Residents in B.C. and Ontario are among the least likely to miss paying a bill, according to a TD Canada Trust banking survey released Thursday.
Just more than half of respondents in B.C. and Ontario (52%) said they have missed paying a bill on time, compared to 54% of residents in Atlantic Canada, 55% of residents in Manitoba and Saskatchewan and 59% of Alberta residents, the highest proportion in the country.
Only 4% of British Columbians miss paying more than three bills a year on time, compared with the national average of 9%.
The survey also found British Columbians were the most savvy when it came to timing their bill payments. About 41% say they pay their bills as close to the due date as possible, versus only 36% nationally. About a third pay their bills as soon as they come in, while 22% collect all their bills each month and pay them at the same time.
Setting up a pre-authorized payment from their chequing account or paying their bills online, were the primary ways B.C. residents paid their bills, followed by making a payment in a bank branch, making a pre-authorized payment from a credit card, and mailing a cheque.
While few British Columbians regularly miss making a payment on time, 43% incorrectly believe there aren’t any consequences for missing a bill payment. Carrie Russell, a TD senior vice-president, noted that missing payments by more than 30 days could potentially impact a person’s credit rating, in addition to any late-payment charges.