dude - worst poll ever, I think I know you from a prior poker-life.

OTOH:

quote:

How do you pay your credit card bill? (Perhaps that's with "online bill pay" which I'm not familiar with)

If you can figger our how to get a card, can't you figger out how to pay online? Automatically or each month at your initiation?

quote:

Originally posted by ChicagoSigMan:
A lot of low-income types do not have checking accounts. That's why check-cashing places exist and prosper.

This. Any shithole town in America has these damn check cashing stores on every street corner. And they prosper. Because there are idiots like the guy on Judge Judy that get money orders to pay their damn bills. I lump them in the same category as the idiots that go to the gas station every single day for cigarettes/fountain drink/snacks.

Fees to cash checks and make money orders, and the time standing in lines to get them, sound like they would add up in a hurry. I can't personally imagine not having a bank account, even though I only write one, sometimes two paper checks a month.

I do either credit, debit, online, or electronic check through my credit union for most transactions. The only time we actually write checks is when transacting business with the Amish or a few horse related services.

quote:

I do either credit, debit, online, or electronic check through my credit union for most transactions.

Yes, exactly.

I have some checks left, but damn if I know where the checkbook is.

I use the bill pay online. I can also pay on line with my card for my utilities and the like. I can also let them draft (on demand) the money directly from my checking account--credit cards are going to that method it seems. It's easier than keeping up with expiration dates and new card numbers. I never due auto pay for big bills--just my planet fitness and Netflix.

My employer also offers the pay card thing. I don't blame anyone--it is a whole lot easier than dealing with a bank or credit union.

quote:

Originally posted by V-Tail:
Other than payroll for my part-time employee I don't think I write five paper checks a year.

The two credit cards that I use are cash-back cards with no annual fee, so I use them wherever possible.

If I need to pay a bill that I can't pay with a credit card I use online bill pay.

Yes, but online bill pay technically is still writing a check (for vendors that can't be paid online). But the bank writes/issues the check. I have a few customers who do that and I get an actual check in the mail, but issued by their bank.

quote:

Originally posted by jimmy123x:

quote:

Originally posted by V-Tail:
Other than payroll for my part-time employee I don't think I write five paper checks a year.

The two credit cards that I use are cash-back cards with no annual fee, so I use them wherever possible.

If I need to pay a bill that I can't pay with a credit card I use online bill pay.

Yes, but online bill pay technically is still writing a check (for vendors that can't be paid online). But the bank writes/issues the check. I have a few customers who do that and I get an actual check in the mail, but issued by their bank.

I actually prefer this over writing a check myself as the balance is immediately removed from my account. Makes keeping my balance much easier.

quote:

Originally posted by Gene Hillman:
How do you pay your credit card bill? (Perhaps that's with "online bill pay" which I'm not familiar with)

Most, in fact I'm tempted to say "every," bank and credit union offer online bill pay at no charge. They like you to use this, it lowers their cost since they do not have to handle paper.

You're not familiar? Ask your banker. In general, it is accessible through your bank (or credit union) website. Probably a tab called "Bill Pay" or something similar.

The way it works (you can do everything online): Your enroll for the service. You enter payees -- those that you want to pay. Information like name, address, phone number, your account number, etc. Payees can be companies like your utility bills, or individuals (I have paid forum members for firearms with this).

Once a payee has been set up, the work is essentially done. When you want to pay a bill, you go to that section of the bank's website, click on the entry for that vendor (electric company, or whatever), enter the amount that you want to pay, choose a date for the payment to be delivered, and click on "Pay" or "Send" or whatever your bank's website calls it. You receive a transaction ID, as a receipt, and you're done.

The payment information is passed through from your bank to a Service Bureau (most of the banks and credit unions use CheckFree). The service bureau will look in its database to see if it has an electronic hook-up with the payee. That would be the case if, for instance, you're paying a company like AT&T, maybe your electric company, etc. If it's found in the database, payment is made via a direct electronic transfer into the payee's account.

If CheckFree does NOT find the payee in its database, they print an official looking paper check and mail it on your behalf. They pay the postage. All of this is done at no charge to you. In fact, the savings to your bank vs. handling paper checks, is significant enough that some banks will even offer you incentives to use this service. My credit union offers a higher interest rate on checking if I do at least three online bill pay transactions during the month.

The service guarantees on-time delivery. If your payment arrives later than the date promised, the service will handle any late fees / penalties.

It's really A Good Service. It saves me time, money (I don't need to buy stamps to pay bills), protects me against late charges due to Post Office delays, etc. I have not found a downside yet.

Try it. If you don't like it, you can always discontinue it. No cost, nothing to lose.

I've been using this type service since it was first widely available, back in the 1990s.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Thank you very much for this information. I do not write checks much anymore except to individuals and I will look into this. Get so much helpful knowledge here.

quote:

Originally posted by logrusmaster:

quote:

Originally posted by jimmy123x:

quote:

Originally posted by V-Tail:
Other than payroll for my part-time employee I don't think I write five paper checks a year.

The two credit cards that I use are cash-back cards with no annual fee, so I use them wherever possible.

If I need to pay a bill that I can't pay with a credit card I use online bill pay.

Yes, but online bill pay technically is still writing a check (for vendors that can't be paid online). But the bank writes/issues the check. I have a few customers who do that and I get an actual check in the mail, but issued by their bank.

I actually prefer this over writing a check myself as the balance is immediately removed from my account. Makes keeping my balance much easier.

I have had a few customers pay us with this method. It's pretty frustrating...seems to take WEEKS for the checks to arrive, and then my bank is suspect of them. I've charged at least one customer a hefty late fee because his online bill pay service took 2 weeks to get a check to my door. Banks are notorious for taking a long time to release funds (but a short time taking them!).

quote:

Originally posted by V-Tail:

quote:

Originally posted by Gene Hillman:
How do you pay your credit card bill? (Perhaps that's with "online bill pay" which I'm not familiar with)

Most, in fact I'm tempted to say "every," bank and credit union offer online bill pay at no charge. They like you to use this, it lowers their cost since they do not have to handle paper.

My bank charges, a hefty amount also (~$50 a month on top of other fees), and the service isn't all that great. So it isn't free everywhere.

I'm with a few others on this thread....I don't really care how others handle their bills, the fact that they pay them is enough for me. Many people have GOOD reasons to be wary of banks. I work with and my wife and I have both worked for several banks. My grandfather spent his whole life in banking, president of several. There are good reasons to keep your head and be careful of banks. Even more reasons to be wary of credit unions.

We keep separate checking accounts specifically for receiving and paying funds. Money is never parked in those accounts for more than a few days.

We keep several months worth of operating expenses safe at home, in cash.

90% of our bills and expenses are paid with one of several credit cards, balances are paid in full generally every 2 weeks. Rewards cashed monthly. Currently my cash-back reward amount is paying half of my R1200GSA payment.

Every few months a vendor will get behind on payments to our company, and I'll have to deposit some cash to keep the wheels turning. Usually it's one of the the top 3 largest banks (I'll refrain from posting their name here, suffice it to say everyone here knows them, and currently they're 60 days past due (over the 30 day grace period) on a $5K invoice to us). It happens frequently, and they laugh at late fees. They've never paid them in the three years I've been charging them.

My point...just be careful about how much you trust your bank. I'd much rather be at a small local bank than a large one, and I'd never use a credit union.

quote:

Originally posted by logrusmaster:
I am one of those gosh darn millennial rebel scum.

I have a checking account. Occasionally I even find cause to write a personal check (As opposed to having the Bank Generate one for me via Bill-Pay).

I try to keep everything "electronic" simply for the sake of consistency and tracking no other reason. I don't care how people choose to spend or use their money. It's their money, their life and none of my freaking business.

^^ this. Keeps things easier to track. I also go one step further in that I use Quicken to track (and generate most) payments. I have to maintain 2 separate check writing methods - one is manual that I keep within the 100-5000 number sequence and the Quicken generated Bill-pay that is numbered 5000-9999 (doesn't go beyond- don't ask how I know. Currently Bil-pay is at the 7500 range after 10 years). I no longer manually reconcile my account as Quicken keeps the balance pretty well. The few manual checks I write just pop in when payee cashes them and all is sorted by date so its all continuous.

The only thing I use a check for is my mortgage. Only because my lender prefers it

I write 2 monthly

1 for mortgage
1 for additional to principle

My debit card is tied to my checking account. I write maybe two or three checks a year anymore. All my bill payments, including mortgage, are done online now.

I have but two monthly bills, both are paid by money orders, all else is cash

quote:

Originally posted by Gene Hillman:

How do you pay your credit card bill?

Electronic Funds Transfer. It's like a wire-transfer from one banking entity to another. You initiate the transaction on the receiving side, your bank gets notified of the request, and then your bank releases the money to the requesting entity.

Electronic Bill Pay is similar, but works in the opposite direction. You initiate the transaction at your bank, and then the money is sent to the receiving entity. Sometimes the receiving side is set up to receive the money electronically, but if it isn't, your bank will generate a paper check and mail it on your behalf.

Both have their pros and cons. I tend to use ETF because I don't like sending money to the receiver without them knowing that the money is being sent. If you initiate the payment on the bank side with bill pay, there's no guarantee that the receiving side will acknowledge the receipt, or that the payment is the right amount etc. On the other hand, with ETF, the receiving side is the one initiating the transfer, and so their records should indicate the when and and how much the transfer was started. If there's a dispute, their records will show that the money was requested.

The down side of ETF is that there is a payment processor somewhere that has "access" to your bank account and routing information. If someone gets hacked, it's possible that they could initiate a fake transfer of funds from your account. You likely won't be liable for it, but it's still a hassle.

I use multiple savings and checking accounts at different banks to act as firewalls for theft and fraud.

I tend to use a credit card for everything, if possible. If I can't pay it with a credit card, then it'll be paid with a Debit Card or ETF, then with a Check, and cash as a last resort.

Cash leaves very few paper trails. I like paper trails. I like being able to know exactly how my money is being spent, or to prove that I've paid for something, when I've paid for something, etc.

Paying with a debit card is convenient ... until somebody hacks it or charges it multiple times. A discussion for another thread.

Having lived in an area that did not have electricity for about one month, and no internet access for the same amount of time, having access to cash proved invaluable. It is always good to have a backup plan if needed.