Automatic withdraw

United States
June 23, 2012 5:07pm CST
Do you think that it would save you money to have some bills automatically taken from your checking account? That way you dont have to spend the time to get money orders and fill them out and write the envelope, and buy a stamp, and send it off. Also, I have heard that some people have an amount of money taken from their checking account each month automatically and transferred into their savings account. This sounds like a good way to save. Anyone have experience with either of these methods?
1 person likes this
3 responses
@peavey (16980)
• United States
24 Jun 12
My son and my brother both had trouble with a bank paying bills automatically in that they overpaid and overdrew their accounts. My son had to change banks because they wouldn't clear it up and kept charging him overdraw fees when it was their fault. That keeps me from doing the automatic bill pay but I do have savings taken out automatically each month and that has worked well for me.
• United States
24 Jun 12
Well, they take out what you owe each month, and if you don't have enough money in your account then that is your fault not theirs.
@peavey (16980)
• United States
25 Jun 12
That was not what happened. The banks made mistakes. One paid out more than the bill called for and the other paid twice. It was the banks' fault and no one else's.
• United States
25 Jun 12
I am sure from time to time the bank makes mistakes, and if they are not willing to admit this even in the face of proof, and pay up, then not only should you leave them, but you should sue them.
@musicman6 (2402)
• United States
27 Jun 12
This is actually a good idea, the problem a lot of people run into, is they don't or can't keep enough money in the account to cover the withdrawals, and this runs into high priced fees and penalties! In theory it works fine, if you have an overabundance of money, or you watch your accounts, 'super close', like I do, because it didn't take me very long to learn this lesson!
• United States
28 Jun 12
Yes you have a very good point, and I am sure this is what steers a lot of people from this. But all it takes is to keep track of your account, which is so easy it is not funny. There is no excuse for not keeping track of it.
@baileycows (3667)
• United States
23 Jun 12
I do automated savings the day my check is deposited so I never see it that way I save money. However, I do well with cash so I like to pay my bills offline.
• United States
23 Jun 12
It is a very good thing to do good with money. It can help in many aspects of life.