A Review of the Basics of MyCheckFree Bill Pay
The pros and cons of this online service
If you've become tired of dealing with multiple payments for different bills each month, then MyCheckFree's online bill pay service might be right for you. The MyCheckFree service has pros and cons, just like many other online bill payment processors.
What Is MyCheckFree?
MyCheckFree is a free service allowing you to pay bills online. Instead of writing paper checks and sending them separately to service providers, you can use MyCheckFree to make electronic payments. This can make paying the bills much faster and more convenient while also reducing payment errors.
What Are the Perks of MyCheckFree?
The main attraction of MyCheckFree is the electronic payment feature. Another benefit is that your bills all arrive at MyCheckFree each month, so you can log in and see them all in one centralized location before they get paid.
The service helps you save time and trips to the mailbox, reduces errors and tracks your finances. You may also keep your data more secure by paying online, especially if you're concerned about mailbox thefts and strangers accessing your signature or account number on checks. If you've never used electronic payments, MyCheckFree will help you make the transition to 21st-century bill paying.
MyCheckFree is not only beneficial because it allows for electronic payments but also because of its centralization. You won’t have to log in to each account to pay electronically anymore or set up an ACH bank account debit for every service you use. It also means you no longer need to store and memorize multiple passwords for each site with which you do business.
As its name implies, the MyCheckFree service is generally free. What's more, because it's electronic, you also save money on postage. However, you have to pay a fee for any same-day payments. That means you'll benefit from planning ahead and paying your bills before the due date. However, if you get side-tracked or find that money's a little tight, you have the option to pay a fee to have a bill payment sent the same day you schedule it from time to time.
A Variety of Payees
While MyCheckFree has a limited number of payees, the site does have a list of almost 600 vendors, so you might find that you can pay every last bill with this service. However, you can only pay eBills from participating service providers, with no option to add any new providers. You may not find your local utility company on the list. If that's the case, you may want to look into using the online bill pay method with your bank.
Also, don't confuse MyCheckFree with CheckFree, another service owned by the same parent company, Fiserv. CheckFree serves the small business community, while MyCheckFree serves individuals.
MyCheckFree is a decent option if the service covers all of your payees. However, that may not be the case. If you're unable or unwilling to set up online bill pay at your bank for bills not covered by MyCheckFree, you might just have to pay a few bills the old-fashioned way.
For now, using your bank’s online bill pay service, which is often free, is probably a better option for one-stop-shopping. MyCheckFree might be handy if you switch banks often because you’d just need to update your bank account information once within your MyCheckFree account instead of creating a list of payees from scratch.
You might also see if you can just skip the bill-pay service altogether and sign up for auto debit. With this method, each payee automatically collects the outstanding balance from your bank account on a given day of the month, without you needing to set up or authorize payments each time.