April 2018 - Mercer Savings Bank

Did you know that with Mercer Savings Bank’s online banking, you can make monthly bill payments with the click of a button? You’ll never miss a payment again—it’s one of the reasons why so many people love this convenient online banking feature.Interested in learning more? Here’s how you can get the most out of your Mercer Savings online bill pay.Why Online Bill Pay?As we’ll get into below, one of the benefits of online bill pay is that it’s easier to keep track of what bills are due when. Why is that so important? As anyone who’s been slapped with a late fee can attest to, missing a bill due date even by a few days can be a major pain.Because it’s not just the late fee (or the possible interest applied to the late amount)—it’s also the worry that the late payment will affect your credit score._____________________________________________________Confused about credit scores? Get a crash course in credit here._____________________________________________________According to LearnVest, there can be a grace period for a late payment of 30 days. Most creditors won’t report it to credit reporting agencies. Although you still might have to pay a late fee and interest, your credit score likely won’t be dinged. This is especially true if you have a history of making your payments on time.However, that doesn’t mean that the late payment absolutely can’t be reported. And if it is, it could have a more significant impact on your credit score than you might think. If you have a recent late payment in your past, your credit score could take a big hit. As Barry Paperno, community director for Credit.com, told LearnVest, “a recent late payment can cause as much as a 90-110 point drop on a FICO score of 780 or higher.”It should be noted that credit scores are highly dependent on your personal history, so this isn’t necessarily written in stone. However, it’s certainly a motivator in making on-time payments. Online bill pay makes that easier.Top Three Advantages of Online Bill Pay1. You can easily monitor your bills.In the past, managing your bills meant sending payments as the bills came in or gathering them up and paying them in a batch, making sure to keep an eye on each due date. Being organized was key to avoiding a late payment.Now, your online bank account can do that for you. With Mercer Savings Bank, you can log in to your account from your computer or mobile device to receive and pay bills. This feature also allows you to see when they’re due and how much is owed.The best part of it is, all the bills are in one place. You don’t have to go all over to different websites, one each for your electric bill, your student loans, your cable payment, etc. It’s all on one account, with one password.2. You can automate your payments.If you have recurring bills that are the same every month, it can be helpful to automate payments. This helps to avoid late payments which, as discussed above, can be harmful to your credit score. It’s one of the ways to manage your monthly bill payments effectively.Of course, that doesn’t mean you can simply set it and forget it. You still want to make sure that your automatic payments are factored into your budget and that the account the payment is being taken out of has enough funds to cover it. Otherwise, you might risk overdraft fees.However, one of the perks of being a Mercer Savings Bank customer is that all checking accounts for customers in good standing come with overdraft protection, which automatically advances funds and gives you some leeway you may need in times of emergency._______________________________________________________Related: Get Smart – Check Your Bank Account Balance Every Day_______________________________________________________3. You don’t pay anything for the service—it’s free!If you have an account with Mercer Savings Bank, you also have access to online banking. Bill pay is included with that. You can pay up to 15 vendors per month without any extra fees.How To Set Up Online Bill PayGetting started with online bill pay is easy. Once you’ve signed up for online banking, simply click on your Mercer Savings Bank checking account and click the Bill Payment button. Then, enter your account information from the bill you wish to pay.Is Automatic Bill Pay Safe?Yes. You can count on the security of online banking with Mercer Savings Bank. We have Secure Socket Layer (SSL) technology, meaning only secure connections are allowed. All of your data is encrypted.There are several layers of security in place. For example, if you sign into your bank account from a different computer or phone, you will have to go through extra security steps to access your account. This prevents unauthorized sign-ins from unknown devices.Not Yet a Mercer Savings Bank Customer? Open an Account Today!In addition to online bill pay, Mercer Savings Bank offers many other convenient services. You can use CardValet to protect your debit card, download our mobile app to monitor your account on the go, even apply for mortgage loans online.Open a checking account or savings account to start banking with Mercer Savings, a mutual bank that has served the community for 130 years. The best part is, when you deposit money with us, it stays within the community by going back to local homes and businesses through loans.

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