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Debit card payment practice dilemma

Dr. Phillip Wright, Sr.

Dr. Phillip Wright, Sr.

Debit card payment practice dilemma

By P. L. Wright Ph.D.

      There are some companies that advertise on television or by computers to sell to the general public that have a pre-programmed electronic accounting system to facilitate your monthly transactions with them, and when you discover that two payments are being electronically deducted when only one is scheduled, they tell you their system controls that and there is nothing they can do about it. This practice occurs when you purchase anything by telephone with a Debit Card as a payment plan. The item purchased will be automatically deducted electronically from your bank account monthly. You would have had to give your verbal authorization to the representative of the company with your debit card number by a recorded conversation when the item is ordered by phone.

The company will electronically transact a deduction of two payments when only one is actually scheduled by your authorization, but the company will hold one for at least four to five days before releasing it. However, if this practice is facilitated with a few million customers, it could generate quite a bit of revenue for the company holding your money for those four to five days each month.

This type of practice, when you use your debit card to pay monthly payments on an item purchased, should be investigated to stop the illegal transactions that are not scheduled to be deducted from your bank account each month. My belief is this practice should be deemed illegal and monitored by the Federal Trade Commission for fair trading practices to the general public. Unfortunately your bank must respectively honor the company that has your card number by you authorizing them to do so. Your electronic authorization with that company by using your debit card gives them the right to make monthly deductions from your bank account, but not more than your scheduled payment each month. Make sure you watch out and question this type of unfair practice with your money.



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    Carma Lynn Henry Westside Gazette Newspaper 545 N.W. 7th Terrace, Fort Lauderdale, Florida 33311 Office: (954) 525-1489 Fax: (954) 525-1861

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