RICHMOND, Va. (WWBT) - Setting up Automatic bill payment can help you avoid late fees and keep your credit score healthy but auto pay isn’t the same as autopilot.
Too often people put their bills on auto pay and then don’t bother opening their bank or credit card statements once they arrive in the mail. But this puts you at real risk of missing the warning signs of fraud. Or bill CREEP-- when providers tact on extra charges or bump up your monthly rate.
Another potentially disastrous mistake-- putting your account on auto pay and forgetting to sign up for low balance alerts from your bank. Getting stuck with an overdraft fee undoes all the good of moving that account to auto pay.
So make sure you're keeping a close eye on all of your accounts.
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