Comments on: Why We Shouldn’t Be Careless With Automatic Bill Pay and Why The Pentagon Should Really Use FedEx For Shipping

By: MoneyNing

MoneyNing — Sun, 19 Aug 2007 04:25:17 +0000

Michael Fultz: Well said

By: Michael Fultz

Michael Fultz — Sun, 19 Aug 2007 02:52:08 +0000

..Your money looks better in your pocket than someone else’s. Keeping track of this stuff will pay you big dividends down the road..

By: MoneyNing

MoneyNing — Fri, 17 Aug 2007 18:45:59 +0000

Modern Worker: Thanks for the reassurance that the extra time it takes to do all this helps. I get so many bills that it takes considerable time to review everything line by line.

Clever Dude: I guess I might have let go quite a bit of money by not checking them since you guys are telling me that you’ve caught fraudulent charges before. Oh well, the important thing is what I do from this point forward.

By: Clever Dude

Clever Dude — Fri, 17 Aug 2007 17:03:32 +0000

Auto bill pay is a scary thing. However, I also use Quicken and enter in all my purchases for each card and bank account. I then sync with my online account to verify the purchases match up.

I definitely recommend tracking each purchase in some type of software (quicken, money, or some freeware apps). When the bill comes in, reconcile manually or automatically with your own records to confirm the charges are correct. I’ve had some fraudulent charges caught even before I got the statement thanks to the syncing I do.

By: Modern Worker

Modern Worker — Fri, 17 Aug 2007 16:45:13 +0000

I’ve caught some major errors before by just checking over my auto pays, it definitely benefits the end user to be diligent. With convenience comes greater risk, I agree.