26 Jun 2022

How do you stop automatic payments from your bank account?

Direct Debit VS. Automatic Payment

Automatic payments are convenient, but sometimes it is not what is best for you. If you have decided to stop your automatic payments coming from your bank account, the first step is to contact your bank. You can either do this online or over the phone. Going in person is a good option, too, if you have any additional questions or concerns.

When you let the bank know, you should have the terms and agreements ready, as well as basic information about the charges. Banks need to verify that you are the caller and that the information is correct before moving on.

Once you tell your bank, they can start to process the request. Since there are two parties involved, your bank will speak directly to the merchant or company’s bank to cancel the automatic payment. There is a lot of communication during the first two steps.

Finally, once you have this information, you should ask for a copy or confirmation that the request is processing. This is your safety net and evidence if, for some reason, another automatic payment is complete. Keep in mind, though, that it takes time for the request to process, meaning there may be an additional payment processed.

Stopping Automatic Payments Conclusion

It can be easy to stop automatic payments, especially if the merchant in question has an online system. That being said, always call your bank and the merchant for confirmation! Mortgage House offers automatic repayment options for convenience.

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