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Legal or not, I caved

February 13th, 2008 at 06:11 pm

I talked directly to the insurance company today, and they explained that they do not allow monthly payments without auto debit because it is too easy for the coverage to lapse. I do understand that logic, but still think it would have been fine for me personally. I decided to pay quarterly so that I will not have to sign the auto-withdrawal form. It is more than I had budgeted this month, but I should be able to make it up in March's budget. Thanks to YNAB I know where all my money is all of the time. Smile

4 Responses to “Legal or not, I caved”

  1. mulyanto Says:

    Why don't you like auto payment / withdrawal? Auto payment is one of the best things in my opinion. I'm using it for everything (insurance, mortgage, taxes, cable, phone, water, gas, electricity, credit cards, etc.) and I'm never paying late fees again! I couldn't imagine having to remember to pay 10 bills a month all with separate due dates.

  2. JanH Says:

    Seems to me they would give people a choice in the matter. To only have one option is a little strange. Even if they think they are helping people. Not everyone is comfortable with that arrangement. But, I see now that it only applies to monthly payments.

  3. MariRDH Says:

    mulyanto,

    Having worked in banking I have learned that once you sign access to your bank account over to strangers they have carte blanche to take as much as they want whenever they want. Is it legal? No, probably not, but if you run into a company with shady practices and they want the money they can take it because you gave them your account number and routing number . Once it is started it is EXTREMELY difficult to get it stopped on your end. I have seen the nightmares and never want it to happen to me. For instance, a lady who allowed a company she saw on an infomercial to debit her checking account, and they took triple what she thought the price was supposed to be, and then kept charging her every month! Ugly situation.

    I DO, however, use auto bill pay through my bank where I tell the bank to send out payments every week/month/etc to different places. This is completely in my control and if I choose not to send payment then it does not go out because I have not given out my account number and routing number and told them to take the money for themselves. That is the HUGE difference between the two.

  4. Amber Says:

    I would not do the autopayment as well. I know it is great and bills are paid on time, but I simply like the idea that I am writing the check (electronically) Anyhow twice I signed up with autopay (health insurance) and it was a pain in the you know what to cancel. Even after I wrote, called, faxed, you name it they were still debiting my account and then it was a pain to get my money back

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