There are several risks involved with paying your bills via mail. Paying electronically minimizes a lot of those risks.
Most common risks to mailing checks:
1. Fraud
Thieves are stealing checks in the mail, white washing them and successfully cashing them. You can report it to your bank and receive your funds back, however, the time it takes for the bank to return your money varies based on the bank and the circumstances and the bank may require certain documentation.
2. Late Payment Fees
When you mail a payment, you run the risk of delaying the payment. This may result in late fees from vendors and interest and penalty charges from taxing agencies that you may not be able to get removed.
3. Lost
Some mail gets completely lost altogether and never makes it to its intended destination. Generally you don’t know the payment never made it to the vendor until you get another request for payment. The frustration caused can be mitigated by paying online since online payments cannot get lost.
If you need assistance making online payments, reach out to your trusted advisor at Aldridge Borden.
Visit our Instagram to watch a video on making electronic payments.