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I care too! That's my interest they're robbing me of!
Couldn't care less - it's fractions of a penny I'm losing.
I have no idea what you're talking about, big Ern

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Also if you mail your checks consider the postage you are not paying when using bill pay (especially when postage keeps going up).
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Duh, just schedule the payment for when you want the money debited. Frankly, given that interest rates are in the ballpark of nothing, I can't see that its much to get excited over.

I do my OLBP through Schwab and they do a mix of electronic and paper payments. The same bills are generally paid the same way every month. Unfortunately, only one company (the power company) will actually bill me electronically. If they would all do that I'd be as happy as a clam.
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Finally a good (and new) subject!

Interesting that some people care and some don't...

Excellent pt too that when you count up the amount you pay in stamps, that float really starts to look negligible.
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Excellent pt too that when you count up the amount you pay in stamps, that float really starts to look negligible.

No need to guess, either, since it's quite easy to calculate an approximate cost of the float. For example, on $1000 at 3%, it's roughly 8 cents/day. At 2%, it's about 5.5 cents/day.

I think for most of my bills, the postage outweighs the float. I still voted that the float matters to me, because I feel it's my money until it's actually cashed. However, except for the largest bills, it usually pays to give up the float for the postage, at current interest rates.

Ken
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One aspect not mentioned is that a handful of banks (i.e. American Bank/PC Banker) give themselves about three to five days' additional float before initiating a bill payment. In other words, your account is debited 3 to 5 days BEFORE the first day payment you can request that payment actually be initiated.

This is inconvenient for individuals who are paying a lot of bills and whose checking-account balances get somewhat low at certain times of the month.
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I couldn't care less because my bill payer doesn't do that.

They disburse the funds, and then the day afterwards they go after the funds in my account. Usually with most of my electronic payments, I find that the account is credited and my bank account is drawn down on exactly the same day. The best solution of all. :-{)
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The only situation I could see caring about the difference in time, is paying my rent.

I thought about using billpay to do my rent, only so I won't have to remember to run over to the lease office by the 1st of the month to give them a check. Which because of the hours I work, can be a real pain sometimes....

In fact I was just there....only to find out that they closed early today (which come to think of it they closed early last Friday as well...only because UPS tried to make a deliery at 4:56...and they weren't open to sign for it)....so I have to wait until tomorrow, which I wasn't planning to be around for....but that's two things I have to do tomorrow that I hadn't planned on.

The reason it is a problem.....is that I rely on getting my paycheck at the end of the month, to cover my rent check (along with Visa, Discover and AMEX)....using billpay, they would (try to) take the rent out of my account 5 business days before the due date.

Plus, if I did care about the interest float....the longer it takes my landlord to cash the check...the more interest I get 8-)

The Dreamer.

My Mastercard due date is in the other half of the month (around the 20th)....and it is currently the card I'm snowballing.
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Yikes - i've got a great CU.

I schedule the date, funds are taken out during that nights processing - check is printed and mailed out the next day.

Personally I find it safer NOT to float, especially in light of 34c postage and having to remember to take the bill to the PO - and the actual cost of having to buy checks!!

But, my CU doesn't withdraw until the day it's cutting the check - so an advantage compared to some of your banks.

Oh and since I have "totally free checking" i earn minimal interest - but thats ok cause we only deposit the amount of money needed to pay the bills into that account the day before bills are paid.

C.
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