A bank account refers to a special arrangement with your bank to deposit and use money. You can create a bank account online and at physical branches. Banks are essential mediums of making payments to various platforms and sending money to others. You can pay bills for your electricity, internet, water with your bank account. But how do I stop automatic payments from my bank account?
When using a bank to make payments, you can set up an automatic payment of your bills every month so that you do not have to carry out all the processes at the end of the month. The bank sorts out all bills on your behalf. If you initiate the process manually, you may forget to settle your bills and pay fines that you could have avoided by setting up an automatic bill payment.
Sometimes you may decide to stop automatic payments by your bank for various reasons. Maybe you have decided to stop using the services of a particular company to use another company, or maybe you no longer need a particular service anymore. In such a scenario, you need to stop auto-payments so that you do not lose money. That is why I want to show you how to do it so that you can find things easy if you plan to do it.
Requirements To Open A Bank Account
You can open an account only if you have all the requirements. They include the following:
- Social Security Number
- Identification documents such as passport, driver’s license, or passport.
- Email address
- US phone number
- Active email address
- Physical address
Apart from the above, the concerned bank may require additional information from you. You should comply accordingly to succeed in the process. Although it is not a requirement, you may need a passport size photo. Some banks also run your details in the ChexSystems to see whether you have good banking records or not.
Things You Can Do With A Bank Account
There are various things you can do with your account. They include the following:
i) Send money
A bank allows you to transfer money to others. When transferring money from your account to another within your bank, you only require the recipient’s account number. However, when moving money from your bank to another bank, you have to transfer money using the routing number and account number.
Transferring money within the same financial company is usually free. However, transfering money to other banks can attract transaction fees.
ii) Pay bills
You can use your account to pay bills to service providers for water and electricity. You can even put up automatic payments so that you do not have to remember when the payment time comes.
iii) Write checks
If you hold a checking account, you can write checks to other people, of which they will get funds from your account. Once they deposit the checks, your balance declines accordingly. Even though checks are outdated payment mediums, some people still embrace them so much that they do not value digital transfers.
iv) Save money
You can save money in your savings account and earn interest. Banks usually have different interest rates on various amounts you deposit. Some checking accounts allow you to save funds and earn interest when maintaining a particular balance.
v) Withdraw money
You can withdraw money from your bank over the counter when you present your identification document, fill in a deposit slip, and sign. You may pay a particular amount of money to carry out the process. You can also withdraw money from a checking account using a debit card at an ATM point.
The debit card also allows you to pay for goods and services online and in physical stores. Also, you can transfer money from your debit card to your bank account.
vi) Receive money
A bank account allows you to receive money from others. You only need to provide your details to the sender, and they then transfer funds to you. You can also receive money from your employer or government agencies when you fill in direct deposit forms. Banks can receive large amounts of money, unlike financial platforms like Venmo, Cash App, etc.
Process To Set Up Automatic Payments With Your Bank Account
Setting up an automatic payment using your account is an easy process that requires you to log into your online account, move to the payment section, and then make payments. You will spot an option to set up a recurring transfer, and all you need to do is authorize accordingly.
Some banks allow you to call and enable automated payments to certain service providers. Usually, the call is automated so that you follow the voice prompts to set up the process. You may also chat online and have the customer representative help you in the process.
Stop Automatic Payments From Your Bank Account – The Ways
If you decide to stop automatic payments, you can do so without worry. Most banks and service providers will not charge you if you decide to quit their services. However, ensure that you don’t have any contract with a service provider before terminating the services. The following are ways to stop automatic payments.
1) Stop online
You can log into your account online and deactivate any automatic payment in your profile. Remember that you can activate automatic payments online using a banking app or web-based banking. You locate them using your bank’s most appropriate procedure and then cancel.
You may have to submit reasons for canceling the services to your service provider. You may opt to pay for the services using ways other than using your bank. If you have a debit card, you may decide to use it and enjoy some rewards such as cashback and miles.
Remember that you do not have to use a debit card at a physical location only. You can send money online using a debit card to your service provider’s account and other people’s bank accounts.
2) Call your bank customer care representative
You can stop an automatic bill payment by utilizing customer care services. You only need to call and provide them with your details, and you are good to go. It is the easiest way you can use to request the services of your bank. They can then carry out the process of canceling your automatic payments within a short time.
3) Visit your bank’s branch
When you visit your bank’s branch, you can request the services of a teller to help you in the process of closing any automated payment. There, you have to provide your identification documents. After that, your autopay to the service provider will be deactivated.
4) Chat online
Banks have various online platforms such as social media and within the online banking app where you can chat with a representative to help you cancel your automatic payment. Usually, when you use your banking app, things move fast since you are already logged in.
You can also use the email service and explain your issue in detail for help. By the way, there are various things you can get online. Even when you want to transfer money from one card to another and are stuck, it is easy to get help within your banking app.
Wrap Up
Banks are financial companies that allow you to open accounts to deposit and use money. You can open an account online or at a branch. The online process is easy as you require a phone. You can have a checking or a savings account and do various things with it, such as sending money, withdrawing funds, bill payments, and receiving money. You can deactivate an autopay service in your bank account at will.
