Say you authorized a company to take payment out of the bank?

Question

Automatic deduction, a life insurance company. I found a better company and the price was the same but twice the coverage and not this laundry list of exceptions.

So I wrote them letter telling them to cancel the policy and quit with the automatic deductions. But they have ignored my requests. I have learned my lesson never sign for automatic deductions, it is almost impossible to get it stopped.

But how can I get them to stop taking money out of my account without closing the account.

Answer 1

you just write to your bank to stop the Automatic deduction,Bank will stop to debit you account

Answer 2

You have to continue to stay on top of them as your bank won't necessarily stop all future deductions.  You'll have to check with the bank.  I know that's the case for a credit card as you have to dispute EVERY charge.

The best way is to call the insurance company and tell them that you've changed banks and already closed that account.  Tell them to switch you to a quarterly payment immediately (or some other payment that will generate a physical bill) as you don't want to 'closed' bank account to charge you a fee.  Then just don't pay the bill and it'll cancel itself.  This will work 99.9% of the time.  I know of one company that requires 'notice of cancellation' or they actually come after you for the money.  Most other companies will just cancel the policy for non-payment.  

Good luck, and if you want to make sure your second choice is the 'best' choice take a look at the tool on my site as most people don't look at as many companies as is included in this quote engine.  It free to use and free of personal information (other than a date of birth)

http://insurancepickle.com/life-insuranc...

Answer 3

Your current Life Insurance Company has a form that you sign. The form will authorize them to contact your prior life insurance company and cancell the policy. Surprised they did not offer to do it for you?

On the bank part?--Go to the bank and fill out a form stating why you want the payments to be stopped. Take communication if you have any with you. I think it cost like 16.00 but they enter it into the computer and it is done.

I have very few things automatically come out of mine for that same reason.

Answer 4

~~Call your bank and explain your situation. They can put a hold similar to a stop payment to assist you.~~