on, I can clearly see it online any time I check on my computer or my phone, so I'm not worried about that aspect Smile
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#3
(12-31-2017, 08:16 PM)Sase3119 Wrote: I don't know how other banks work, but with mine, you can see the amount taken from your account and for what. I often set up automatic payments for bills because it's easier and saves me the risk of not getting it done in time. The problem with calendar reminders is that you have to either remember to check the calendar, or set up a notification on your phone that goes off at a certain time (which for me, usually happens to work out as a time where I can't do it then and there, and thus forget about it until a few days later).
I know it doesn't work for everyone, but for some of us automatic payments are a lifesaver.
As for not knowing what you're spending your money on, I can clearly see it online any time I check on my computer or my phone, so I'm not worried about that aspect Smile

I agree with Sase3119. Being a forgetful person, an auto-payment option is a big help for me. I don't see any reason why it is not a good idea. If you set up an auto-payment, you automatically know that you're paying for something that you purchased. We can always review our statements and double check the charges in our card and I believe that as a card holder, it our duty to check the bank statements everytime we receive them. 

Reading between the lines, I think (correct me if I'm wrong) Michael Puttman, when he said "This way you never not know what all your spending your money on", is referring to unauthorized or fraudulent charges. To address this, there are banks wherein a card member can set alert that would trigger the system in an event wherein there is an attempt to charge the card outside the normal pattern of the card holder.

Happy new Year!  Smile
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#4
Bills payment automation is one banking service that I have no plans to avail of anytime. I prefer to have full control over all banking transactions and automating bills payment deprives me of the opportunity to review the bills before they are paid from my account. A gross error by utility providers can easily wipe the balance off my account and though that could be fixed later, it could mean disruptions with other financial transactions until it is resolved.

I prefer to schedule the payment a day or two ahead of the due date to ensure timely payment. Although I myself don't need a calendar note to remind myself of the payment dates, many find it helpful to set up automated reminders on their smartphones or planner.

In many cases, it may be possible to consolidate several bills into one or two due dates in a single month which could tremendously simplify one's financial life.
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#5
Me too, a bill automated payment seems a little bit off for me. There are definitely cons on which your expenses would increase, if you didn't pay on full. But there are advantages as well, like bills would get payed automatically while your doing something, while on vacation with family and having fun time with friends.
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#6
Bill automation is like a suicide. It can wipe out your accounts in just one wrong click. Even though we're living in a new era of technology it's not perfect yet. I know banks can fix the wrong transactions but it might give headaches to the owner and what if they're not fully aware of the wrong transactions long years have gone, can they get a refund? By giving them an authority to pay your bills they will lose some awareness of their responsibilities. It's hard to keep track all your bills once you give them rights to automate your bills you would ignore it because you're assured that it will be paid.
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#7
(12-30-2017, 07:53 AM)Michael Puttman Wrote: In this fool article, one of their recommended New Years resolution is to automate bill payment. I think that is so wrong. 

A better idea is to put reminders on a calendar when to pay a bill and then pay them online. This way you never not know what all your spending your money on.

I think it's more appropriate to use calendar reminders or even alarms reminders set in one's phone device to mark when to pay for bill than going for automate bill payments. The reason why I say this is that sometimes network might interfere with the automated bill payment and one would be thinking he or she has cleared the bill only to have his or her services cut off before finding out the payment didn't go through. 

But if you make use of reminders, the moment the alarm hit, you will would simply go online and pay within seconds or minutes without feeling any stress. I would only support automated bill payments if one don't have any breathing moments of rest but who doesn't rest from work or who works 24 hours and 356 days in a year? I doubt such person exist.
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#8
(12-30-2017, 07:53 AM)Michael Puttman Wrote: In this fool article, one of their recommended New Years resolution is to automate bill payment. I think that is so wrong. 

A better idea is to put reminders on a calendar when to pay a bill and then pay them online. This way you never not know what all your spending your money on.

Well that's their choice but i am also not a fan of automated bills payment. Taking risks and losing money goes last on my mind so i don't think it is a good idea for me. It might work for others but i still wish them good luck for for their account and security.
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#9
(01-01-2018, 10:00 AM)marblank1313 Wrote:
(12-30-2017, 07:53 AM)Michael Puttman Wrote: In this fool article, one of their recommended New Years resolution is to automate bill payment. I think that is so wrong. 

A better idea is to put reminders on a calendar when to pay a bill and then pay them online. This way you never not know what all your spending your money on.

Well that's their choice but i am also not a fan of automated bills payment. Taking risks and losing money goes last on my mind so i don't think it is a good idea for me. It might work for others but i still wish them good luck for for their account and security.

@marblank1313 It's not even just risky the way I'm viewing it, it might leave one frustrated in some occasion. Take for instance, one's monthly bill fee is around $1000 and you have about $1100 in your account. You have an unplanned expense come which you are supposed to take care of in the morning, only for you to wake up and get alert notifications that your bills of $1000 has just been cleared, leaving you with a balance of $100 with no means of getting fund. 

The person would automatically be left stranded because that automated bill payment has rendered all programs of the person useless. I would know how to handle this should such happen to me. I would be completely destabilized. 
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#10
both sides has a point , in the side of lender , it is for thei assurance that you will pay your debts at given time while on the sides of borrowers it is a little bit off because other people will manage to access your account .As for me it is wrong even though it is for assurance of paying your debts still it is not right to access other people account without notice ,The reason why there is collateral is because of assurance .. it will be unfair if you will get the assurance of collateral and assurance on their bank account
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