If you have subscribed to any product or service then the subscription charges will be automatically deducted from your credit card or bank account. In today’s case, we will be focusing on the automatic payments that happen from your bank account.
There is no doubt that the automatic payments are great and they help us a lot. But sometimes the things can go around and get us into problems. Now, what if you don’t want to continue the payments to happen? or if you want to cancel the subscription?
This means now you don’t want your bank account to be charged by the company for the product or service. In this guide of mine, I will tell you how you can cancel automatic payments from your bank account. The process is a bit tricky so I suggest you read this guide properly.
How Can I Stop Automatic Payments from Bank Account?
Here there are two things you have to do. The first one is you have to communicate with the company that charges you. And tell the company that you don’t want to continue your subscription.
The second thing is you have to contact your bank and tell the bank that you have revoked the authorization of automatic payments for the company.
When you tell your bank about this the bank will make sure that the company can not charge you any further from your account. Let me list down the process step-by-step so that you can understand things better.
- Cancel the subscription from the company that deducts the payment from your account.
- Contact the company.
- Tell the company that you don’t want to continue the subscription and ask them not to charge you anymore.
- Contact your bank.
- Tell the bank that you have canceled your subscription and have revoked the authorization of automatic payments to the company.
- Give a “Stop Payment” order. (if required by your bank)
- Your bank will make a note of it in your bank account.
- And there will be no further payments that will be deducted by the company whose authorization you have revoked.
- Keep track of your bank account.
Conclusion
In most cases, once you cancel the subscription and tell the company not to charge you. The company will not charge you again. But to be on the safer side just give your bank a call and tell them about it. If required you have to provide a “Stop Payment” order to your bank. Your bank will tell you if they need one.
- https://www.consumerfinance.gov/ask-cfpb/how-do-i-stop-automatic-payments-from-my-bank-account-en-2023/
- https://www.helpwithmybank.gov/help-topics/bank-accounts/electronic-transactions/automatic-withdrawal-preauthorized-payments/automatic-withdrawal-closed.html