You also have the right to stop automatic payments. We have 3 checking accounts: 1.Checking Account 1- Strictly for Bills 2.Checking Account 2- Spouse 1’s variable expenses and spending 3. Monitor your account to make sure the amount and timing of the transfers are what you agreed to. One of the easiest ways to make sure you are staying on budget and not overspending your budget is opening more than one checking account. Make sure you understand how much and how often money will be taken out of your account. Almost everyone has forgotten a bill at one time or another. It’s important to review the copy of your authorization and keep a copy for your records. Maybe it’s a phone call from a loan company that reminds you of a monthly payment you missed. The terms of your authorization must be laid out in a clear and understandable way. The payment authorization is your agreement to allow the company to debit your bank account for payment. The company must give you a copy of the terms of your payment authorization. Pay close attention to your bank account balance and upcoming automatic payments to make sure there will be enough money in your account when the payment is scheduled. Both the bank and the company might charge you a fee if there is not enough in your account. But if you forget to track your account balance and it’s too low when an automatic (or other) payment is due, you might have to pay overdraft or NSF fees. Be careful about overdraft and insufficient funds (NSF) feesĪutomatic payments can help you avoid late fees on your bills. Be wary of a company that pressures you to repay by automatic debit. Know your rightsĪ company cannot require you to repay a loan by automatic debit from your checking account as a condition for giving you a loan (unless the loan is an overdraft line of credit). ![]() Never give your bank account or debit card information to a company that you’re at all unsure about. Consider using a different payment method until you’re sure you’re happy with the company or service. households that aren’t heated with electricity. ![]() They include: Natural gas, propane, heating oil U.S. However, be careful about giving a company permission to take payments directly from your account.īefore you give a company permission to make automatic withdrawals: Verify the companyīefore agreeing to let a company automatically take money out of your bank account, make sure the company is legitimate and credible. households spent an average 4,158 in 2020 on utility bills, up from 3,737 in 2013. Automatic payments can help you stay on track with bills and other regular payments.
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