Scheduling payments

When Mr W and I get back from our mini vacation (leaving today, back by the weekend) I need to think about how best to automate as many bill and loan payments as possible. I don't want any company to withdraw automatically, I just want to set up payments (if possible) on online banking.
I don't like companies like Telus and Rogers having access to withdraw payments automatically for several reasons: 1) what if the bill is wrong (I always check) and then I have to argue to get my money back, 2) I can control the payment to ensure I don't go into overdraft, and 3) I can match my payments to my pay cheques, regardless of the bill due data (I pay them ahead of the due date).
Of course, because the bill amounts can vary slightly, this is going to make it a little more difficult to schedule payments using online banking. For bills I think the solution will be to over pay slightly - for a few months only while we adjust to parenthood. After this time I will revisit the bills and start paying them myself again.
I guess I am not willing to hand it over to Mr W. I don't want to have to nag him about the bills, he does tend to let those things slide and I have a system that works for us, so why mess with a good thing?

2 Comments:

  1. Lulugal11 said...
    If you use ING's Electric Orange checking account you can set up the bill pay through them. You pick the amount you want to pay and ING sends it off.

    If the company accepts electronic payments then ING sends it that way, if not, ING will mail out a paper check free of charge to you.

    You can make up one time payments or set up recurring payments...whatever you want.

    plus the checking account earns interest.That is what I use to pay all my bills.

    If you don't already have an ING account you can get a bonus $25 by opening with a referral from me (I will make $10) so hit me up for link if you need one.
    Sharon said...
    Definatly err on the side of overpaying. Look at what your normal bill is and ad a few dollars. When you check the bills you could always send an extra payment in. I ususally pre-pay my bills even before the statements come out, I like being ahead. We are going on two weeks vacation soon and I am prepaying all of our bills so that I don't have to worry about it.

    I also handle my fil's bills and I am making sure to send out checks through his bank account before I leave.

    I do not want to have to stress about bills, I just want to relax and enjoy myself.

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