posted on July 5, 2001 02:29:41 PM new
i read on aw that seller can prevent buyer credit card issuer withdrawing fund from seller bank account by signing some paper with the bank.
when i call my bank,the folks have no idea what i am talking about.
please clarify,thanks
posted on July 5, 2001 03:07:31 PM new
The paper is to block electronic tranfers you oginally sign paper to acept from your checking account to a company.
like if you gave your check account number for AOL to take there monthly payment but after you cancel the account they continue takeing there monthly fee.
you can go down to the bank and have a block put on AOL from being able to eletronic tranfers any more funds from your account.
more or less recinding the right you oginally gave them.
posted on July 5, 2001 03:41:48 PM new
but unlike AOL,my credit card company deposits fund in my account ,can i block paypal,billpoint and paymentech from withdrawing fund but okay to deposit into my account??
posted on July 5, 2001 04:02:34 PM new
"when i call my bank,the folks have no idea what i am talking about."
Well I'm afraid that makes two of us, but I'll make an attempt...
If you never authorized anyone to withdraw funds from your bank account, then they can't do it. So you don't have to sign any paper to prevent them from doing it.
posted on July 5, 2001 04:11:49 PM new
that is about right atuo eletronic payments for services loans car payments and so on cant be made directly from your checking account with out writen signed permission signed buy you.
if you never signed a paper giveing permission to do this you cant sign a paper to stop it .
posted on July 5, 2001 05:06:00 PM new
okay,i am one of those people who do not read the fine prints,when we sign up for paypal,billpoint,one click and paymentech or any cc provider,is it in the termns of agreement,because the termsn are so wordy and long,i seldom read everything
