Nowadays most people live on autopilot as far as goes financial live. Some of our costs are being deducted automatically from our account, but what if you canceled one of these costs and the biller won’t stop pulling money from your account? The answer to this question are the Fed rules: if your authorization to the company has expired, the bank must block the future payments and the bank can’t wait for the biller to stop the authorization. In other words, the bank has the right to block upcoming payments so that it isn’t possible for the biller to deduct money which is not his.
Evelyne Reynebeau
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