Online Bill Pay vs. Old Fashion Bill Pay

Sara Swift with Utah Central Credit Union has the answers that will calm your online banking fears.

e-banking is one of the fastest and safest ways to pay bills and do just about anything else with your money. In reality most banks and credit unions have bullet-proof systems that are more protected than the gold in Fort Knox.

Banks like Utah Central Credit Union just upgraded their e-banking system with new enhanced features for our members. Like many other financial institutions our first step was to make sure the system was electronically safe and sound. Really, the chances of having our system compromised would be like your house getting hit by an asteroid. There are so many fire walls in place that it’s nearly impossible to break through.

Did you know that for the first time in our history more people are paying bills online instead of going to the post office? So financial institutions understand that to earn their customer’s trust they have to create safe banking.

With online banking you can:

1. Pay bills

2. Transfer money from one account to another

3. Set up automatic withdrawals for vacation, Christmas or savings accounts

4. Arrange loans, check imaging services, etc.

Did You Know?

1. For the first time, more Americans are paying their bills online instead of by mail. Volume of Electronic Bill Payments Reach 39%; Check Bill Payments Decline to 34%

2. Record 74 Percent of U.S. Online Households Pay at Least One Bill Online

3. West Leads the Nation – Followed by the South – in Online Bill Payment Adoption

4. Paperless bills appear to be catching on as consumers recognize their convenience, security and environmental benefits.

5. Overall, the most appealing features of e-bills were convenience, due-
date reminders and “assurance that bills are never late.”

“The fact that online bill payment has overtaken paper checks shows that people feel secure managing their finances online,” said Gwenn Bezard, research director with Aite Group. “Once considered a nice-to-have add-on, online bill payment is now the foundation of the Web banking user experience. I expect further growth in this area due to Generation Y’s greater reliance on technology in their everyday lives as they move into early adulthood, and the increasing adoption of electronic bills, especially as the environment becomes a mainstream issue.” Source: 2007 Consumer Bill Payment Survey.

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