I have a company that automatically withdraws money out of my checking account, leaving it dry as a bone, and now I will be faced with an overdraftfee! Is there a Federal Law that prohibits companies from automatically taking money out of someone's checking account whether the owner of the account knows it or not? Please respond as soon as you can. I am in dire need to know this, because I am very upset with a company with whom I am dealing.
In order for a company to take funds from a consumer's account in the U.S., the consumer would have to provide the company the bank routing and account number information (or a debit card number) and an authorization to make the transfers. If you gave the company a go-ahead at one time to charge your account, you have the right to tell them to stop. Do it in writing and keep two copies of your correspondence. Then go to your bank and ask them to stop payment on all future charges to your account from that company, and give the bank a copy of your letter revoking the authorization. If you signed a contract with the company in which you are obligated to make payments, canceling the right to access your account electronically doesn't change your contract obligation; it only denies the company the right to tap your account directly.
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In order for a company to take funds from a consumer's account in the U.S., the consumer would have to provide the company the bank routing and account number information (or a debit card number) and an authorization to make the 