How to Stop Missing Bill Payments With Online Bill Pay

Missing a bill does not usually happen because someone does not care. It happens because life is complicated, especially when it comes to financial obligations.

• Due dates fall on different days
• Some bills arrive in the mail, others by email
• Work schedules change
• Paydays do not always line up with when bills are due
• It is easy to overlook a bill you thought you had already paid

Why a bill was late doesn’t usually matter to whoever was supposed to receive the money. Late fees, added interest, and even credit score damage can follow. Those consequences can be oppressive, especially if they start to pile up.

Online bill pay and auto draft has likely saved banking customers billions of dollars in late fees and added interest simply by helping payments go out on time.

When it is set up properly, missed payments and their consequences can often become a thing of the past.

How Online Banking Helps You Stay on Top of Bill Pay

One of the biggest reasons bills get missed is that they are handled in different ways. You might pay one company on its website, your landlord with a mailed check, and another bill through an automatic draft you barely remember setting up.

Online and mobile banking make it easier to track what is leaving your account and when. Instead of relying on memory or scattered reminders, you can:

• Review payments on your phone or computer
• See upcoming scheduled transactions
• Confirm when money has been withdrawn
• Check your balance before a bill hits

Even if some bills are set up to draft automatically through the company’s website, being able to see all activity in your account helps you stay organized and avoid surprises.

Instead of guessing or searching through emails, you can log in and quickly see what has already cleared and what is about to.

Set Up Recurring Payments for Fixed Bills

Online bill pay through your bank or credit union is ideal for bills that stay the same every month. Examples include:

• Rent or mortgage payments
• Car loans
• Insurance premiums

Once you set up a recurring payment, it is scheduled to go out automatically on the date you choose. You still remain in control, but you do not have to remember to log in each month.

Automating a Credit Card From Your Bank or Credit Union

If your credit card is issued by your bank or credit union, you can often set up automatic payments directly inside your online or mobile banking account. You can set it to pay the minimum due or the full statement balance each month so you never have to worry about being charged the penalty interest rate.

Automating Bills Shouldn’t Mean Ignoring Them

One risk of automation is assuming that since your bills are going to be paid on time, you don’t need to monitor your checking or credit card account. This can lead to unexpected overdrafts or missed problems in your finances.

Instead of ignoring your accounts once bill pay is set up, you may want to:

• Turn on account alerts so you know when money leaves your account
• Get in the habit of logging in to online banking or the OnPath mobile app a couple times each month to review spending and upcoming scheduled payments

These quick check-ins take only a few minutes and can prevent surprises.

Say Goodbye to Avoidable Late Fees and Penalty Interest Rates From Missed Payments

Taking the manual approach to paying bills makes it easy for something to slip through the cracks. Scheduling automatic bill pay and auto-draft payments in advance can dramatically reduce the chance of missed or late payments.

Stay organized, protect your credit, and make sure your hard-earned money goes toward your goals instead of unnecessary penalties with OnPath Credit Union’s online and mobile banking dashboards.