How does online bill pay work

By monitoring your account activity and setting up strong passwords that you change on a regular basis, you can reduce the likelihood of fraudulent activity. For more tips about how to stay safe be sure to read my previous article, 8 Tips for Identity Theft Protection. Online bill pay can simplify your financial life by eliminating expenses, reducing the amount of paper you have to handle, and saving time—so you can spend it doing something you enjoy. Get More Money Girl!

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Jump to Navigation. After a payment is scheduled, it appears in the Pending Payments section. When the payment is processed, it moves to the Recent Payments section.

The Payee receives your payment on the payment date you specified, with your account being debited on that same day. Keep in mind the payee may take a few days to apply the payment to your bill. You can further streamline your bill-paying process by receiving your monthly bills electronically from utilities, insurance companies or other service providers. These eBills come right to your email inbox, eliminating the need for paper invoices and statements.

In the event a biller does not accept electronic payments, Bank of America will send a check on your behalf to the biller, and the money will be subtracted from your account when the recipient deposits the check. Automatic payments scheduled through Bill Pay will be subtracted from your balance on the date you requested unless it is a non-business day. Payments scheduled on non-business days will be subtracted from your balance on the business day prior to the scheduled payment date.

Note that Bank of America credit card payments from a Bank of America account, personal or small business, can be paid any day of the week. If you have a SafeBalance Banking account, all bill payments will be subtracted from your balance on the day you have selected the bill to be sent to the biller.

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Personal Finance Insider researches a wide array of offers when making recommendations; however, we make no warranty that such information represents all available products or offers. Personal Finance. Clint Proctor. Online bill pay is a service offered by banks , credit unions, and bill-pay services that allows you to pay your bills without writing checks. Online bill pay is usually linked to a checking account and offers automatic payment options like scheduled and recurring payments.

Many financial institutions offer online bill pay for free and may even guarantee on-time delivery with late-fee reimbursement policies. Lower your monthly bills and stay on top of your financial life with TrueBill » In decades past, responsible "bill-pay management" involved checking your mailbox daily for bills and paying them with paper checks in envelopes.

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