Security
     

Security .

The biggest initial objection most people have to using a bill pay service is security, but there have been very few, if any instances of fraud involving bill-payment service transactions. All your payment instructions are encrypted at the highest level of security as they travel to your bank -- no matter where you issue your instructions. The second level of security is set with the Limit Rule. The limit rule sets the maximum limit for automatic payments. For example, you could set a rule where your phone bill is paid so long as it is under $75. Over $75, would require your review and approval.

Money Tyme bill payment is made even more secure by guarantees against fraud and delays. So if you give your instructions in time, you’ll never have to pay interest charges on overdue bills. Your bank is covered by Regulation E, which protects you against fraudulent use of your account if, say, your checkbook, cash card or credit card is stolen. The regulation limits your liability generally to the lesser of the amount involved or $50. That same protection exists with Money Tyme Bill Pay. Money Tyme offers its own guarantee against fraud and delays. The fraud protection terms mirror those of Regulation E. The company will cover up to $50 in late fees if you’ve scheduled a payment properly and the payment still ends up late. And, in fact, when you use Money Tyme, fewer people see your checks as they are processed, giving a greater level of privacy to your financial life.
Where to start  .
Start by getting organized. Collect all your bills you would like to have paid by Money Tyme, and add them up. Determine when you normally pay those bills, and with which pay period. Decide if you need assistance setting up a budget. (If you occasionally need to rob Peter to pay Paul, it may be a good idea to ask about the Budget Service.) Then Call your Representative. The set-up process is quick, easy, and painless.                             

Surprisingly, one of the largest and most aggressive players in the arena is the U.S. Postal Service. Remember, most of the bills you pay through Money Tyme are still sent out as computer-generated paper checks. Therefore, the Post Office isn’t worried about letter carriers’ bags being too light. They recognize that capturing bill payment services --and being a leader in the new field of bill presentment -- means more revenue.
What’s next? Online bill presentment  .
Companies promoting bill payment are just as interested in sending you their bills through this service because they see substantial cost savings. Mailing a bill out costs a little more than $2 for processing and postage, but a bill can be presented automatically for 35 cents to 50 cents.
So what should you do?  .
Now, more than ever, is a great time to start using Money Tyme bill pay service. All the technology is established -- and made easy. Here’s what I suggest:

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Last modified: 05/03/04