this post was submitted on 15 Sep 2023
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I do not trust automatic payments. I stubbornly refuse to give a company my bank account info.
How far does that stubborness go? Like do you not write checks? Do you not use a credit/debit card? Cash only?
Fortunately, not that far. I’ll set up recurring payments through my bank website, where I’m the one in charge. I won’t give, say, the power company permission to make withdrawals from my account.
I still think about that person a few years ago that was charged millions of dollars in an "accounting error", and the electric utility initially tried to withdraw it from her account and then tried to convince her to pay it
For every newsworthy story like that, I bet there are a huge number of “mistakes” that are, coincidentally, always in the company’s favor. That, and the nightmare of getting it sorted out, are the two biggest reasons I won’t use automatic payments.
Not who you're replying to but l use a credit card for all automatic bill payments. If they don't accept credit cards or charge an outrageous fee I pay them through my online banking bill pay. Whether it gets to them via check or electronic funds transfer is their problem, not mine.
Building upon that... I use a virtual prepaid credit card. I know how much the bills should be, keep slightly more than that on the card, and I can block it with a single click from the bank's mobile app when I expect no bills.
There are a lot of discounts that require auto withdrawal. $5 per bill, per month adds up quickly.
The reason why I will do not do SEPA and instead give them my PayPal instead.
That way I get a full on notification in case someone withdraws anything from my account.
I hate PayPal. when my paycheck arrived late from company mishandling things, PayPal decides to throw a bunch of payment requests at my bank and cause 2 overdraft fees a day. I racked up $35 fees in 4 days, totaling 280 dollars. PayPal just told me that is how their system works and to ask my bank for them to forgive the fees. I was forgiven one fee. I hate banks and paypal.
I had that happen to me, $0.02 overdraft + $30 overdraft fee... like WTF. Since then I've found a bank where I can block the overdraft "feature", it's the only account I ever give for payments, and only if there is no alternative.
My problem is I removed overdraft protection, and this causes PayPal to literally panic and shoot my bank with multiple requests. I still get hit with the $35 overdraft fee, and PayPal gets rejected. I rejected the overdraft cash the bank can use to pay the overdraft charges and will still apply the dam fee. I hate banks so much.
SEPA is just a method, no one can just take money without permission. If anything, you gave PayPal permission so it can draw from your account, unless you transfer money to sit in your Paypal account.
Then I'll say it this way:
Paypal > Bank transfer via SEPA/flavor of the day for bank account transfer