Automatic payments

[Anonymous]

I'm thinking about setting up all my accounts to automatically pay the min payment. This will be convenient when I'm out of town to ensure that at least the min gets paid no matter what.

Curious about everyone's experience with whatever issuer you have (good and bad). Do you ever have times where some months the automatic payment just forgets to pay etc? Comes out twice in one month?

[Anonymous]

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@Anonymous wrote:
I'm thinking about setting up all my accounts to automatically pay the min payment. This will be convenient when I'm out of town to ensure that at least the min gets paid no matter what.

Curious about everyone's experience with whatever issuer you have (good and bad). Do you ever have times where some months the automatic payment just forgets to pay etc? Comes out twice in one month?

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I set mine to PIF on due date and I've never had any issues.    IMO, setting it up on the issuers site gives you much more protection IF something went wrong, providing you have the money in the bank account of course.   It becomes their responsibilty to make sure the payment is collected and credited.   Whereas pushing from your bank requires more lead time to be safe

[Luscher]

+1^^

[SouthJamaica]

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@Anonymous wrote:
I'm thinking about setting up all my accounts to automatically pay the min payment. This will be convenient when I'm out of town to ensure that at least the min gets paid no matter what.

Curious about everyone's experience with whatever issuer you have (good and bad). Do you ever have times where some months the automatic payment just forgets to pay etc? Comes out twice in one month?

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I do that with every account I have.

[bada_bing]

12 years of having all my accounts set up for auto-PIF. Never glitch or a worry. I wouldn't't do it any other way for several reasons.

[Anonymous]

I have another question about autopay. If I set up autopay to pay the minimum balance as a "safety net" but I pay my last statement balance before the autopay is due to occur (which will satisfy the minimum payment) .... will the system know not to debit my checking account? Or will the autopay still occur?

[SouthJamaica]

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@Anonymous wrote:

I have another question about autopay. If I set up autopay to pay the minimum balance as a "safety net" but I pay my last statement balance before the autopay is due to occur (which will satisfy the minimum payment) .... will the system know not to debit my checking account? Or will the autopay still occur?

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If I'm not mistaken, some of my banks have the good sense to cancel the auto pay payment, and some don't.

[always41319]

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@Anonymous wrote:

I have another question about autopay. If I set up autopay to pay the minimum balance as a "safety net" but I pay my last statement balance before the autopay is due to occur (which will satisfy the minimum payment) .... will the system know not to debit my checking account? Or will the autopay still occur?

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I am curious about this too.

[Anonymous]

I've used autopay for everything forever. 

I've had issues in the past but only with Chase, which was why they were excluded from my wallet for several years until just now. 

They twice did something I consider shady.

1) Somehow, my chase card had become my 'Express Pay' card at Walgreens. I was not watching the balance and it went over limit. The statement they sent said that the miniimum payment was $x dollars plus the over limit amount. Fair enough. But they only drafted the $x dollars. THEN hit me with a late fee for not making a big enough payment. this is a payment THEY drafted. OK, I should have paid attention and seen that the Walgreens charges were going on the chase card and made sure it did not go over the credit limit. So, the overlimit fee was justified, but the late fee? They wre supposed to take the minimum required payment. but sure enough, when I called them, there was a weasel clause. Seeing as it was an oversight and I coud afford to just pay the card off, I did, anc closed it. 

2) Another chase card. Was enrolled in auto payments. Had a zero balance. I still check my zero balance cards weekly. Noticed I was 'unenrolled' fro autopay. called them up. they enenrolled me because I had a zero balance. So, of course, if I had then put a charge on the card and thought I wss enrolled in autopay, I would have been hit with a late fee. 

Both of these experiences were before the CARD act, and I have had no issue swith any other bank. But nowadays, I enroll in autopay, but I still make a manual payment as soon as the statement cuts, for my credit cards and for my utilites. 

Oh, yeah, Chase were the only one who 'double dipped' if you made a payment manually and were enrolled in autopay too. No idea if that is still the case, like I said, they wre banished from tha wallet for some time. 

[Anonymous]

I have autopay on for minimum on all my cards but I don't want to rely on it so I've never had an autopay actually process. I pay all my cards in full on average a week before they are due. I've never had a auto payment go through doing it this way, they always cancel themselves.

Nice to have a fall back in case I'm in an accident or something and unable to pay my cards myself. I can see me coming out of a coma, my first question would be "My god, are my payments late!?" lol. Hence direct deposit and auto pay, that way my first question can be about my wife, that will go over way better I'm quite positive should something bad occur.

Yeah, I have weird scenarios play out in my head, surely I'm not alone lol?