Feb 22, 2022
Oh Hey, It’s (Online) Bill Pay: A Q&A
By Stash Team
Make paying your bills easier by keeping all your bills in one place.
You probably already know that paying your bills on time is important for sticking to your budget and maintaining a good credit score. If you don’t have a budget yet, this article can help you make one. But it can be tough to remember every expense and every due date.
That’s why Stash offers Bill Pay. It allows you to manage and pay your bills in one place, online or in-app, and it’s built right into your Stash banking account. This Q&A can help you decide if it’s right for you.
Q: What is Bill Pay?
A: Bill Pay1 helps you keep track of all your bills and schedule payment up to a year in advance, which can be handy for those easy-to-forget bills that come due once or twice a year. It sends electronic payments to recipients who can accept them, and checks to those who can’t. That means you could be done with writing checks and searching for stamps or juggling a different payment app for every utility bill.
Q: How do I use Bill Pay?
A: To use the Bill Pay feature, you’ll need an active Stash Stock-Back® Card . Stash will also ask you 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.
Q: How long does an online Bill Pay transaction take?
A: Electronic payments are fulfilled through Stash’s third-party payment service in three to five business days, and you can schedule them even further in the future if you want. Many businesses, like utilities, cable, internet, and credit card companies, can accept electronic payments.
Q: What if I need a paper check?
A: If you need to send payments via check to businesses or individuals, Bill Pay can take care of it; no need for a checkbook or stamp. You just schedule the payment online; Bill Pay will print and mail your check, anywhere in the United States, for free. Just enter the date you want the recipient to receive your check, and Bill Pay will send the check at the right time. Paper checks usually take five to seven business days to arrive.
Q: Can I use Bill Pay for online subscriptions?
A: Generally, no. For example, you can’t use Bill Pay for subscription services such as Netflix or Spotify, because those businesses require you to provide a credit or debit card number, and online bill pay is a different service.
Q: What if my check bounces?
A: It’s difficult to bounce a check with Bill Pay, because you can’t send a payment unless you have enough money to cover it in your account. And once your payment is scheduled, the money immediately leaves your available balance.
Q: What are the long-term benefits of paying my bills on time?
A: Getting your payments in by the due date isn’t just about avoiding late fees. Whether you pay bills on time and in full can affect your credit score, and maintaining a good score can help to lower interest rates on future loans you may apply for, or reduce barriers you might face when applying for credit. Your credit score can even affect your insurance rates, and a landlord’s willingness to rent to you.
If you don’t pay bills promptly, creditors may report your late payment to credit bureaus, lowering your credit score. In some cases, they may turn your debt over to a collections agency, which can make its own report to credit bureaus and charge more fees. If you want a deeper dive into how credit bureaus, credit reports, and credit scores work, the Consumer Financial Protection Bureau (CFPB) is a potentially helpful resource. The Federal Trade Commission (FTC) also has information.
So whether you use Bill Pay from Stash, some other online bill pay tool, or just reminders on your calendar, having a system that helps you pay every bill when it’s due can be an important part of maintaining your financial health.
Q: How can online bill pay make budgeting easier?
A: It’s easy to forget about a bill. If you want a simpler way to manage your bills online, Bill Pay might be just the ticket. You just set up your payments, and they’ll be taken care of on time. And when banking with Stash, you also have built-in tools to budget and track your spending, which can make it easier to ensure you have the money you need to cover those bills when they are due.
Q: How do I set up Bill Pay?
A: If you’re already a Stash customer, you can get started right away; just log in to your Stash app. And if you’re not a Stash customer yet, you can sign up for an account in just a few minutes.
1. Not all payees are provisioned to accept electronic payments. Please see the Bill Pay Terms and Conditions. Stash banking account opening is subject to identity verification by Green Dot Bank. In order for a user to be eligible for a Stash banking account, they must also have opened a taxable brokerage account on Stash. Bank Account Services provided by Green Dot Bank and Stash Visa Debit card (Stock-Back® Card) issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Investment products and services provided by Stash Investments LLC, not Green Dot Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.
Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of the registered trade names are used by, and refer to a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Green Dot is a registered trademark of Green Dot Corporation. ©2020 Green Dot Bank. All rights reserved.
All rewards earned through use of the Stash Visa Debit card (Stock-Back® Card) will be fulfilled by Stash Investments LLC. You will bear the standard fees and expenses reflected in the pricing of the investments that you earn, plus fees for various ancillary services charged by Stash. Stash Stock-Back® is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A., or any of their respective affiliates, and none of the foregoing has any responsibility to fulfill any stock rewards earned by this program. Stock rewards that are paid to participating customers via the Stash Stock-Back program, are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value. In order to earn stock in the program, the Stash Visa Debit card (Stock-Back® Card) must be used to make a qualifying purchase. What doesn’t count: Cash withdrawals, money orders, prepaid cards, and P2P payment. If publicly-traded stock of the merchant (or a subsidiary thereof, if applicable) is not available or otherwise capable of being fulfilled for any reason, the stock reward arising from a qualifying transaction will be in an ETF or a publicly traded company available on the Stash Platform. Stash reserves the right to amend this program and the terms and conditions thereof and/or cancel this program at any time, for any reason, upon notice to you. See Terms and Conditions for more details. Double Stock-Back® rewards is subject to terms and conditions.
2. Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period.
3. Fee-free ATM access applied to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the ATM owner or bank may charge. For overdraft, transaction is declined and no fee is charged. Neither Green Dot Bank nor Stash offers overdraft services. Other fees apply to the bank account. Please see the Deposit Account Agreement for details. If applicable, your Stash banking account is a funding account for purposes of the Advisory Agreement. Your Stash subscription fee may be deducted from your Stash banking account balance.