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Bill Pay
A service offered by banks and other financial institutions that allows customers to pay their bills electronically.
More Details
Bill pay is a service that allows a person to pay their bills electronically, either through a bank or other financial institution, or through a bill payment service provider. This can include paying bills online, over the phone, or through a mobile app.
Example
If you have a monthly electricity bill that you pay through your bank's online bill pay service, instead of writing and mailing a check, you can log in to your bank's website or mobile app, enter the amount you owe and the payee's information, and schedule the payment to be sent electronically on the due date.
Related Terms
Residual Interest
The interest that accumulates on a loan or credit card balance when it is not paid off in full from one billing period to the next.
Billing Cycle
The period of time between billing statements for an account, typically one month.
Automatic Transfer
A process in which funds are automatically moved between accounts. In personal banking, it can be used to transfer money or make payments.