{"id":1328,"date":"2017-08-27T17:13:21","date_gmt":"2017-08-28T00:13:21","guid":{"rendered":"https:\/\/financer.com\/?p=1328"},"modified":"2024-12-17T01:45:40","modified_gmt":"2024-12-17T09:45:40","slug":"stop-automatic-payments-to-credit-card","status":"publish","type":"how_to","link":"https:\/\/financer.com\/credit-cards\/articles\/stop-automatic-payments-to-credit-card\/","title":{"rendered":"How To Stop Automatic Payments to Your Credit Card and Save Big"},"content":{"rendered":"
Call or email the company with who you have the automatic payment.<\/p>\n<\/li>
Call or email your bank or credit union to ensure the automatic payment is stopped.<\/p>\n<\/li>
Monitor your account to ensure the payments do stop.<\/p>\n<\/li><\/ol><\/div>\n\n\n
Automatic payments linked to your credit card<\/a> or bank account can be convenient for a product or service that you value but in other instances it becomes inconvenient. <\/p>\n\n\n\n From cable bills to gym memberships, automatic payments are almost always an option. Vendors typically push for automatic payments for two main reasons. First, they know are going to be paid on time. Secondly, it is inconvenient or time-consuming for consumers to cancel ongoing payments.<\/p>\n\n\n\n However, automatic payments on credit cards<\/a> <\/strong>quickly drain your finances. <\/p>\n\n\n\n Sometimes a service provider may keep on deducting your funds or charging your credit card long after you cancel your membership.<\/p>\n\n\n\n It gets even more complicated when the company charging your credit card won\u2019t respond to your request.<\/p>\n\n\n\n In this instance, you may need to give your bank a stop payment order. This directs your bank to stop allowing the vendor to take payments from your account.<\/p>\n\n\n\n Easy to forget<\/p>\n<\/li> Companies make it hard to stop<\/p>\n<\/li> You may spend money needlessly<\/p>\n<\/li> It\u2019s a hassle if your payment accounts change<\/p>\n<\/li> Could lead to expensive credit card debt <\/p>\n<\/li><\/ul><\/div>\n\n\n While stopping a payment directly with the vendor is always preferable, there may be a time when this does not work. However, even if you have not yet contacted the company that you have the automatic payment with you can still instruct your bank with a stop payment order.<\/p>\n\n\n\n This instruction gives the bank permission to stop allowing the company to withdraw funds from your account.<\/p>\n\n\n\n To stop all future automatic payments to a specific company you will need to contact your bank in writing. The following letter template can be used to instruct your bank to initiate a stop payment order. <\/p>\n\n\n\n To Whom It May Concern,<\/em><\/p>\n\n\n\n Please consider this letter as a written stop payment order to instruct you to stop all payments from my account (ACC INFO) to (Company Info). My account information with (Company) is. (ACC INFO).<\/em><\/p>\n\n\n\n I wish to stop all future payments to this company from (DATE) in the amount of (Amount that you pay).<\/em><\/p>\n\n\n\n Kind Regards, If you have called the company or credit provider, it\u2019s a good idea to follow up in writing. This provides tangible proof of your instruction to cancel. <\/p>\n\n\n\n With this being said, your call should still be treated as a sufficient reason to cancel. <\/p>\n\n\n\n Make sure you record the date, time, and representative’s name from the conversation for future reference. <\/p>\n\n\n Always confirm your cancelation with a follow-up email<\/strong><\/p><\/div>\n\n\nDrawbacks to Automatic Bill Payment<\/h2>\n\n\n
Drawbacks To Automatic Bill Payment<\/h3>
How to Create a Stop Payment Order <\/h2>\n\n\n\n
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(Your name)<\/em><\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n\nHow To Stop Automatic Payments<\/h2>\n\n\n\n
How to Be Cautious with Automatic Payments<\/h2>\n\n\n\n