Random quotes, images, and thoughts from Ed Ireson.
So I’ve recently switched banks, and in the process I’ve had to update all of my auto-draft/auto-pay accounts. A little background… I am still fairly sure I’ve never written a check in my life. I’ve used a lot of voided checks to sign up for these auto-pay services, but I’ve never used a check as legal tender. So why do all of these companies make signing up (or changing, in my case) auto-draft so difficult?
I can understand the credit card company - they profit off me paying late or paying the minimum balance. Making it automatic to withdraw the full statement balance equals lost profit. So I’m forced to jump through hoops (call, request the form, wait 10 days for form to be mailed, mail back, wait 30-60 days for approval, wait for first bill to inform me not to pay). Royal pain in the arse.
The cable company isn’t nearly as bad - at least I can do it online. Actually, you can only do it online. The customer service rep on the telephone can’t change anything (regardless of what their web site says) - trouble is, you can’t change your auto-draft within 15 days of an upcoming payment. That’s fine if you’re worried about paying on time, and know due dates by heart - but I don’t have the slightest clue. So I’m stuck leaving money in the old bank, and waiting half a month for it to go through.
Entergy is the worst. You can either use MyCheckFree to get your bill online and pay the bill. And when I say bill, I don’t mean a full bill. I mean just the amount due. OR you can sign up for auto-draft (which involves much of the same process as the credit card companies) and get a snail mail bill. And changing banks is about as seamless as the Grand Canyon. You have to cancel the first auto-draft, pay the current month’s bill via the phone (with a freakin’ surcharge) or mail a check, THEN once you get the new paperwork, return it, wait a billing cycle or two, and you’re good to go.
Of course, I know why they make this a pain in the ass. They make money of people not paying bills on time. They make lots of money.
In the case of my employer, there is a quick and simple web site to modify my paycheck deposit account. They don’t need to make it complicated - in fact, they save money by having people do direct deposit.
Why not use my bank’s bill pay? I’m lazy. That’s still too much work to do. I get an email (or snail mail, in Entergy’s case) telling me how much the past month’s bill was, and I do nothing (short of making sure there is enough cash in the account). It’s great.
