im signing up for a gym, and they said i can pay monthly by credit draft or bank draft. I'm not sure what those are. so what is a credit card or bank draft.
2007-09-08 02:58:43 · 2 answers · asked by cherryblossoms 3 in Business & Finance ➔ Credit
They want their monthly payment automatically. If you give them your bank information, they will take it out of your bank account every month -- DO NOT DO THIS!!! There are horror stories of getting it to stop. Never allow automatic drafting of your bank account.
Credit card draft would be charging your credit card every month. This is the lesser of the two evils. Do you not have the option of sending them a check every month?
I hope you read the entire contract for that gym membership. They are notorious for all sorts of automatic renewals.
The one year membership is better even if that multi-year seems so much cheaper per year. Folks often join with full intention of using the facilities but stop going with the first year. Don't get stuck with paying for multi years.
2007-09-08 03:38:17 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
A bank draft involves you giving them permission to take money from your checking account on a monthly basis. I don't recommend you doing that option, it's safer to keep that info to yourself.
A credit card draft means that you provide them with your credit card information, and they charge your credit card on a monthly basis for the funds.
2007-09-08 06:46:45 · answer #2 · answered by litchick_88 4 · 0⤊ 0⤋