So, what is bill pay actually?
By kingparker
@kingparker (9673)
United States
March 25, 2011 3:43pm CST
I was advised many times from my bank, they would encourage me to pay bill through their function online, which is "Bill Pay". It would say your mailing process through postal office, and save your money purchase stamps and envelope, and also the check the bank has to send you. So, how this "bill pay" actually work. I successfully sign up for it, and make 4 bill pays for the last two months. It is cool, and convenient against postal mail. But I just wonder what will they get on the other side. For instance, I made a bill pay to my credit card, like Capital One. So, what Capital one get, a piece of paper notify them that a payment was paid to them, or is it a wire transfer, with my capital one account number on it?
2 responses
@fitriadi21 (386)
• Indonesia
26 Mar 11
Ok.... I agree, that is has provided convenience for us, at least we have been saving our times and litle money for travel expenses. But I'm sure, they (The Bank) would benefit operations bigger than us, if when we calculated! Because if not, where would they do that...right?
@hardworkinggurl (37062)
• United States
25 Mar 11
Bill pay basically is an electronic transfer of your money to them. They get the information electronically confirming the transfer of your money. Some banks do it electronically while some will print out the actual check and mail it to your Capital one.
It can be advantageous for some, what I normally do is long on to my Capital one and transfer the funds myself and the payment makes it to Capital one within seconds.
