Beware when giving credit card/debit card num to a company that bills you
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http://www.thestar.com/columnists/article/275381
Once you give a credit card or debit card number to a company that bills you on a regular basis, you have little bargaining power when you want to stop the payments.
From the link
Recurring payments: what to do?
First, ask your bank to reverse the payments and charge them back to the merchant. But the merchant has the right to resist, especially if you have a contract – say, for a year – and you're only a few months into it.
Have your paperwork in order if you want to get a charge-back, says Doug Melville, the OBSI's senior deputy ombudsman in charge of banking services, who went through a bad experience of his own with a gym.
Melville wants banks and credit card issuers to revise their statements, so they describe at length where each payment is going. Consumers are easily confused by acronyms and abbreviations.
If you fail to get a charge-back, you can close your existing bank account or replace your credit card. But you also must tell the financial institution not to transfer the disputed charges to your new bank account or credit card.
Also, tell the merchant what you're doing. If you keep quiet, the merchant has the right to take your account to collections, which could hurt your credit rating.
thanq for the useful info jayram.
Quote:
Originally posted by jayaram
http://www.thestar.com/columnists/article/275381
Once you give a credit card or debit card number to a company that bills you on a regular basis, you have little bargaining power when you want to stop the payments.
From the link
Recurring payments: what to do?
First, ask your bank to reverse the payments and charge them back to the merchant. But the merchant has the right to resist, especially if you have a contract – say, for a year – and you're only a few months into it.
Have your paperwork in order if you want to get a charge-back, says Doug Melville, the OBSI's senior deputy ombudsman in charge of banking services, who went through a bad experience of his own with a gym.
Melville wants banks and credit card issuers to revise their statements, so they describe at length where each payment is going. Consumers are easily confused by acronyms and abbreviations.
If you fail to get a charge-back, you can close your existing bank account or replace your credit card. But you also must tell the financial institution not to transfer the disputed charges to your new bank account or credit card.
Also, tell the merchant what you're doing. If you keep quiet, the merchant has the right to take your account to collections, which could hurt your credit rating.
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http://www.pictaram.com/user/pannapantry/3267403800
Location: Canada-Glorious and Free
Posted on: 13-11-07 10:53:07
Quote:
Originally posted by jayaram
Once you give a credit card or debit card number to a company that bills you on a regular basis, you have little bargaining power when you want to stop the payments.
From the link
Recurring payments: what to do?
First, ask your bank to reverse the payments and charge them back to the merchant. But the merchant has the right to resist, especially if you have a contract – say, for a year – and you're only a few months into it.
Have your paperwork in order if you want to get a charge-back, says Doug Melville, the OBSI's senior deputy ombudsman in charge of banking services, who went through a bad experience of his own with a gym.
Melville wants banks and credit card issuers to revise their statements, so they describe at length where each payment is going. Consumers are easily confused by acronyms and abbreviations.
If you fail to get a charge-back, you can close your existing bank account or replace your credit card. But you also must tell the financial institution not to transfer the disputed charges to your new bank account or credit card.
Also, tell the merchant what you're doing. If you keep quiet, the merchant has the right to take your account to collections, which could hurt your credit rating.
I sorta disagree with the article in the Star (what's new). The number one step should be to talk to the retailer. Having been in this position, I can assure you the retailers are more than fair. Of course, a lot of people add their own spin to the problem and try to get more than what's fair.
I think we have to remember that the retailer is billing you because you agreed to pay them for some service or goods that they supply. Usually there is an agreement regarding how to cancel the service or goods. If you follow the steps and abide by the rules that you AGREED to, there should be no problem. If you think the retailer should stop billing you when the thought enters your mind - I think not!
V
