Over 60% of Americans use the automatic bill pay feature with their checking account. Why? It’s convenient, it ensures that bills get paid on time and eliminates the need to worry about writing a check every month for that expense.
It is all of those things, however, this article from Daily Finance highlights some of the issues that can arise when you set up this feature, including:
- Being short of funds when bills are paid.
- Continued withdrawals even if you stop using the service
- Errant payments
Check out the Next Gen Personal Finance activity on Managing your Online Checking Account to familiarize students with the mechanics of using an online account.