Good Sam Club Open Roads Forum: Around the Campfire: Payment coupons...


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mowermech

Billings, MT

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Posted: 08/07/09 09:14am

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Whatever happened to the books of payment coupons the lenders used to give a borrower?
The coupons were (are) great, because the payment could be made anytime. My Credit Union still issues coupons, but it seems very few other lenders do.
I dislike having to wait for the monthly statement so I can make a payment. Oh, sure, I have the address, but can I trust them to properly post the payment without a coupon or the statement? Experience says "NO"!
Perhaps I should just go to the Credit Union and refinance everything there, then I can have the coupons!
Or perhaps the bank where my checking account is, then I can do direct transfers to make the payment anytime.
Or perhaps the lenders could save money by printing the coupons instead of mailing statement every month.
Ah, well, just another aggravation of modern life...

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Nascarcruzin

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Posted: 08/07/09 09:21am

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The few bills we have, we pay on-line; we never see a statement.

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CatandJim

Tulsa, as in Oklahoma

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Posted: 08/07/09 09:33am

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I remember those payment coupons and the pre-addressed envelopes, too. I guess there is just not much demand for them anymore. I still get some statements but I pay almost everything online. We opened a new checking account in April and I've written three checks so far, for little piddly items that I don't want to set up online to pay.

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rondynowincomfort

Lebanon, OR.

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Posted: 08/07/09 09:45am

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Many lenders want you to pay online, or let them do auto pay. I still have a coupon book from Bank of The West for our tt.
Bad thing about paying online is what happens if your puter crashes and dies. Not everyone can afford to rush out and buy a new one.

moonchild

Georgia

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Posted: 08/07/09 11:50am

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I still get coupon books for our mortgage. They send a new one each year with the adjustment amount. I pay on-line but having that coupon to remind me is nice. Only 4.5 years to go!

Freeman2004

Central CT, USA

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Posted: 08/07/09 01:07pm

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Coupons, I tried but I can not use them. I tried every slot on this computer and not one will accept coupons.
Guess I will have to stick with good old fashioned electronic transfers.

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belfert

Shoreview, MN, USA

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Posted: 08/07/09 02:17pm

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My loan payments are all auto drafted by the loaning bank from my bank account. One loan even charges .5 percent more interest if you don't autopay. (Less cost to process than check payments plus you are less likely to not pay.)

I suppose if you didn't trust the other banks with your account number you could set up bill pay from your bank.

DrTanTodd

Sioux Falls, SD

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Posted: 08/07/09 02:26pm

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rondynowincomfort wrote:

Go to the library and use theirs? Borrow a friends? Just some thoughts lol.

I do all mine online and it saves the postman, postage and trees!

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mgbogue1

Colorado

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Posted: 08/07/09 02:52pm

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mowermech wrote:

I dislike having to wait for the monthly statement so I can make a payment. Oh, sure, I have the address, but can I trust them to properly post the payment without a coupon or the statement?

I use online BillPay for all recurring bills. The payments always include my account number, and I've never had an issue with them being credited incorrectly. If you're writing checks and include the account number in the Memo section, I'd think there wouldn't be any problems...