I speak as someone who has been a customer from 2000 to today. I was paying 10.95 a month for this service. For that, basically I got 4 or five bills per month scanned and put up on my Paytrust website for review and payment; and I paid my bills via Paytrust.
I certainly do have other billers. Most of my billers chose to send the bills in paper to my home, rather than to a p.o. box in South Dakota. I would pay them through Paytrust too.
Some of my billers will bill electronically, and I was getting some electronic bills on Paytrust. However, it turns out that I can get the same electronic billers to copy my bills to my free online bill paying service through my credit union.
Paying bills still requires attention, even with Paytrust. Large corporate billers often change their billing addresses, depending on how they structure their back office operations to reduce their own costs. It's up to you to catch those address changes; Paytrust isn't going to do it.
So in sum, the bill management service isn't nearly what it is cracked up to be, and it is doubtful whether it is worth the monthly fee (which is higher now for new subscribers).
Apart from that, consider the danger of giving a third party like Paytrust the ability to automatically present ACH transaction payable to them, to your bank. All is well until you change banks, or until their ACH transaction for their monthly fee hits your bank account when it has a zero balance (which can easily happen if you are changing banks). Paytrust is set up to make the ACH transaction three times, and if after the third time it isn't paid, to "block" your account.
Think about it: Paytrust, knowing that the first ACH transaction bounced, will go ahead and write two more rubber checks payable to itself in your name on your empty bank account. And, each time it bounces, they will charge you a penalty, and the bank will charge you a penalty. The total fees and penalties over a 10 day period could exceed $160, as they recently did for me. Their policy is that they will not waive those fees. This, remember, is a firm that is supposed to be providing a service to help you manage your finances. Some help!
This brings home the point that Paytrust isn't acting as a fiduciary. Paytrust is not your friend; Paytrust is not something you can love (in response to Mark A.). Paytrust will act against your clear interests, when it is in their interest to do so.
Finally, let me say that while Paytrust's website still says, in its help screens, that if you cancel they will write to all your billers to redirect your bills to your residence, that is not true. As I was told yesterday by a customer support rep., their new policy is that that service is no longer provided. read more