What if one or more of my creditors currently takes their payment out of my checking or savings account by automatic draft?
We suggest closing your current checking or savings account and opening a new one. The reason for this is if you put a stop payment on the draft, the creditor can run the draft for a different amount. For instance, if you have agreed to have $20.00 taken out of your account each month, and you put a stop payment on the $20 draft, your creditor may run the draft again for $19.99 or $21.00. It will then go through, since your stop payment was for $20.
Related Questions
- Can I have more than one checking or savings account associated with my tuition payment plans automatic electronic debit payments?
- What if one or more of my creditors currently takes their payment out of my checking or savings account by automatic draft?
- How can my client cancel their life policy that is currently on automatic bank draft?
