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Disadvantages of Paying Bills Online

If time and money are your biggest concerns, you may want to pass on the electronic bill paying option until sometime in the future.

  • Online bill paying can be an expensive component to online banking (See Online Banking Fees).

  • You can't include a payment coupon with your bill when authorizing payments online, which may cause a delay or discredit your account. However, better bill payment services include a "memo" section in which you put your identifying account information.

  • Despite today's technological security precautions, in most cases manual checks are still being mailed from your bank to the payee, which opens up the door to the usual delays and risks of snail mail.

  • If your computer crashes and you don't have the time or money to get it fixed, you may end up missing payments by some of your bill due dates.

  • Still unresolved are the legal ramifications of whether or not an electronic bill constitutes a lawful commitment between you and the vendor.

  • Certain privacy issues may be at stake concerning shared client database information.

 What is Internet Banking?

 Internet vs. Traditional Banking

 

 Electronic Bill Paying

 

 Direct Deposit

 

 Online Banking Fees

 

 

 

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