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When you stop an automatic bank payment, apply changes a few days before your bill’s due date to avoid issues.
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An automatic payment at a bank withdraws money from your account to pay for routine bills.
Most banks will let you cancel a payment online, but you may also contact your bank for assistance.
To manage automatic payments, set up alerts to notify you when changes occur in your account.
Scheduling automatic payments through your bank account may be a helpful tool for regular bills or routine transfers. However, not everything is consistent in life. Perhaps you’ve recently changed your internet service provider or want to cut back on some of your monthly expenses.
If you need to cancel an automatic payment, we’ll guide you through some of the actions you can take so you can stay on top of changes.
What is an automatic payment?
An automatic payment is a type of online payment where you give an institution permission to automatically disburse money to pay for monthly bills.
The best banks will allow you to schedule automatic payments through your checking account to pay for rent, utilities, car payments, or other consistent expenses.
If you sign up for online bill pay at a bank, the process isn’t necessarily the same as paying your biller online. For one, you’ll have the ability to schedule and conduct payments all in one place. You also won’t need to worry about how mail delivery might affect how you receive or deliver payments.
Some brick-and-mortar banks, like Bank of America and Regions Bank, will send online paper bills called eBills. You’ll be able to receive a statement from your biller — the only difference is that you’ll check your email instead of your mailbox.
If you have a savings account, you usually can’t schedule automatic payments. Savings accounts also have transaction limits or excess withdrawal fees, which doesn’t make them ideal for spending.
How to stop automatic payments
The process for canceling an automatic bill payment at most financial institutions is fairly simple. Canceling an automatic bill payment can be done online in most cases. Online banking should be the first place to look for updating online payments after you’ve spoken to your biller.
How to cancel online
Sign in to your account online or through your bank’s mobile app. Find a tab that may say “Bill Pay” or “Pay My Bills.” Here you’ll be able to edit or cancel any scheduled payments you have. Select the payment you want to modify and apply the changes. Once you cancel a payment, your bank account will update immediately.
If you are replacing your service or subscription, you may now set up a new payment. If you’re canceling your bill, you may reach out to the biller or double-check your bank account on your bill’s due date to ensure your cancellation is complete.
Quick tip: Make sure to cancel any payments a couple of days before the due date of your payment. If you wait until the due date of your bill, your payment may already be processed and you won’t be able to cancel your payment for that month.
How to cancel through customer service
If you require some extra assistance to cancel your automatic payments, reach out to customer support or check the bank’s FAQ section. These resources will help you navigate through online banking and answer any questions you might have.
Tips on managing automatic bill payments
Jerel Butler, CFP® professional and founder of Millennial Financial Solutions, recommends setting up a system that works with your expenses to help manage automatic bill payments.
For instance, Butler says you could set up one checking account for payment purposes and another specifically for discretionary expenses. Once you’ve created a system that works, Butler recommends setting up alerts to keep track of payments.
“Turn on notifications on both the bill payee side as well as your banking side. You can get automatic notifications sent to your mobile device or to your email that lets you know if a bill is coming up in three days or if a bill has just been paid. Utilizing those notification tools within the banking apps tends to be very helpful,” says Butler.
Lastly, Butler says if you’re new to online banking or need extra guidance, online budgeting tools might also help you keep track of your banking activity.
Many financial institutions offer features to help you avoid a negative account balance. For example, PNC Bank has alerts that let you know if you may be at risk of overdrawing from your bank account.
Another option is to use budgeting apps. The best budgeting apps may connect to your bank account and break down your spending if your bank doesn’t have a lot of budgeting features.
Automatic bill payment FAQs
How do I turn off automatic recurring bank payments?
Most banks allow you to turn off automatic bank payments through online banking. You may also contact your bank’s customer service to cancel a recurring bank payment.
Can I call my bank to stop automatic payment?
Yes, you can call your bank’s customer service to stop an automatic bill payment. It’s probably best to contact your biller directly first, though, to make sure you don’t get charged anymore.
Will locking my debit card stop automatic payments?
No, locking your debit card will usually only stop any new charges. For example, if you lose your debit card, a debit card lock will prevent anyone from buying things with your debit card. To stop an automatic payment, you must contact your financial institution or make changes through online banking.
Will getting a new debit card stop recurring payments?
Getting a new debit card will not affect your recurring payments if you’re using your bank’s online bill pay. If you’re using the biller’s online payment system, however, it will affect your recurring payments. You’ll have to update your debit card information so that the transaction can be processed.