Easy guide to cancelling an online wire transfer

One of the most common concerns of those make online wire transfers is that they have a subscription contract. When a person signs up to automatic deductions for payment of a subscription like that for cable, many don’t read the fine print. When the person decides that they no longer want to continue the subscription, they might get shocked when they discover that their payment can’t be stopped.

coins

The fine print

Many companies create the terms and conditions of a subscription contract to ensure that they get paid for a year or two. When a person sees the subscription plan, it entices them because of the low monthly payments. The trouble is, there seems to be no way out of the contract and their online payment can’t be cancelled.

Let the buyer beware

There is a saying that the buyer should beware. You shouldn’t sign any contract without reading the fine print. Even if the company provides you with bad service, it isn’t easy to stop making payments based on the contract. You can request for a refund and complain to the correct government agency.

Electronic Fund Transfer Act

You are protected by the Electronic Fund Transfer Act which governs matters such as recurring payments. There are limits to your liability when and if you do decide to no longer authorize a payment. This act has several provisions to include that of unauthorized fund transfers.

Stop making payments

When you no longer wish to continue your subscription, this is the act that’ll help you stop making payments. Note that it is never easy to cut a contract but you can with the help of this act. You can also get a refund for any unauthorized payments.

Cancellation procedure

If you wish to cancel an online wire transfer, you need to first know the company’s cancellation procedure. This will vary per company so it’s a good idea to call up the customer service or send an email. When you know how to cancel it, then follow the steps. It might not be easy to cancel a wire transfer if it is currently in progress, however, you can request for a refund.

When in progress

When you send an online wire transfer through financial institutions such as banks, you need to cancel it before a certain period of time has elapsed. If the funds are in the transfer process, these may have to reach the destination before the return can be made. Returns are just like cancellations, as of course, your money should be credited back into your accounts.

Keep a record of your transaction

When you send an online wire transfer, make sure you have a record of your transaction. The details of the payment transaction will have to be furnished if in case you want to make a cancellation. Many people try to cancel their payments and fail to do so because they lack information.

Request for a refund

When you make an online payment, once you click that checkout button, you might not be able to cancel the transaction. If you do get to cancel it, there might be a fee for doing so. You also have the option to request for a refund.