Is It Safe to Pay Your Bills With a Check in the Mail?
Between online bill-payment systems, toll-free numbers and snail mail, you have your choice of methods for getting bills paid. While paying your bills by phone or online have their advantages, traditionalists can make paying by mail safer by following some simple guidelines.
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Risks of Postal Mail
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The familiar dodge of "The check's in the mail" is well-known to creditors. Unfortunately, there are times when payments do get lost, stolen or damaged while moving through the postal system or sitting in a mail room. It's bad enough when your payment doesn't reach its creditor, but if you use a paper check, an identity thief can use it to steal your identity and drain your bank account.
Safer Snail Mail
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When sending important documents --- and bills and paper checks both count as important documents --- make sure that you place the documents in a secure envelope. The post office now offers several delivery tracking and confirmation services that give you proof of mailing, let you specify whether you want the letter delivered to a human being (instead of an unlocked, unattended mailbox) and even let you check your mail's progress through the postal system online.
Avoid sending paper checks in the mail. If you can pay the bill with a credit card, do so. It's a lot easier to get your money back on a fraudulent credit card transaction. Another option is to send a postal or bank money order.
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Plan Ahead
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If you mail something important, like a bill payment, give it plenty of time to reach its destination. If you use a tracking method, keep an eye on it. If it doesn't look as if it will reach your creditor on time, you can contact your creditor to make other arrangements.
Alternatives
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Ask your creditors if they offer online billing and payment services or if they'll accept check or credit card payments over the phone. Check out your bank's online bill payment service as well. It may offer you protections that you don't get if you send out a check on your own.
Mailbox Rule
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The "mailbox rule," also known as the "posting rule," is a doctrine of common law that declares some payments as accepted by a creditor once mailed. In the United States, the mailbox rule often, but not always, applies to insurance premiums. Even if the premium arrives at your insurance company after its due date, if its postmark indicates that you mailed it on or before the day it was due, the insurance company has to accept it and honor your policy. Check with your creditors about whether they subscribe to the mailbox rule. If they do, be sure to get proof of mailing when sending payments.
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