First, know the law. There is what is known as the Electronic Fund Transfer Act. This act governs concerns such as recurring payments and limits your liability if and when you choose not to authorize an electronic funds transfer. There are several provisions in this act, to include that for unauthorized electronic funds transfers. For example, you have a subscription that you choose to no longer continue, but the funds are continuously debited from your linked account. This law protects you as the company has to return the money because it made an unauthorized transaction.
Know the requirements
Before making any online wire transfer, you need to know the payment services requirements for making a cancellation. It all depends on whatever agreement is there, so take the time to read the fine print. There might be a given time frame to allow cancellations. You might have to follow a set of procedures before being able to cancel. Do not make a money transfer until you know the company’s cancellation policy.
If there are no specified cancellation rules, contact them online to cancel. Many companies make it easy to cancel recurring payments, as all you need to do is login and choose the cancel option. If you cannot cancel online, call up the company to find out how to do so. You need to be aware that there might be cancellation charges for stopping the transaction. This fee has to be paid and might be deducted from the amount returned from the canceled money transfer.
Prevent cancellation problems
If you cancel a money transfer, keep in mind that you might have a contract. If you do have a contract, make sure to cancel that also. The best way to cancel a money transfer is to be in the know before making any payment transaction. If you are aware of the cancellation policy and the requirements, you can prevent getting a headache when you do decide to cancel.
We sometimes opt for recurring billing as this type of electronic payment system provides us with scheduling and convenience. But, there might be a point in time that we no longer want to make automatic payments. Before signing up for automatic payments, find out how to cancel it, what cancellation problems may occur, and the laws that can protect you in case you are not able to cancel.
There are companies that will automatically bill you even before the next shipment. This negative-option marketing will occur unless you decide to opt-out within a certain time period. Such companies must inform you of the terms and conditions applicable to the transaction before they are given your billing information. Your informed consent must be obtained before being charged. You must be provided with the methods on how to stop recurring charges. You are protected from such retailers by the Federal Trade Commission.
You are protected
You need to know how to cancel an online wire transfer such as that of recurring payments even before you sign up. It is easy to cancel automatic payments, but you might encounter a lot of problems if you are not aware of the correct steps. It might be a great relief to know that you are legally protected and can cancel online wire transfers. However, to prevent issues and failing to cancel, you must first be aware of the company’s cancellation requirement and policy.