CRC_Volunteer,CRC_Volunteer wrote: ↑Sun May 15, 2022 7:21 pmWater, Electricity, Insurance are not going to wait a "few months" before they are paid.KlangFool wrote: ↑Sun May 15, 2022 7:03 pmCRC_Volunteer,CRC_Volunteer wrote: ↑Sun May 15, 2022 6:59 pmWe had a situation where the banks were marking checks as NSF. in one case, the county prosecutor filed charges against one of my co-workers when he had more than enough funds in his account.KlangFool wrote: ↑Sun May 15, 2022 4:38 pmSo, one wrong pull of 10K from one of your bills would break the whole system.Doctor Rhythm wrote: ↑Sun May 15, 2022 4:31 pm I use auto-pay from my checking account for recurring bills that can’t be put on a credit card. And I use auto-pay to pay my credit cards, so ultimately almost all our expenses are paid through auto-pay. AFAIK, it’s alway a pull, never a push. I feel it is “safe enough” for my situation that I don’t worry about it.
KlangFool
Any system can break - even yours when you get older and CRS (Can't Remember S**t) takes hold. The sky isn't falling...
My system works even if I "do nothing" for a few months. And, with only push payment from the bank, no one can pull any amount from my checking account. I do not have debit card either.
I only push payment from bank. There is no pull.
KlangFool
My Flex Spending check from my company (6000+ employees) "bounced" when I deposited it. Finance had a time explaining that one.
Auto draft works seamlessly and is quite reliable. And this is in a state where a major data breach in 2012 got everyone's electronically submitted tax returns going back over a 14 year timeframe. And the data was not encrypted...
"Water, Electricity, Insurance are not going to wait a "few months" before they are paid."
I push my payment to Water and Electricity. As long as I am willing to pay more, there is no problem. And, I carry one month of credit. So, even if the bank's auto payment failed, it would be fine for at least one month. Insurance is paid by credit card. I push my minimum payment to credit card.
I only need to do two optional push payment to my two credit cards every month.
"Auto draft works seamlessly and is quite reliable. "
If I do not need to trust the system to work correctly, why should I?
KlangFool