Q: What to do when i revoke permission for automatic payments from a financial company, but they are still taking the money
I revoked automatic payments due to the funds not being there, and caked them to make a payment arrangement for the following pay day. After I made my payment manually, they still auto drafted the payment resulting in overdrafting my account plus an overdraft fee. This isn't the first time.
A: If you properly revoked permission with your bank for another company to automatically draft your account, you should notify your bank that it made a mistake in honoring the auto-draft request and ask it to reverse the auto-draft in accordance with your previous instructions to it.
A:
If a financial company continues to take automatic payments after you have revoked permission, you should first contact the company directly and formally. Provide them with evidence of your request to revoke permission, such as dates and details of the conversations or any written communication.
If the company does not resolve the issue, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) online or by phone. Additionally, you should contact your bank to inform them of the unauthorized transactions. Your bank may have policies in place to assist with disputes of this nature.
Document all your communications with the financial company and your bank. This documentation can be valuable in case you need to take further legal action.
In cases where there is repeated unauthorized withdrawal of funds, legal advice may be necessary. An attorney can help you understand your rights and options under state and federal laws, including the Electronic Fund Transfer Act, which provides certain protections for consumers.
Remember, acting promptly and keeping detailed records of all interactions are key steps in resolving issues with unauthorized payments.
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