Staying on top of your bills and paying them on time is an important part of budgeting and maintaining a good credit score. And Stash is excited to offer Bill Pay, a new feature that allows you to manage and pay your bills in one place, online and in-app.
With Bill Pay, you can keep track of your bills and schedule payment up to a year in advance. Bill Pay can also help you make sure that you pay all of your bills on time and in full by keeping all of your bills in one place.
How does Bill Pay work?
In order to use the Bill Pay feature, you need an active Stash debit card and you need to verify your phone number. Once your card is activated and your phone number is verified, you can set up Bill Pay in the Stash app.
If you’re paying a utility, cable, internet, or credit card bill, you can use Bill Pay to send that company your payment electronically. This electronic payment is fulfilled through Stash’s third-party payment service in three to five business days.
What if I need a paper check?
You can also use Bill Pay to make payments to small businesses or people who need a paper check. For example, if you need to pay your landlord with a check every month, you can still use Bill Pay. Pay your landlord via Bill Pay and a paper check will be printed and mailed anywhere in the United States for you for free.
Paper checks usually take five to seven business days to arrive. Add the date you want your landlord to receive your rent check, and Bill Pay will plan to send your check on time. Once you make the payment on Stash, the money will be immediately withdrawn from your available balance. You don’t need a checkbook to use this service since you can use Bill Pay to send paperless or paper checks as needed.
*Note: You can’t use Bill Pay to pay for subscription services such as Netflix or Spotify because these services require you to provide a credit or debit card number.
What if my check bounces?
Bill Pay prevents your checks from bouncing. You cannot send a payment through Bill Pay unless you have enough money in your available balance. Once you make a payment, the money immediately leaves your available balance.
Why it’s important to pay your bills on time
Paying bills such as credit card and phone bills on time can contribute to your credit score. If you pay your bills on time and in full, you’re likely to see that reflected in your credit score.
Whether or not you use Bill Pay, it is important to consider prompt payment of your bills when you are budgeting and planning your financial life.