what are possible advantages and disadvantages of using automatic withdrawal to pay bills? check all that…

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

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

Answer

Brief Explanations:

  • Advantages: Automatic withdrawal can avoid late - payment fees as payments are made on time. Also, it eliminates the need to find a stamp and mailbox for sending payments.
  • Disadvantages: Sharing account information can pose a security risk. Not knowing when the payment will be taken out may lead to issues. Overdraft fees can occur if there are insufficient funds, and there may be a service fee for the automatic - withdrawal service. Not having to keep track of the checking - account balance is not an advantage as it can lead to financial mismanagement.

Answer:

  • Advantages: avoiding late payment fees, not having to find a stamp and a mailbox
  • Disadvantages: 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