Cheryl Winokur Munk
Cheryl Winokur Munk
Versatile freelance writer whose focus includes personal finance, college financing, retirement, and the consumer products industry.Source
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The Hidden Dangers of Autopay, for Advisors and Their Clients

The Hidden Dangers of Autopay, for Advisors and Their Clients

Financial advisors often encourage clients to put their bills, including rent, mortgage, and utilities, on autopay. Some advisors even set up auto-payments on clients’ behalf. But despite some of the benefits auto-payments offer, it can also lead to problems, especially for people who take a hands-off approach to their finances. While many people use auto-pay to simplify their financial lives, it can provide a false sense of security unless appropriate mechanisms are put in place to account for out-of-the ordinary charges and other discrepancies. It’s also important to have a big-picture...

Mar 30
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