Consumer Tips for Automated Banking

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

This Free Software Brings Old Laptops Back to LifeMore

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

21 Restaurants Offering Free Food Right NowSaving Money

7 Dumb and Costly Moves Homebuyers MakeBorrow

House Hunters: Beware of These 6 Mortgage MistakesBorrow

Beware These 12 Common Money MistakesCredit & Debt

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Where to Sell Your Stuff for Top DollarAround The House

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

The True Cost of Bad CreditCredit & Debt

17 Ways to Have More Fun for Less MoneySave

14 Ways to Maximize Your Social Security ChecksGrow

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

10 Companies With the Best 401(k) PlansGrow

8 Ways to Take Control of Your Finances — and Be HappierGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

14 Super Smart Ways to Save on TravelSave

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

The Rich Prefer Modest Cars — Should You Join Them?Cars

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

6 Healthful Treats for Your DogFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

7 Free Sources of Manufacturer Coupons You Can Find OnlineSave

Ask Stacy: How Do I Start Over?Credit & Debt

8 Ways to Get a Good Price on a Shiny New AutoCars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

Fixing Your Credit? Do These 5 Things, Avoid These 3Credit & Debt

Last month Chase's online banking was down for a few days - if that happens with your bank, what about your automatic bill payments? Proper protocol for online banking...

This post comes from partner site lowcards.com

Banks have aggressively pushed their customers to online automated banking, even charging more for paper statements. Automated payments and online banking work well and are convenient, as long as banks can assure customers that their money is safe and their accounts are secure.

However, if the system goes awry, it can cause significant problems for consumers.

Last month, the Chase online banking system had a service outage and was down for three days, leaving 16 million customers without access to their account.

“An outage of this size is uncommon, but it is a good reminder for all of us to have a back-up plan, to keep a personal record of account information. A lost credit card or a stolen wallet can be just as damaging if you don’t have a record of all bills you’ve set up for automatic payment,” says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.

Many consumers use credit and debit cards for automatic bill payments. This is a system that typically runs smoothly and on schedule but also makes it easy to forget about the merchants and bills you are paying. If you must replace a card or an account number is changed, these bills aren’t automatically transferred to the new account. It is up to you to immediately contact each merchant and vendor with the new card information to avoid interruption. Keep a record of the name and phone number for every person, business, bill or loan that is paid with an online payment.

“A late notice, accumulating fines, or terminated service may be your first notification that a bill was not paid. Missed payments can cost much more than a late fee. These problems can negatively affect your credit score,”

says Hardekopf. “Making a record of accounts to pay is a small hassle, but there may be a time when you are glad you did. Scrambling to fix it after you are delinquent on the payment is too late.”

For Chase customers, several days without account access was an anxious time for those that had bills to pay. Even though Chase will refund any late fees incurred during the delay, the bank cannot repair the credit scores that may drop after the late payments.

It is also possible that account information may have been corrupted.

Chase customers should look carefully at their account for lost transactions, incorrect account balances, missed deposits, and missed payments.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 5 Easy Ways to Save on Your Cell Phone Bill

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,991 more deals!