You’ve heard U.S. mail delays on the news, read about them in your daily feeds – and perhaps even experienced them yourself. Soon, the old saying “the check is in the mail” may suddenly take on a new reality. Which means now might be a good time to explore alternative payment options.

USPS changes delivery timelines.

“Neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their appointed rounds.” Yes, that’s the U.S. Post Office’s motto. And while natural disasters aren’t going to ultimately stop the mail, a significant change in the agency’s delivery schedule may make things take a lot longer. Where first-class mail — things like letters, small packages, bills, and tax documents — took one to three days to be delivered, that timeframe will soon extend to between one and five days. This means that consumers will need to plan a lot further ahead to avoid late fees and other penalties.

Costs of paying by mail vs. online and mobile banking.

Some risks are unavoidable, but there are ways to lower the financial impact and reputational risk of fraud, and to measure and reduce its impact.

Fraud can be analyzed two ways. The first is the likelihood of the fraud occurring. In many companies, frauds like phishing emails are more likely to occur than employee theft – it is more important to focus your energy on the fraud that is most likely to occur. The second way we analyze fraud is by the size of its impact, which comes in many forms, including brand damage or financial loss.

Considering some of the most common household bills, such as your mortgage or rent payments; credit card bills; home alarm system and security; auto insurance; auto loans; school loans; school or college tuition; cable and internet; mobile phone; health insurance; dental insurance; life insurance; utilities (e.g., electric, gas, water, sewerage charges, trash, and recycling), you could be writing up to 18 checks a month to stay current with charges.

Factor in the current price of a first-class stamp – 58 cents – and that adds up to approximately an extra $125 a year just to pay your bills. Forget the cost of envelopes, the expense of ordering checks, and the time spent to process all this paperwork. On the other hand, mobile and online bill pay from Popular Bank is free and available 24/7.

Security and convenience of payment options.

The Federal Reserve Bank of Boston reports that bills represent about 30 percent of overall consumer payments, with most bills being paid by using a card or electronic methods. And the reason is clear: convenience.

With online payment options:

• You can still receive paper bills, or view your regular bills online, to examine charges and dispute any irregularities.
• You’ll find it easy to set up and monitor your Popular Bank account(s) from anywhere.
• You are protected by Popular Bank’s encrypted security processes and backing from the FDIC, just as you are when using checks.

Online and mobile banking is better for the environment.

Today, businesses – and individuals – are making sustainability a key part of their everyday lives. From choosing paperless bills and e-signatures to recycled packaging and hybrid vehicles, people are making conscious decisions to help improve the planet.

When you choose Popular Bank’s mobile and online banking options, you’re also doing your part to reduce the carbon footprint by sending fewer mail delivery trucks out on the road and/or using less vehicles to drive to the post office.

No matter what your banking preferences – from visiting a branch to online or mobile banking – Popular Bank offers a wide range of financial solutions. Visit us today or contact your Popular Bank representative.