How to Stop Automatic Bank Payments
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- čas přidán 2. 07. 2024
- Wondering how to stop automatic bank payments? Automatic bank payments are easy to set up, but can be tough to stop. In this video, Attorney Eric Olsen, Executive Director of the HELPS Non-Profit Law Firm, explains how to stop companies from taking money from your bank account once you've given them permission.
Time Stamps
0:00 Automatic bill payments are convenient but hard to stop
0:27 Introduction to HELPS Nonprofit Law Firm and Attorney Eric Olsen
1:29 Why would you want to stop an automatic bank payment?
3:45 Your bank may pay a creditor even if you don’t have the funds and charge you a fee for it as well
6:15 What’s the easy way to stop an automatic bank payment?
8:05 How to ensure stopping an automatic bank payment
9:49 How to stop an automatic bank payment in writing
12:06 How to ensure stopping an automatic bank payment when there’s not enough lead time
13:15 How to stop an automatic bank payment made through your debit card
14:44 How to stop a bad creditor from taking money out of your account later
17:18 Could an old autopay work if I close my account and open a new one?
17:55 Recap of how to stop an automatic bank payment
It's easy to set up an automatic bill payment through your bank account, but it can be difficult to stop. Banks have set up different ways of setting up automatic bank payments, and the methods of stopping each differ.
Attorney Eric Olsen, Executive Director of the HELPS Non-Profit Law Firm, knows the laws, and helps many seniors hang on to their money. He will explain the different ways to stop automatic bank payments, and what to do to make sure a bad creditor won't reach into your bank account ever again. - Jak na to + styl
Very helpful Info. Thank You
Thank YOU for watching our channel!
Thank you. A bank once told me to close the account due to a loan being sold multiple times. I could not read the cashed by on the bank and had no information regarding the current loan servicer. It would have continued years later had I not closed the account. No creditor contacted me regarding missing payments.
Very instructive. Thank you.
My previous doctor required a debit card, credit card or routing numbers on file in order to automatically charge co-pays. Thankfully, I am no longer her patient (for reasons other than this). Once I left her practice, I got my debit card replaced with a new number. I do have my cell phone and electric bill set up with automatic payments. But it’s very easy to stop that through the utility or through my bank. My bank never asks and will always honor requests.
As always, thanks Eric
Listening to your expert is so hard. He takes forever to get to the point
Perhaps you should watch his short videos then, as they're all less than a minute long.
ERIC IS A WISE OLD 🦉OWL 🦉 !!! THXS !!!! MR. HOYT FOR ALL YOUR INSIGHTFUL QUESTIONS ...
I'm always mindful to start an automatic withdrawal after the 15th of the month. I live solely on S.S. and get paid the second Wednesday of every month. The date varies, but payment can always be covered after the 15th. Sometimes, the 2nd Wed. will be on the 8th, sometimes as late as the 14th, so any payment drawn after the 15th is guaranteed to be paid without incurring an overdraft fee.
Thanks for sharing!
Same for me too!
Ditto! Same here.
I don't do that with my bank. I just use bill pay through my bank.
Me too. I feel less stress just paying all my bills at once for the month when I get paid.
I've seen too many people get their accts & finances screwed up by auto pay.
Always check your bank statement. I found $80.00 of fraudulent charges on my debit card. I cancelled that card and a new one is on its way.
Thank you for this advice this is a life saver👏
You are so welcome! Please subscribe if you haven't already. Thanks.
Hi , Tank You for explain I have had some problem with My internet charge Me twice for the service because it was in Automatic payment the Bank pay the internet and, without the money from My account and, pay I put the dispute and the Bank ask for the money them the internet company bill again and The Bank Pay them I call the Bank and, Was just a rolling Ball I and up cancel the internet to stop them I don't have internet but I don't have Bills .
Actually depends when you get your SS. Social Security is paid on four days throughout the month on the 3rd of the month and on the second, third and fourth Wednesdays of the month. So you can have an automatic withdrawal be paid on 8th for the first Wed, 15th for the second Wed, 22nd for the third Wed and 1st for the fourth Wednesday of the month. Those dates will always be after when you get your SS no matter the month. Eric HELPS
I think seniors should be cautioned when using the nuclear option of closing their checking account that is usually the same account their SS is automatically deposited into. Now they have to notify Social Security to change the deposit account. And it takes some time for the behemoth to make the change - it wont be immediate! Meanwhile, what happens to the direct deposit?? I assume it bounces back to SS. The beneficiary is out of cash while this is all straightened. All over an autopay, small or large. Yikes.
@@wintercame Open a new account first, then change your direct deposit with SSA. Wait until it starts depositing into the new account before closing out the old account.
@@hylton56 Right. The expectation that stopping automatic bank payments can be done expeditiously is not the case. These steps and precautions should be made clear to beneficiaries in the HELPS video.
@wintercame HELPS videos is where I got the info from.
@@hylton56 Perhaps in some other video? But I don't see Eric touching on that sequence and implication in this discussion of the "nuclear option." It's very relevant to what he's suggesting here.
Can you tell me are the police make you register your ADT cameras Constitutionally? Especially as a Senior? What are my privacy rights? Also as a disabled Senior? How do you know if they are then hacking your home?
For the hacking your home part; if it's going through your home network then the management console for your internet modem should have an activity log. Look at or take screen shots of that log a few different before you start the service. Then on a regular basis check the log and see if there's anything new or different from the screen shots. You can Google the entries you see to figure out what it is.
I hope this helps and isn't confusing.
If you live in city limits then your town laws can be whatever the city council or other governing body has passed.
Once a auto draft is taken out for death policy, is it possible that the company will continue to withdraw funds after it has been paid off if full ?
You can contact the HELPS Nonprofit Law Firm at 1-855-435-7787 or visit helpsishere.org.
My credit card through my bank refused revoke authorization, and told me to close account and open anew account. Ridiculous, but that is what I had to do 3 years ago. Was an internet company which I had not authorized. Shish!
Yep some banks just can't get it right so they give the answer close the account and open a brand new account. Eric HELPS
So anyone who has your bank account number and ACH number can draft money from your account?
Not legally. They'd also need your permission, like a signed agreement.
Yes, it’s happening to me right now! Someone is using ACH to take money from my account and pay their credit card. My bank has reimbursed me, but they don’t seem to know how to stop it. I’m going in tomorrow and close the account, which is going to be quite an ordeal.
@@garywanner7860 That's really crazy! It would be so simple for banks to verify from the account holder who has the authority to draft money from their account!
19 plus minutes to say, call the credit card company, or call your bank
No much more than that try listening to the video again.
WeLl, We’re having steaks don’t write your credit card. Go online. We are all watching this online. Sheesh. Not everybody old .Doesn’t know how to use a computer. Oh well