Stop all the auto draft on your checking account
By kingparker
@kingparker (9673)
United States
November 13, 2010 11:58am CST
I would say it is really convenient to use the automatic feature of banking account to pay your utility bills, cable service, or satellite TV etc...... But when you stop the contract with them, or you no longer in need of their service, they probably won't be honest enough to follow the rule. They might still taking money from your checking account without letting you know. And the worst of it, the bank just won't responsible for it previously, and they won't compensate these loss. When you talk to these service providers on the phone, you simply won't getting any answer at all.
On the new federal law, you have to write letter to the bank, and let them know about you already cancel your service with this particular service provider. This letter notify the bank to stop any fund transfer to that service, if bank won't follow your instruction, they have to compensate your full return.
Nice go with this Federal new rule. I heard so much complaints about it, and the government should interfere in to stop those illegal act from those businesses.
3 responses
@shia88 (4571)
• Malaysia
14 Nov 10
HI,
It is pretty convenience to have auto giro deduction for certain bills like
electricity,phone bill,credit card bills ,etc..so that we no need to always
remember the due date for the particular bills. and we just need to make sure
our bank account has sufficient money to pay all those bills on their due date.
But after you have stopping paying for the bill from certain organization,
then you have to inform the respective organization to cancel the auto giro
deduction and same time inform the bank ,so that they will take note on it.
@2004cqui (2812)
• United States
14 Nov 10
I agree entirely. I have never set up an auto pay on anything, ever. Hubby did that once. auto bill pay has two options. You can set it up to pay any bill automatically or you go into bill pay and send it yourself. No one can get money from your account unless you have signed permission that they can on a specified date every month or whatever. That is the safest way to pay bills with no postage!
@melcaden0916 (221)
• Philippines
13 Nov 10
I used to enroll some of my utility and bills payment with my bank account or my debit card. I really find it convenient but in most cases, you should always be in schedule on how to fill up your banking funds so that the withdrawing company will receive it. It must be really a scheduled thing or else troubles come in. I only have few of those bills enrolled, and I don't intend to add more. I also have plans in cancelling the said utility bills enrollment for authorization of the payment later on. I plan just go to the old way of falling in line. And there are also additional charges being applied in every successful bills payment. So for me, I do only a little of this, since I am almost busy in a day I would tend to forgot this. So to minimize, I just wait for the statement of account to come in and settle it over the counter.
