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How to Cancel Automatic ACH Payments

Date: Sat, 10/24/2009 - 10:53

Submitted by anonymous
on Sat, 10/24/2009 - 10:53

Posts: 202330 Credits: [Donate]

Total Replies: 4


I have a dispute with a vendor that has been authorized to debit my account each month. According to my bank, the only way I can stop this monthly payment is to either have the vendor cancel the automatic debit, or close the account. I'm OK with closing the account. But my question is this: if I happen to have a second, different account at that bank, can the vendor (or the bank) satisfy the vendor's automatic debit requests through that second account without my authorization once I close the original account?


well i bank at wachovia in texas and i did the same thing, the rep said that even though if i were to close it and if it was a stopwatch that the pdl can withdraw if they come in using a different id number. i just switched my direct deposit to another bank and right now i have 10 cents in the old acct and 11.00 in the new account but after reading a forum i will put my balance at 0.00


lrhall41

Submitted by on Sat, 12/05/2009 - 14:41

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I would close my account . However your bank is supposed to allow you to stop preauthorized electronic fund transfer as long as you notify the financial institution orally or in writing at least three business days before the scheduled date of the transfer.
Regulation E
205.10 Preauthorized transfers
[URL="http://www.fdic.gov/regulations/laws/rules/6500-3100.html#fdic6500205.10"](c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer. [/URL]


lrhall41

Submitted by mobile0311 on Mon, 12/07/2009 - 12:30

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