Which of the following statements are true about authorized direct payments: (select all that apply)

a. It can be easy to forget what gets paid each month and when and make sure you have enough money in your checking account to cover automatic payments

b. Banks make many mistakes while processing these types of withdrawals

c. It is convenient

d. Automatic payment plans can be set up in a matter of minutes. But stopping them can be much more difficult. Sometimes you have to notify your bank and your merchant, and you may even need to do it in writing.

e. It is very expensive to enroll into automatic bill payment.

f. Once you enroll into automatic bill payment, you have to authorize direct deposits to your account on regular basis.

Answer:

a. It can be easy to forget what gets paid each month and when and make sure you have enough money in your checking account to cover automatic payments

c. It is convenient

d. Automatic payment plans can be set up in a matter of minutes. But stopping them can be much more difficult. Sometimes you have to notify your bank and your merchant, and you may even need to do it in writing.

Explanation:

Authorized Direct Payments give permission to an entity to withdraw a certain amount from your bank account to pay bills or other expenses. It is typically collected at a regular interval which is usually in months.

When using this it can be easy to forget that you have given permission for your money to be withdrawn from every period because you are not dealing with it directly. This means that you might even forget to adequately fund your account to enable the payment.

This type of payment is however very convenient as it means that you do not have to sign orders or checks every period because the payment just goes through automatically without bothering you.

As part of their convenience, these types of payments can be set up relatively fast.  Stopping them on the other hand is a bit more difficult because it requires following up on multiple parties including the merchant and your bank. You would have to tell the merchant to stop collecting the payments sometimes by letter. Then you would have to issue a stop order to your bank to make sure they stop the payments. Then you have to ask for an update after some days from all parties to ensure that indeed your request has been carried out.

Statements that are right about authorized direct payments are;

A authorized direct payments is a kind of payment that occur when one authorize a company to electronically collect a pre-authorized amount from your checking in order to  a bill.

It is an automatic payment plans can be set up in a matter of minutes and it's time saving.

Learn more about authorized direct payments at:

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