MyCheckFree is a financial services company that provides free online bill-pay services. The company eliminates the old school way of paying bills where customers wrote checks and mailed them off to their utility companies. With MyCheckFree, you can quickly pay all your bills from one online location and eliminate the inconvenience of having your paper check lost, stolen, or damaged in the mail.
Fiserv, Inc., a financial technology (Fintech) company, owns MyCheckFree. Fiserv has been in the Fintech business for over 35 years, and they are owners of a bunch of well-known brands like Popmoney, First Data, and CashEdge, among others.
In 2018, Fiserv, which is a publicly-traded company, reported revenues of over $5.8 billion; Which means they are a major company.
Here’s How MyCheckFree Works
Fiserv, the parent company of MyCheckFree, has partnered with hundreds of billing companies on the web. These companies, in partnership with MyCheckFree, has managed to bring online bill-pay service to the masses for free. Here’s how it works:
- The companies you receive bills from, at your request, will provide Fiserv (MyCheckFree) with your billing information.
- After you sign up with MyCheckFree, you will see a bunch of companies. You will then select the companies whose bills you want to receive and view online.
- MyCheckFree works with those companies directly to ensure your bills are ready to be viewed and paid online in one secure online location — all for free.
Benefits Of Using MyCheckFree Online Bill Pay Service
There are many benefits to using an online bill-pay service, whether it’s with MyCheckFree or not. Here are a few:
You save time and money – The convenience of not having to deal with checks, stamps, or the post office is very liberating. All you have to do is log online and settle all your financial obligations in a matter of minutes.
Control – You can set up your bill management process and payment schedule. Once you set it up once, it automatically pays your bills with no additional intervention from you. You can go in and view, track, adjust dates, or manually pay your bill from one central location.
Convenience – With MyCheckFree, members can opt to receive their bills online instead of through the mail. This way, your bills will appear both in your e-mail and on your MyCheckFree dashboard. You can see how much you owe, when payment is due, the details of the bill, and finally, you can pay the bill — all from your MyCheckFree dashboard. You can also set up your system to receive remainder e-mails every month and also to receive a reminder to log into your MyCheckFree account to review any new bill.
How To Join MyCheckFree
Joining MyCheckFree is simple and straightforward — however, it is also detailed to ensure members’ security and privacy. MyCheckFree pays close attention to the signing process because of the risk of identity theft. They will, therefore, ask for some necessary information to verify and confirm your identity.
Some of the information gathered during the sign-up process is as follows:
- Your name, phone number, address, and email address.
- They need the account information for the bill you want to pay. They need information such as account numbers, from companies whose bills you will want to receive online.
Once you provide all the information, you will have your account, and you can start organizing and paying your bills using the service.
What MyCheckFree Can Improve
Their website interface: MyCheckFree’s website looks archaic and outdated. They can spend some time updating and modernizing your platform.
MyCheckFree keeps records of customer bills and payment information for only six months. MyCheckFree should extend this length of time as customers need a historical record of their bills and payment for periods longer than six months. So this is a downer.
MyCheckFree doesn’t allow payment with credit cards. They allow bill payment only by checking or money market account — which might be an inconvenience for some people.
Payments get processed in two business days. This might be an inconvenience to people who want their bills paid instantly. But since MyCheckFree uses checking and money market accounts, payments have to go through the clearing process, which can take a couple of days.
MyCheckFree does not have an app: These days, everybody wants to accomplish online tasks with the push of a button. Having an intuitive app makes this possible. Mycheckfree does not have an app, and this a significant problem, especially for attracting the millennial generation.
Related:
- Get Your Free Credit Score With Chase Credit Journey
- Credit Karma Review: Is Credit Karma Safe? What You Need To Know
Bottom Line
MyCheckFree is an excellent way to arrange, manage, and pay all your bills from one convenient location. However, there are significant limitations that might make the service disadvantageous to some people. The website interface is not user-friendly, record-keeping is for only six months on the platform, and payments get processed in two business days.
The post MyCheckFree Bill Pay Review: What You Need To Know appeared first on WholesomeWallet - Make Money | Save Money | Manage Money | Invest Money.