Big Banks Lock Horns with Personal-Finance Web Portals

Re:Big Banks Lock Horns with Personal-Finance Web Portals by LordKano on Thursday November 05, 2015 @12:11PM (#10514558)

I don't do automatic payments. I won't do automatic payments.

It doesn't benefit me so I don't do it.

They day after payday, I sit down and determine which bills are due and I pay them electronically. It doesn't matter which bank account I use because I handle them individually, every payday.

I could switch banks today and my process wouldn't be interrupted at all.

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Re:Big Banks Lock Horns with Personal-Finance Web Portals by nucleardog on Thursday November 05, 2015 @05:36PM (#10516630)

If by "automatic payments" you mean ACH direct withdrawals, the benefit is "I don't have to remember to pay my bill."

The disadvantage is "An outside entity can remove an arbitrary amount of money from my account at any time, keep it for an indeterminate amount of time, then return it without penalty."

I could see have a charge automatically applied to a credit card (where you're able to dispute it, if necessary). I cannot imagine why anyone would ever want to set up direct withdrawals.

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Re:Big Banks Lock Horns with Personal-Finance Web Portals by LordKano on Thursday November 05, 2015 @06:07PM (#10516784)

I want to remember. I want to verify the amount of ever withdrawal before it happens.

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