Question

what are possible advantages and disadvantages of using automatic withdrawal to pay bills? check all that apply. not having to keep track of the balance in a checking account avoiding late payment fees having to share your account information not having to find a stamp and a mailbox not knowing when the payment will be taken out of your account possible overdraft fees if there is not enough money in the account to cover the payment amount having to pay a fee for the service

Explanation:

• Avoiding late payment fees: Automatic withdrawals ensure bills are paid on time, eliminating late fees.
• Not having to find a stamp and a mailbox: This removes the need for manual, paper-based bill payment steps.
• Having to share your account information: Setting up automatic withdrawals requires giving account details to payees, a privacy/security drawback.
• Not knowing when the payment will be taken out of your account: Some automatic withdrawals may have inconsistent or unannounced withdrawal timelines, causing uncertainty.
• Possible overdraft fees if there is not enough money in the account to cover the payment amount: If the account balance is too low when the withdrawal occurs, overdraft fees may be charged.
• Having to pay a fee for the service: Some providers charge a fee for setting up automatic bill payment withdrawals.
• Eliminated option: "not having to keep track of the balance in a checking account" is incorrect, as you still need to monitor balances to avoid overdrafts.

Answer:

• avoiding late payment fees
• not having to find a stamp and a mailbox
• having to share your account information
• not knowing when the payment will be taken out of your account
• possible overdraft fees if there is not enough money in the account to cover the payment amount
• having to pay a fee for the service