Automatically scheduled bank payments

Don’t ever set-up automatic scheduled payments that withdraw funds from your bank account. Never. Ever.

So, you sign up for a gym, or another service, that gives you a small discount for paying using an automatic scheduled withdraw from your bank’s checking account. Things go well for a while, then they go sour—or you simply change your mind—and you want to sever that agreement, to disconnect the link between them and your bank account. Guess what? You can’t. Not through your mobile banking app, nor through a bank’s web site, call, or in-person visit. It is a long process, not a simple action.

Cancelling a scheduled payment is close to impossible. It is 2019, we are preparing to send people to Mars, but this can’t be done simply. They can put a stop payment order to one, and/or future payments, but cutting ties? They can’t. In other words, if you set-up scheduled payments with your bank account, you are giving someone unlimited checks, hopefully with a pre-determined set amount.

To revoke authorisation you will need to go through a series of steps which conclude with a never-ending monitoring of your account, just in case an unauthorised transfer occurs. Want to fully “break up?” Cancel your bank account, and create a new one. Moral of the story? Don’t ever set-up automatic scheduled payments that withdraw funds from your bank account. Never. Ever.

As a side note, if you are a Bank of America (BofA) customer, and are not an Advantage Member, be prepared to pay $30 for a stop payment order. Luckily for me, I am.