A direct debit is an agreement that the recipient can take money out of your account to pay your bill. You might use a direct debit for regular payments as well as bills where the amount changes from month to month, like your electricity, phone, or credit card bill. Direct debit, also known as direct payment, provides the following benefits:
- Easy to set up and use
- Puts you in control
- Helps you avoid late or missed payments
- Works even if you’re away from home
- Eliminates the risk of lost or stolen checks
- Transfers funds safely, securely and directly from your accounts
- Helps protect the environment
How do I cancel a direct debit?
When you authorized the company you pay to withdraw funds from your account on a recurring basis, the authorization form should have provided information on how to revoke authorization and discontinue the automatic withdrawals. You can also contact the billing company or check its website for instructions or a new form.
What if my payment date falls on a holiday or weekend?
The funds are typically withdrawn the first business day following the holiday or weekend.
What should I do if I think an unauthorized debit has occurred on my account?
Contact the company that was paid. Federal consumer protection regulation and banking rules protect you from unauthorized debits from your checking or savings account and provide recourse. If the company refuses to address the issue, contact one of our customer service representatives and we will assist in resolving the problem. In most cases, any error can be resolved quickly