When you agree to have a payment deducted from your bank account, say by the phone company, on a certain date, say the 10th of every month, it seems that the money is not immediately deducted but takes a few days to 'process'.
By that time, you may not have enough funds to cover that particular payment. The bank pays the bill anyway, but deducts a further $20 fee for its 'loan'.
Is there any way you can get the bill paid immediately on the agreed-upon date so that you don't risk having insufficient funds a few days later when the money is actually debited? Or is this an unavoidable scam so that the bank can collect these annoying (and expensive) fees? And are they in cahoots with the creditors?
Anyone?
2007-12-02 04:28:47 · 6 answers · asked by daibato 2 in Business & Finance ➔ Credit
Ummm...do you know how to balance a checking account ? It's YOUR responsibility to insure that you don't overdraw your account. If you keep a proper check register and enter your payments and deposits, your problem will disappear.
2007-12-02 04:35:55 · answer #1 · answered by acermill 7 · 4⤊ 1⤋
I agree that it is sometimes hard to keep track of what is being deducted from your account on a monthly basis, so why don't you just do some online bill paying and choose the date you want to take the money out for the bill?
2007-12-02 13:42:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Um, even if they deduct it on-time on the 10th and you spend money you don't have, then on the 12th you'll still overdraw your account.
I have a list of everything that comes out of my account every month. I have multiple bills that are automatically deducted. I know how much money I have, and how much I should have left. You need a budget. That would fix your problem.
2007-12-02 12:58:42 · answer #3 · answered by Tracker 6 · 2⤊ 0⤋
I don't understand why you had enough money in your account on the 10th to cover the debit, but not on the 12th.
One solution is to have them debit your bank account on the 8th instead. Or you could set up overdraft protection with your bank. Or you could go back to the old school method of paying your bills with checks.
2007-12-02 12:49:14 · answer #4 · answered by Plea_of_insanity 5 · 3⤊ 0⤋
Lets see you are notified that the amount is coming out of your account so it seems to me you do not keep tack of your account. yes it takes 2-3 days to process but you are aware that it is being processed. Keep better records of you account and stop blaming others for your shortcomings, or lack of control over your own finances
2007-12-02 19:17:06 · answer #5 · answered by Pengy 7 · 1⤊ 0⤋
You are responsible for managing your account and insuring enough funds are there. If you can't, why did you agree to the auto-deduct?
2007-12-02 12:40:28 · answer #6 · answered by npk 7 · 4⤊ 1⤋