What they may not be aware of is the various options that the various financial institutions now offer.
Automatic Loan Installment Payments
Whenever we arrange for a loan, the loans officer will always ask for an account that the monthly loan installment payment can be withdrawn from. He or she will set it up so that your payment is taken out on the same day every month. If you have a variable interest loan, the payment will vary each month as well. The interest will change. You might arranged for two payments, one to pay the interest each month which will change from month to month, while the other is a fixed amount and goes towards principal reduction.
Consumers with online access to there accounts can also set up one time payments to their loans at any time of the month.
Online Mortgage Installment Payments
Online mortgage installment payments are handled in much the same manner as loans. The payments are deducted from your account each month. Extra payments can be arranged over the phone or by making an additional payment online through your online access to your accounts.
If your mortgage is with another bank, you will have to make sure that you set up the payment with the right bank and the mortgage number so that it ends up in the right place. Sometimes telephone banking access is the service to use were experts can assist you to make sure you get it right.
Online Credit Card Installment Payments
Credit card payments are easy to set up. Using the bill payment option in your online account, customers can select the credit cad, provide the account number and make individual payments as well as routine regular monthly installment payments. Always be sure to pay at least the minimum, to avoid extra interest or rude letters from your credit card company.
Pre-payment options for Online Payments
Retired people who are going on vacation, business people who may be traveling for some time often use the pre-payment option for online payments. You are not at home to pay the bills, and you may not have someone looking at the mail for you. An alternative is to set up automatic payment arrangements with the utilities or other bills. The utility will just withdraw the funds on the day it is due.
Consumers can also set up prepayment payments in their accounts. Now you can arrange for money transfers and online payments 6 months in advance if you want. They can all be programmed and the bank will execute the instructions on the day that you have requested as long as the money is in your account.
Online Property Tax Payments
Forgetting to pay your property taxes can have significant consequences. As much as the politicians say they are here to serve us, try forgetting to pay your property tax. They can be ruthless in following up and collecting overdue taxes. Besides who wants the hassle.
Program your account to pay the tax online and on time. Again if you have trouble setting this up, the telephone banking folks at your bank can help you get it right. You will need your property tax number. Some refer to it as a roll number.
One word of caution. Sometimes the banks can take up to 3 business days to actually complete a transaction. Have to wonder why this happens in to days world of electronic banking, but it sometimes does. We always set up the transaction to take place 3 business days in advance of the due date to make sure that it gets there on time.
Why Do We Need to Go to the Bank?
I find that I am going to the bank less and less all of the time. I use an ATM machine to get cash when I need it and the rest of the time use online banking to make all of my arrangements with respect to bill payment. Even my paycheck is automatically deposited. This makes it very convenient and saves a lot of time. Pay your bills in your pajamas in the middle of the night or any other time you wish.
Occasionally we go to the bank to sign some documents. It is really an inconvenience, since we have to either make an appointment or stand in line. We are always frustrated by this activity and try to avoid it as much as possible.
Customers Set up Their Own Automatic Installment Payments
Having customers set up their own payments is a great productivity boost for the banks. At one time the bank clerks had to set up all of these transactions for you. With the customers now doing this function, the banks have been able to operate with less people and to set up call centers to provide support for their customer across the country from one location.
Support is provided from call centers as well as online chat systems. For example if you need help in setting up an online installment loan payment, you can usually call a 1-800 number to get help or you can click on an online chat button to ask for help. They usually respond within a few minutes and can assist with all of your questions.
You may need to answer a few security questions to verify that you have legitimate access to the account. With all the fraud these days, I am happy to answer as many questions as they have to avoid my account information and my money being stolen.
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