Question

What are possible advantages and disadvantages of using automatic withdrawal to pay bills? Check all that apply.
A.not having to keep track of the balance in a checking account
B.avoiding late payment fees
C.having to share your account information
D.not having to find a stamp and a mailbox
E.not knowing when the payment will be taken out of your account
F.possible overdraft fees if there is not enough money in the account to cover the payment amount
G.having to pay a fee for the service

Answer 1

Answer:  For advantages Option 'B' and 'D' are correct and

For disadvantages Options 'C' and 'F' are correct.

Step-by-step explanation:

Advantages of using automatic withdrawal to pay bills are

1) Avoiding late payment fees as automatically bill payment will be done on the crucial date.

2) Not having to find a stamp and a mailbox for depositing or paying the bill amount.

Disadvantages of using automatic withdrawal to pay bills are :

1) Having to share your account information. as it is required to perform the payment of bill and withdrawal of money.

2) Having to pay a fee for the service as the services charges is charged by the bank to perform the activity.

Hence,

For advantages Option 'B' and 'D' are correct and

For disadvantages Options 'C' and 'F' are correct.

Answer 2

The automatic bill payment is the process of paying or transferring funds from one account to another on a real-time basis. In this, the amount of recurring bills, loans, EMI's are paid on scheduled time.

The advantages of using automatic withdrawal to pay bills are correct in the following options:

• Option B. Avoid late payment fees, this is because in automatic payment the payments schedule can be fixed for all the time periods of payments.

• Option D. not having to find a stamp and a mailbox, because there does not exist any physical movement of the parties for the payment of bill.

The disadvantages of using automatic withdrawal to pay bills are correct in the following options:

• Option C. has to share your account details and information with another party for the fund transfer, this is put the user into trouble if their passwords and credential information are leaked by the payment methods.

• Option G. has to pay a fee for the online services, the internet banking, or the online portals working for the automatic fund withdrawal and transfers for bill charges fixed or variable amount over the amount of fund transferred.

Therefore, in the new era of automatic withdrawal to pay the bills, there is an equal number of advantages and disadvantages.

To know more about the automatic withdrawal to pay bills, refer to the link:

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