Source: Ron Lieber, New York Times ( Free Registration )

A few months ago, in my first column for this newspaper, I extolled the virtues of automated bill payments: Set them up once, let your utilities, phone and credit card companies pull what you owe from your bank account each month and never sit through the drudgery of a bill-paying session again.

Terry Perkins of Morristown, N.J., used a credit card to pay her Verizon bill each month. When her card expired, her phone service was nearly cut off.
And boy, did you let me have it. I heard from a number of readers who thought I was out of my mind for suggesting that they send money out automatically each month or give billers unfettered access to their credit cards and bank accounts. Horror stories poured in, as well as several specific questions and concerns.

So this week, we’ll look at five reasons that people are wary of automating their financial lives this way. But first let’s back up and define precisely what we’re talking about.

Read Full Article: Automated payments a cinch? Not so fast…