Released: July 10, 2006

Virtual checkbook: The next generation

Source: By Luladey B. Tadesse, Delaware News Journal

Vincent Schiavi avoids writing checks by paying most of his bills online or having payments automatically deducted from his bank account.

“Bill paying is a chore,” said Schiavi, financial adviser and president of Schiavi & Co. in Wilmington. “Anything that makes bill paying easier and makes sure they are making the proper charges and makes it easier for people to pay on time, I am all for.”

Consumers like Schiavi, fed up with writing checks and the hassle of buying stamps, increasingly are switching to paying bills online. About 35 percent of bills were paid online last year by Americans, up from 25 percent in 2004, according to the online market research firm Harris Interactive Inc. in Rochester, N.Y. In comparison, 37.5 percent of bills were paid by paper checks and 27.5 percent were paid in some other way, such as in cash or by credit or debit cards.

Paying bills online can be fast, convenient and help you better manage your finances. But sorting through the growing number of online bill-paying methods can leave you longing for the old-fashioned method - sending a check.

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