From Barron’s, by Cheryl Winokur Munk
Financial advisors often encourage clients to put their bills, including rent, mortgage, and utilities, on autopay. Some advisors even set up auto-payments on clients’ behalf. But despite some of the benefits auto-payments offer, it can also lead to problems, especially for people who take a hands-off approach to their finances.
While many people use auto-pay to simplify their financial lives, it can provide a false sense of security unless appropriate mechanisms are put in place to account for out-of-the ordinary charges…
