Save Time and Money with Direct Payments
Does paying bills give you writer's cramp? Take the hassle out of settling routine expenses--and save money--by using Bill Pay.
Direct payments (also called Bill Pay) are a quick, safe, and convenient method of paying everything from insurance premiums to utility bills. By authorizing direct electronic debits from your share draft/checking account, you pay bills without a single check changing hands.
Why use Bill Pay? First, you'll save money. The average household--writing about 20 checks a month--saves almost $100 a year on stamps alone, according to NACHA--The Electronic Payments Association, in Herndon, Va. Also, some companies may offer reduced premiums or lower interest rates for using Bill Pay.
Second, you'll likely have greater privacy by using Bill Pay. NACHA estimates as many as 10 people handle a check from the time it's written until the funds finally are transferred. They see your name and signature, address, phone number, and perhaps even your Social Security number. With Bill Pay, the transaction passes electronically from Doches Credit Union to the receiving institution and is encrypted to prevent any tampering in the process.
Third, there's the convenience factor. If you're forgetful, on vacation, or in a rush, your bills still get paid.
Insurers, mortgage companies, and utilities (which often cost-average your bills) are likely to offer the direct payment option. Bill Pay also work for auto loans, charitable donations, and mutual fund contributions. There are exceptions, so ask companies you do business with if automated payment is available.
Direct payment paid 3.1 billion bills in 2005, and, according to NACHA, the numbers are growing. If you're comfortable with electronic commerce and with the payment schedule, contact one of our credit union representatives at Doches Credit Union at 936-569-7700 about the convenience and safety direct payments can offer.
Copyright 2008 Credit Union National Association, Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
