No Stamp, No Problem: Online Bill Payment Quiz

Staff

4 Min Quiz

Which is NOT one of the main methods of online bill payment?

The use of smartphones for online bill payment is increasing at a steady rate, but it's still not quite as common as going through your bank or using a third-party service.

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Fiserv, which provides technology solutions to businesses, has conducted a Consumer Billing and Payment Trends survey every year since 2001. According to the survey, how many more people did their banking online in 2010 than in 2000?

In 2010, 72.5 million people logged on to manage their money. That’s six times more than in 2000.

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According to the Consumer Bill Payment Survey, in which year did online bill payments surpass traditional paper bill payments?

The first year in which people paid more bills online than with sending checks through the mail was 2007.

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How many more people paid bills online in 2010 than when the Consumer Bill Payment Survey began in 2000?

Online bill payers increased eightfold in the first decade of the 21st century.

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What percentage of people with Internet access do their banking online?

According to the Consumer Billing and Payment Trends Survey, 80 percent of people with Internet access do at least part of their banking online.

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What percentage of people who bank online also pay their bills online?

At 40 percent, less than half of the people who bank online also pay their bills online.

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What was one of the major trends the Consumer Billing and Payment Trends Survey found about the type of people who pay their bills online?

The survey found that more than a third of families with yearly incomes less than $50,000 use online bill payment, a large increase over the 2000-2010 decade.

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About what percentage of bills were paid with paper checks in 2000?

In 2000, 61 percent of bills were paid via a paper check.

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About what percentage of bills were paid with paper checks in 2010?

Only about a quarter of bills were paid with paper checks, a whopping 35 percent decline over a decade.

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True or False: In 2010, the Consumer Billing and Payment Trends Survey found that about half of all bills were paid online.

Forty-five percent of all bills were paid online in 2010.

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True or False: The Consumer Billing and Payment Trends Survey also found that nearly all online bill payers would stay loyal to their banks because of the positive bill-paying experience.

While not all online bill payers would stay with their banks just for that service, an impressive 49 percent of online bill payers reported that they would stick with their bank.

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What did the Consumer Billing and Payment Trends Survey find was the next big trend in bill payment?

Smartphone owners are flocking to online bill payment -- but there's still no "killer app" to make it really explode.

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In 2010, about what share of smartphone users conducted banking on their phone?

According to the Consumer Billing and Payment Trends Survey, 30 percent of mobile phone users banked on their phone at least once over a year.

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Who uses online banking more: men or women?

Women do more online banking than men do, but just barely. Ladies make up 51 percent of online bankers.

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In 2002, men constituted 61 percent of online bankers. In which year did women take the lead?

It was just in 2010 that women tipped the scales in their online-banking favor.

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True or False: Most people who pay bills through their bank's Web site also receive e-bills there.

False. The number is more like a third, but that's an increase of 24 percent from just 2009 to 2010.

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Which of these is NOT the name of an online bill payment service?

FreeBillPay is not the name of an online bill payment service, but all the rest are legit.

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According to the Electronic Payment Association, out of every 100,000 online bill payment transactions, how many are in error?

Only 38 out of every 100,000 online bill payment transactions go wrong in some way -- which is a pretty low rate.

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If you find that there's a problem with one of your online bill payments, how long do you have to report it?

You have 15 days after receiving your billing statement to report a problem.

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What's the best way to go about disputing an online billing charge?

If you've found an unauthorized payment, the best thing to do is call your bank -- don't go straight to the biller. And call instead of going to your bank in person; customer service call centers are better equipped to help.

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Image: refer to hsw

About This Quiz

People now pay more of their bills online than they do through snail mail. Are you part of this change in financial management? If not, taking this quiz will help you learn more about online banking trends -- and how you can retain control of your money.

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