Tal Boldo, On Friday August 26, 2011
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Before deciding if a recurring bill is a good candidate for auto-pay, I ask myself three questions: Is the payment amount different every month? Will I have to wait a full billing cycle for a credit if I'm overcharged? And will my contract renew automatically? If the answer is "yes" to any of these questions, I do not set up auto-pay. Here's why... (Full Article)
I only autopay my vehicle insurance premium. Everything else I pay when I receive the bill. I like to know what I'm being charged, so if there's an issue I can address it before that company has my money and then I have to not only address the issue, but hope for a refund if they're in the wrong on the charges.
Besides that, with the genius of hackers everywhere now days in the news, allegedly committing all sorts of malicious acts, it's not a good thing to have personal financial information available in some companies database.
I have LifeLock.
I have some of my bills on autopay. It makes things a lot easier.