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Cancellation of PreAuthorized Payments I (we) hereby authorize Members Exchange Credit Union to cancel the preauthorized payment (debit) on the: 1st 5th 10th 15th 20th 25th of each month from my (our)

How to fill out cancellation of pre-authorized payments

How to fill out cancellation of pre-authorized payments:

1. Contact your bank or financial institution. Reach out to the customer service department of your bank or financial institution to inform them of your intention to cancel pre-authorized payments. They may have specific forms or procedures to follow, so it is best to inquire about their cancellation process.
2. Gather necessary information. Before contacting your bank, make sure you have all the relevant details handy. This may include your account number, the name of the payee or business receiving the pre-authorized payments, the amount and frequency of the payments, and any other relevant information that can help identify the payments you want to cancel.
3. Fill out the cancellation form. If your bank provides a cancellation form, carefully fill it out with accurate and complete information. Pay attention to any instructions or fields that need to be filled in. Double-check all the details before submitting the form to ensure accuracy.
4. Provide supporting documents if necessary. In some cases, your bank may require additional documentation to process the cancellation of pre-authorized payments. This could include copies of previous payment agreements, proof of attempted cancellation, or any other relevant information that supports your request to cancel the payments.
5. Submit the cancellation request. Once you have filled out the cancellation form and gathered any supporting documents, submit the request to your bank or financial institution. Follow their guidelines on how to submit the form, whether it be in person, by mail, or through an online portal. Ensure you keep copies of all documents and records for your own reference.

Who needs cancellation of pre-authorized payments:

1. Individuals who no longer require the products or services associated with the pre-authorized payments. If you have ended a subscription or membership, closed an account, or decided to discontinue a service, you may need to cancel the pre-authorized payments associated with it.
2. People experiencing financial difficulties. If you are facing financial challenges and need to prioritize your expenses, canceling pre-authorized payments can help you allocate your funds more effectively.
3. Consumers who have encountered unauthorized or fraudulent transactions. If you notice any suspicious or unauthorized pre-authorized payments on your account, it is important to cancel them immediately to prevent further financial harm and protect your personal information.
4. Individuals switching banks or changing payment methods. When switching banks or opting for a different payment method, such as using a different credit card or online payment platform, canceling pre-authorized payments from the previous account is necessary to avoid any ongoing charges or payment errors.

Remember, each bank or financial institution may have specific processes and requirements for canceling pre-authorized payments, so it is important to consult with them directly to ensure a smooth cancellation process.

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What is cancellation of pre-authorized payments?

Cancellation of pre-authorized payments is the act of stopping automatic withdrawals from your bank account by notifying the company or financial institution.

Who is required to file cancellation of pre-authorized payments?

Anyone who has set up pre-authorized payments and wants to stop them is required to file a cancellation.

How to fill out cancellation of pre-authorized payments?

To fill out a cancellation of pre-authorized payments, you typically need to contact the company or financial institution in writing or electronically and provide your account information.

What is the purpose of cancellation of pre-authorized payments?

The purpose of cancellation of pre-authorized payments is to stop unwanted or unauthorized withdrawals from your bank account.

What information must be reported on cancellation of pre-authorized payments?

The cancellation request usually requires information such as your name, account number, the company name, and the reason for cancellation.