You only have to add the information once, such as address, phone number and your billing account number. New payees can be added anytime. Most bank sites recommend a lead-time of five business days, so a bill due on a Monday should be scheduled for payment the Monday before. Regular recurring monthly bills like mortgage payments can be sent automatically. The bank either sends a paper check or electronic payment, depending on what the payee is wired to accept.
Most banks offer an online description and demonstration of their Internet features.
It's worth a quick test drive to see which one suits you. Internet-only banks often offer better banking deals, such as higher yields on checking accounts, certificates of deposit and even mortgage rates. You can sign up for an account online by printing out an application and mailing it in with a deposit check. Many Internet-only banks are opening or partnering with physical locations for deposit centers, such as Mail Boxes, Etc., which carries special deposit envelopes for free delivery to the National Interbank of Indiana. Copyright 2001 Janet Bigham Bernstel.