Post # 1
My parents have told me NEVER to use autopay because sometimes the company will take out too much or they will take it out too early, which could result in your bank account going negative. They’ve experienced this before so my parents stopped using autopay and taught me to do the same.
And now? I keep track of my bills in the Notes app on my Galaxy. I have a list of bills, the amount and when they’re due. This works for me because I open my app almost every day.
But my roommate (we have separate leases) recently had it set up to where she would pay her rent by using autopay. Well the leasing office overcharged her last month and took out too much. Now she’s negative in her account. When she was ranting to me, I advised her to stop using autopay to prevent that from happening again.
But I know some people use autopay so that they don’t have to worry about paying their bills late. I’m the type of person that constantly stays on top of bills and when they’re due so this baffles me.
So do you use autopay? Why or why not?
ETA: And what method do you use to stay on top of bills?
Post # 3
We’ve been using autopay for years. We’ve never had an issue. The morgage is the only thing we don’t autopay.
Post # 4
No. I have bill pay in my bank account. Every pay day I pay everything in 1 screen. I keep track of my payment, income, etc, in an excel spreadsheet that I keep updated every pay.
Post # 5
I use autopay for the things that are the same every month- rent (set up and controlled by me, not my landlord), student loans, life insurance. I’ve never had a problem.
Post # 6
I use automatic withdrawal for bills where the amount is always the same. Otherwise, I like to review the bill and then pay it.
Post # 7
I use autopay for only the money I put into mutual funds each month – everything else I pay myself for this very reason. I like knowing the EXACT amount going towards each bill every month so I know how much money I have to the penny! I lose sleep otherwise lol
Post # 8
@LadyBlackheart: We only use autopay for netflix, everything else I pay through online billpay.
Post # 9
My DH is an auto pay FANATIC. But we also have enough in the account that if they take it out early/take too much (neither of which has ever happened to us), we’d still have plenty left in the account.
Post # 10
That has happened to my mother – too much taken out or taken out too early. She has always told me not to do it. I only do it with our internet bill because its paperless and they don’t send email reminders so I know I’ll forget. For everything else I have to initiate the payment.
Post # 11
I get furious at any bill that DOESN’T let me autopay it. I can’t be assed to manually pay every single bill that comes due — there are too many. The only ones I don’t autopay are the credit cards, just in case we decide to buy something expensive and keep a balance on it one month. I wouldn’t want it automatically paying itself off and emptying my bank account more than I’d planned for. I have never had an issue with things taking out too much money, and if they did, I don’t let my balance get low enough that it would ever go negative.
Post # 12
@housebee: This. I think Netflix and Hulu are the only ones we autopay. Everything else is paid individually through online bill pay.
Post # 13
Half auto and half online…
Post # 14
@MrsPanda99: Same here. Stuff like our mortgage and insurance (or car payment when I had one) get auto-paid because it’s the same at every payment. Stuff like credit cards, hydro, calbe, etc. I review and pay myself.
Post # 15
@LadyBlackheart: I do use autopay for some things, others I pay online or write a check. I would never use an autopay that would automatically take out an amount that wasn’t dictated by me, though.
For example, my car payment is the same ever month, and Infiniti allows you to set up your auto-pay with a specific amount preset. Therefore, I know the exact amount coming out.
I wouldn’t let a variable bill go to auto-pay, for example, my water or electric bill. Those I do online billing, and just get an email when it’s ready.
Post # 16
we use autopay on utility type bills, (electric, water, gas, and cable) Everything else is manually paid.