Five reasons to beware of auto-paying bills

(Reuters) – Autopaying bills is a no-brainer. You are never late with a payment, and you do not have to spend all that time going through stacks of bills, filling out checks, and then stuffing and stamping envelopes.

But Brent Cumberford learned the hard way that automatic bill paying is not as simple as setting it up and walking away.

Last year, his natural gas was turned off because expected automated payments were not made, a canceled subscription kept getting paid and another canceled service automatically renewed itself.

Cumberford, 32, who runs the personal finance site Vosa.com and splits his time between San Diego and Calgary, resolved the natural gas situation without figuring out what exactly went wrong (the bank and the utility blamed each other) and got the automatic renewal credited back. But he is still dealing with the subscription.

“The lesson I learned was that it’s important to still track automated payments,” Cumberford says. More here.

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