![]() ![]() You’ll also contribute to reduced emissions by sending and receiving less mail. By using automatic payments you’ll use less paper since you’ll be writing fewer checks, buying fewer stamps and switching to paperless billing. Sustainability: If living an eco-friendly lifestyle is a priority for you, setting up automatic payments can help. Automatic payments can even help you build a history of on-time payments and boost your credit score. You also won’t have to worry about late fees. Instead of having to remember to mail a payment or log onto an account each month, you can relax and let your bank or biller take care of things. Timeliness: Automatic payments come with quite a few benefits - the biggest of which is peace of mind about paying your bills on time. Allowing direct withdrawals may make more sense for you if a bill’s amount or due date varies each month, but you’ll also have to give up some control. Paying through your financial institution gives you more control, but it’s typically less flexible. With the second method, you give the company you’re paying permission to withdraw money directly from your account. With the first method, you can authorize your financial institution to automatically withdraw money from your account and send it as a payment each month. Typically, automatic payments are made using one of two methods. Keep these pros and cons in mind as you consider whether to integrate automatic payments into your everyday life. ![]() Use This Powerful Financial Tool with Careĭo automatic payments make sense for your finances? Setting up regular withdrawals for your bills and subscriptions can make life significantly more convenient, but it can also come with some downsides. ![]()
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