You have the right to stop a company from taking automatic payments from your bank account, even if you previously allowed the payments. For example, you may decide to cancel your membership or service with the company, or you might decide to pay a different way.
If your phone or ATM card is stolen, or you suspect that fraudsters might be tampering with your account, you can block your bank account from debit transaction with a mobile phone. This is done simply by dialing the bank code on your phone. Instantly, you will be required to type in your account number and name.
To block your First Bank USSD code:
Simply dial *894*911# from any line, then proceed to enter the phone number (linked with your bank account) you want to deactivate, and that settles it.
To withdraw consent, simply tell whoever issued your card (the bank, building society or credit card company) that you don't want the payment to be made. You can tell the card issuer by phone, email or letter. Your card issuer has no right to insist that you ask the company taking the payment first.
Unauthorized Debits
When a business takes money from your account without verbal or written consent -- be it a credit card or bank account -- it's called an "unauthorized debit." While fraud may be the first thing that comes to mind, don't panic. Unauthorized debits can happen for benign reasons.
You can usually initiate a stop payment order by calling your bank, but some institutions may require you to follow up a verbal request with written confirmation or an application form. You'll also be expected to provide specific details to your bank or financial institution.
To cancel a money order, contact the issuer, provide details, attach a copy of the receipt, submit the cancellation form and pay a fee.
Unfortunately, it's not very easy to do—your card issuer has no ability to cancel or otherwise alter the transaction until it's been finalized. If you want to eliminate the transaction before then, contact the merchant who placed the charge. Ask them to contact your card issuer and reverse the transaction.
When an unauthorized person debits your bank account, you generally must report the fraud within two days of the offense. You could be held liable for up to $50 in charges. After those two days, the amount of liability increases to as much as $500.
Federal regulations allow banks to put a hold on deposited funds for a set period of time, meaning you can't tap into that money until after the hold is lifted. The silver lining is that the bank can't keep your money on hold indefinitely.
Stopping the Payments
You can try to cancel a pre-scheduled payment request on your end before the transaction date. ... Request a “stop payment” through your bank's online account tools or local brick-and-mortar branch before the transaction is processed by the bank.
Customers can cancel a Direct Debit at any time. Your customer can cancel a Direct Debit mandate at any time either by informing you directly or through their bank. If a customer asks you to cancel a mandate make sure they also notify their bank. ... Make sure you regularly check for reports from the bank.
You can request a stop payment on a personal check via Online Banking or by calling customer service at 1.800. 432.1000 Monday through Friday from 7 a.m. to 10 p.m.; Saturday and Sunday from 8 a.m. to 5 p.m., local time or by calling the number on your statement.
Give your bank a "stop payment order"
Even if you have not revoked your authorization with the company, you can stop an automatic payment from being charged to your account by giving your bank a "stop payment order" . ... Click here for a sample "stop payment order."
An unauthorised transaction is when someone transfers money from your account without your permission. A mistaken transaction is when when you pay the wrong person or company by using the wrong bank details.
Money never disappears from an account. There has to be a transaction history. If money “disappears”, either someone has unauthorised accessed to your account, or someone has managed to authorise payments through fraudulent transactions. Both are forms of fraud.
A conviction for bank fraud under the federal statute can lead to up to 30 years in prison, and a fine of up to $1 million, or both.
On a day-to-day basis, the only people who typically have access to your different types of bank accounts are you and the bank. In some cases, bank employees can't even access all of your information.
If asking the merchant for a refund didn't work, request a chargeback with your credit card issuer. Many card issuers let you dispute transactions by phone, mail or online. You may also be able to submit a dispute directly through your card issuer's mobile app.
How Do You Stop an ACH Payment? If you've authorized ACH payments that you want to stop, you have a legal right to revoke your authorization. To do so, call or write the biller to request that they stop taking automatic payments. Let your bank or credit union know, too, by writing a letter.
An overdraft occurs when you don't have enough money in your account to cover a transaction, and the bank or credit union pays for it anyway. Transactions include ATM withdrawals and debit card purchases as well as checks and ACH payments (such as online bill payments).