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Online bill-paying- Easy, quick, convenient ... if done rightTexas You've seen the commercials: A woman pays all her bills at once, online, in the time it takes for her bathtub to fill; another woman pays a pile of bills online while her microwave popcorn pops and doesn't burn a kernel. Online bill paying looks like a time saver, and it is, said Nancy Granovsky, Texas Cooperative Extension family economics specialist. "I pay all my bills but two online," she said. From her own experience, Granovsky has learned that online bill-paying is convenient, timely, easy to keep records of, and available at all hours and on all days. "It's easier than writing checks, in my view," Granovsky said. "And there's less worrying about the checks being received on time." Paying bills online also saves on postage and gasoline consumption, she added. However, as with anything else, online bill-paying comes with a flip side, Granovsky said. Some of the disadvantages are: --Failure to record transactions, which leads to forgetting who, when and how much was paid and could result in extra fees if checking accounts become overdrawn; and --Carelessness with passwords, such as exposing them to others or forgetting them altogether. These disadvantages can be overcome with a little planning and common sense, she said. "All of this requires a good record-keeping system to keep track of bills," Granovsky said. "Everyone should know what bills they receive on a recurring basis and when they are due. Everyone should know what bills they receive on a non-recurring basis and when they are due." Online bill-paying can be accomplished in several ways, she said. One way is to make arrangements with your bank or financial institution to have your payments deducted from your checking account. According to Bankrate.com, "Most bank Web sites use bill-paying technology from a company called CheckFree. Customers continue to receive most or all of their bills in the mail, but they can pay them online through the bank's website. The money is debited from the checking account, just as if the customer wrote a check." (www.bankrate.com/) Another method is to pay directly on the creditors' websites, Granvosky said. Utility companies often have this capability on their sites. Some online bill-paying services, such as Yahoo! Bill Pay, will do the job for you, according to Kiplinger.com. But the service isn't free and varies from service to service. Setting up your online bill-paying account can take some time, Granovsky said. Contact your financial institution to find out what it offers and determine the best choice for you. No matter which method you choose to use, always keep your personal financial information safe, she said. --Don't share your passwords with anyone who isn't authorized and don't write passwords down where others can see them. Use passwords with random numbers, letters and symbols. --Make sure to use only secure websites. Look for the lock icon and make sure the lock is closed. --If using a public computer, such as those available at many libraries, use browsers carefully in order to prevent accidental exposure of passwords. When finished, clear off your history, close the browser and log off completely before you leave. "When in doubt about the privacy of a particular machine, don't use it," Granovsky said. For more information on this and other financial issues, visit Extension's Family and Consumer Sciences Web site at http://fcs.tamu.edu/ and click on the link to "Money." Date: 6/21/06
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