Setting up automatic monthly payments was one of the most effective ways for me to eliminate debt and improve my credit score at the same time. Using the Bill Pay feature within Digital Banking helped me organize and manage my bills, ultimately saving me time and money. Here’s what I use it for:
1. Credit Card Payments
Automatic payments are a great way to avoid late fees while paying down your balance. It’s not unusual to see $30-$40 late fees for a single missed payment. Adding each credit card into Bill Pay helps me organize my due dates.
2. Utility Bills
I prefer to pay gas, electric, and water using Bill Pay instead of logging into my utility provider’s website and authorizing them to pull money from my account. Bill Pay gives me control over how much, and when, the money is taken out.
3. Mortgage (or Rent) Payments
I scheduled mortgage payments to avoid late fees and build a strong payment history. After all, payment history is one of the most impactful factors of your FICO score.
4. Student Loans
Sadly, Bill Pay wouldn’t allow me to select an end date so far down the road. It’s convenient to make automatic payments, but this monthly bill is currently set to “Never End.”
5. Phone Bills
Having my family’s mobile phone payments set up to be automatic just makes everything easier. It’s that simple.
6. Internet Service Provider
I don’t know about you, but I get really frustrated with the games my internet provider plays using promotional rates and terms that prompt an increase every so often. I’ve scheduled my Bill Pay payments to end at the conclusion of the promotional term. This helps me make sure I’m in control of reviewing all competitor provider options or committing to a renewal before expiration.
7. Insurance Payments
I recently reviewed and consolidated my auto and home policies. Having my insurance vendor built in as a payee proved to be a flexible option when scheduling payments.
8. Childcare Bills
My childcare bills are pretty consistent each week. Only school closings or early dismissals change my weekly rate. For those weeks, I’ll typically issue an additional check.
9. Paying a Person
I have a handful of individuals set up as a payee in Bill Pay. My electrician, tree trimmer, plumber, HVAC service, sprinkler service, and yard & snow removal service. I don’t use these services frequently, but once they’re set up as a payee it’s fast and easy to pay the bill after I receive it, and I don’t have to worry about postage.
10. Charitable Giving
Many of our Bill Pay users have periodic payments set up to their church, association, or another charitable organization. It’s a great tool to manage your planned giving.
Having Bill Pay makes financial management much easier for me. It saves me time and money. If you think Bill Pay could be useful for you, all you have to do is register for Connexus Digital Banking. To learn more about how to set up and use Bill Pay, visit our Digital Banking page.
Paul Kurth is the Connexus Digital Banking Manager. In this role, Paul leads the innovation and usability of Connexus’ award-winning platform.