Currently the only bill I manually pay is the monthly transfer of funds from Checking to pay my credit card (a transaction I like to oversee). Mortgage, car insurance, cell phones, student loans, etc. all manage themselves. Here are a few benefits of online bill pay for my personal life:
- Avoid Fees - Many services charge $15-$30 for delayed payments
- Reduce Stress - How much energy do you devote to thinking when bills are due? For what purpose? Assuming your are financially solvent are you really not going to pay your electric bill?
- Maximize Interest- The time value of money is a simple concept: hold on to your money for as long as possible to maximize your return given a positive interest rate. Online payments allow you to set a payment date as close as possible to the due date leaving your funds earning interest until the last possible second.
- Access - Information is only as your ability to access it.
- Reduce clutter - You don't really need to save that electric bill, why clutter your mailbox? I don't have a home office and living in the city I certainly don't have room for boxes of bills and used checks.