Consumers unknowingly stung by recurring charges

Bee

A recent report has shown how many consumers in the United States are being stung by charges that are being taken from their accounts or cards in the form of recurring charges. Many people do not even realize that the money is being taken out of their account and are then ending up over their limits and are hit by further charges by banks and credit card issuers.

This problem is made worse by the fact that many of those who are having money taken from their account in this way do not keep a close eye on their statements, which means that it a lot of time may pass before they realize that the money is being taken from their account.

Many people have money taken from their accounts and cards in the form of recurring charges due to things such as subscriptions, memberships, and even when they sign up for free trials where they give their financial details when signing up for the trial.

Once the free trial period is over the companies start charging the standard fee for the goods or services and many customers don’t even know that money is being taken until it is too late. Even though most of these companies state that you can cancel within the trial period or at any time, a lot of people tend to forget to do this and therefore end up being charged.

Check statements and subscriptions

Officials are now urging consumers to check their credit card and bank statements carefully each month to see whether any recurring charges are being taken, as they can then tackle the issue before it spirals out of control and before more money is taken.

In addition, consumers should go through and cancel all subscriptions that they no longer need or use, as even though they may not be using them the charges may still be going through because they have not cancelled them.

A survey that was carried out earlier this year showed that these charges were a major cause of concern for many consumers, with 40 percent of those polled stating that they found them to be a big problem. Many even found that there were charges being taken for subscriptions and memberships that they had actually cancelled, was then leaving them seriously out of pocket through no fault of their own.?

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