Sometimes, you need to stop autodrafts. That may be because a company is drafting your account without permission. Or maybe you are barely keeping afloat and need to cancel nonessential payments. Some companies are difficult to deal with. But you have a right to stop automatic debit payments under federal law.
Here are the steps:
- Call and write the company revoking permission.
- Call and write your bank telling them you have revoked permission.
- If you can’t reach the company, you can give your bank a “stop payment order.” There are time deadlines for stopping a payment, so do this as quickly as possible if you can’t reach the company. Be sure to attach a copy of your letter to the company revoking authorization. Most banks charge for a stop payment order.
- If you have any problems after doing this, file a complaint with the Consumer Financial Protection Bureau.