Hi all, this seems like such a silly post to write, but I’ve seen a lot of people complain about how different setting up an auto-pay for a credit card at Bank of America is compared to other banks, and how it’s led to missing a payment, getting interest charges, late fees, etc. I’m so used to having all my cards on auto-pay that this happened to me once too. Setting it up is definitely more tedious and requires more clicking around than other banks. So hopefully this post documenting the process helps someone out there.
Category: payments
Review: Melio Payments
Melio Payments is very similar to Plastiq, which you’ve probably all heard of. It’s a way for you, as a business, to pay a vendor or another business using a debit or credit card (they can also do bank transfers) and by sending either a check or ACH to the vendor.
Debit cards and bank transfers are currently free, while credit card has a 2.5% fee, similar to Plastiq. The ACH transfers to the vendor appear to be faster (within 24 hours), whereas Plastiq may take a few business days. Check speeds are about the same for both, about 7-10 days.