From home loan EMI to electricity and water bills, insurance premium and subscription to OTT platforms, paying all these on time is no less than a big challenge. In such a situation, to avoid the hassle of late fees and bill deposit, a large number of people choose the option of Auto Pay or Standing Instruction. Through this facility, money is automatically deducted from your bank account on a fixed date and your bills are paid. This process may make your life easier, but if you do not take care of some basic things, then this facility can also cause financial loss for you.
Ignoring the rules can be costly
Whenever you set up standing instructions for a new bill or subscription, you often agree to the terms and conditions without reading them. This can prove to be a big negligence. Before automating any payment, ensure that how much amount you are allowing to be deducted and what will be its frequency. There is a need to be more cautious especially in the matter of electricity bill or credit card payment, because their amount keeps changing every month. In such a situation, it should be known how much amount is estimated to be deducted from the account. A few minutes of attention given in the beginning can save you from any major trouble in future.
Trust the official platform
In the name of convenience, there are many such apps and websites available on the internet today, which claim to pay your bills from one place. However, keeping in mind the security of your hard-earned money, you should always choose official and trustworthy mediums. To set up automatic payment, use only your bank’s official mobile application, net banking or the trusted website of the respective service provider. Sharing your bank account information on any unknown or unverified platform is an invitation to great risk.
The habit of ‘set it and forget it’ can prove costly
Auto-payment does not mean that you should stop monitoring your bank account. Sometimes wrong amount may be deducted due to technical glitch or any other reason. Therefore, it is very important that you keep checking your bank statements from time to time. Analyze all your transactions closely at least once a month. Often people who commit online fraud withdraw a very small amount from the account in the beginning, so that the consumer does not pay attention to it. Do not take any such small and unknown deduction lightly.
If you see suspicious transaction, take these steps without delay
Despite all the precautions, if you see any transaction in your bank statement which you have not done, then take immediate action without wasting any time. In such a situation, first of all contact the customer care of your bank and get that standing instruction cancelled. Even a slight delay in this matter can push you towards huge financial loss. Banks usually provide full help to customers in such situations, but their action will be effective only if you inform them in time. Vigilance is the most effective weapon to keep your capital safe in the era of digital banking.