How to Stop Payment Charges
Banks and credit card companies have the right to charge fees. However, the charges need to be fair, and the consumer has the right to be informed of them. Consumers need to query any charges made to their account. Banks and credit card companies have an obligation to explain these charges and to reverse any that have been made in error. With careful accounting and money management, it is possible to stop payment charges on credit and bank accounts.
Other People Are Reading
Instructions
-
-
1
Manage your accounts wisely. Keep careful track of all money going in and out of your bank account. List all standing orders and the dates that they come out. Keep track of money coming in and make sure the account has adequate funds to cover bills. For credit cards, make all payments on time. If paying by check, send it at least seven days before the due date to allow for processing time.
-
2
Check your statements regularly. Review all bank and/or credit card statements regularly. Check for any charges that are listed. Take note of any charges, the dates and reasons listed for them.
-
-
3
Read the terms and conditions on your accounts. Financial institutions are required to provide their customers with their terms and conditions pertaining to charges. They should outline when charges can be made and the amounts.
-
4
Phone the financial institution for an explanation of any charges. It is legally obligated to explain any charges and to investigate if you think the charge was made in error. If there is an error on the part of the financial institution, then it is legally obligated to refund the charge.
-
1
Tips & Warnings
Always be polite to the person to whom you are speaking. Sometimes financial institutions will forgive charges even if the consumer is at fault.
Read through the credit card act of 2010. Credit card companies are now restricted in the number of late payment charges they can charge in one billing cycle.
References
- Photo Credit Jupiterimages/Photos.com/Getty Images
