For instance, some companies allow you to cancel electronically.Īlso, note how much advance notice you have to give the company and any required methods of contacting them. You’ll also want to look at the steps you’re required to take to cancel the contract, says Zhang. When you signed up, did you obligate yourself for a certain period of time - a year or two years? If so, you might be able to cancel automatic payments, but you’ll probably still have to fulfill the contract. If you’re canceling your contract, it pays to know the terms. Read your contractĪre you stopping automatic payments or ending the service entirely? “It’s very important to be aware” of the difference, says Wei Zhang, section chief for the Consumer Financial Protection Bureau (CFPB). The Federal Trade Commission (FTC) announced in 2021 that companies “will face legal action if their sign-up process fails to provide clear, up-front information, obtain consumers’ informed consent and make cancellation easy.” 2. It’s a handy way to demonstrate the date and time you discontinued either the service or autopay, she says.Īs for any subscription deals you’re struggling to end, that may get easier. If you call, follow up with an email and keep it, along with any response, for your records. Many spell out the terms for ending automatic payments - and you can call or email. “First and foremost, deal with the company.” Whether it’s your monthly streaming service, your power bill or a pesky subscription, contact the company’s billing department first, says Ruth Susswein, deputy director of national priorities for Consumer Action. It all adds up to the same thing: You had previously set automatic payments in motion and now want them to stop. Or maybe you decide to keep a closer eye on your money by paying bills manually.
Your first-year subscription deal ends and you want to cancel before the price quadruples. Maybe you got a better deal on streaming services and want to switch, or you moved and no longer use the same utility company. Sooner or later, all good things must come to an end - and that includes those automatic, recurring payments you set up.
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