Online Banking 2 comments

There was a brief mention on Marketplace today of the increasing numbers of folks using various online banking services. I frequently check my account balances and move funds between accounts. It is very handy.
There are some things I do not do. For instance, I do not use the online bill payer service. Sure, it is very easy to use. Certainly much easier then the telephone based bill paying service that I tried out 20 years ago and much easier than a version on online bill paying I tried 10 or so years ago.
The reason I do not use it is simple. It is not as reliable and timely at getting my payment posted to the account of my creditor as putting a check in the mail. That is to say that the banks, at least my bank, are not making use of the technology at hand to provide the service. It should be trivial to mail the check or, best, post to my creditor’s account within one day.
My bank offers approximately 4-5 day service which includes the possibility that they won’t even mail a check for 4-5 days. Until they fix this I’ll keep buying stamps.

2 thoughts on “Online Banking

  • Kim

    I’ve been using PayTrust for a few years. (Actually, I started using, but PayTrust bought them.) For most of my billers, they pay electronically within 1 business day of me setting up the payment. Everything else is sent by check within 1 business day. It’s been such a great service for me, because I was really scatterbrained about keeping paper bills organized.

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