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autopay
[aw-toh-pey]
noun
a computerized service that automatically deducts from an individual’s checking, savings, or money market account an owed recurring payment, as for a bank loan, credit card, or utility bill, in time to meet the payment due date.
Using autopay helps ensure timely payments and the avoidance of late fees.
51Թ History and Origins
Origin of autopay1
Example Sentences
She recalls one company she used to work for charging a young couple $50 for being only a week late in making their payment: “They had been on their honeymoon and hadn’t been set up on autopay, and the wife was just devastated when she returned and learned there was no wiggle room.”
She added, “The digital economy has made purchasing, signing up, and enrolling a breeze. Now the FTC has made a rule that consumers must be able to cancel a subscription just as seamlessly as they can enroll, without the tricks, traps, extra time and roadblocks companies have deployed deceptively for years to keep people on autopay.”
If you avoid creating a budget, putting your bills on autopay or learning how to invest, your financial life may become more stressful.
One way to ensure consistent use: Set up autopay with the card for a recurring subscription.
USE AUTOPAY: Enabling automatic payment will guarantee that you never again face a late fee.
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When To Use
Autopay, short for automatic payment, is a computerized service that automatically deducts an owed recurring payment from an individual’s account (usually a checking, savings, or money market account), in time to meet a payment due date.Autopay can usually be set up directly with the company receiving payment or through the payment service of one's bank.Autopay can be set up to make many types of payments, including recurring payments for a bank loan, a credit card, or utility bill, etc. Using autopay for recurring bills ensures timely payments and the avoidance of late fees.
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