If you set up a recurring bill payment using your Citizens Bank account, you can stop the payment without penalty any time you want. The procedure is very simple. However, if you are canceling the payment because you are worried about overdrafts, overdraft protection might be a better solution for you.
If you set up a recurring payment from your Citizens Bank account, there may come a time when you need to cancel those payments, for one reason or another. Keep reading to learn how to do that.
Before canceling your recurring payments, think about whether or not you really need to do so. If you are having cash flow problems, you may be afraid that your checking account balance might sometimes be too low when your automatic payment comes due. Canceling the automatic payment might seem a better option than risking an overdraft fee.
However, canceling the automatic payment might also put you at risk for being late on that payment, or even forgetting to make it entirely. Instead, you should consider getting overdraft protection, which could allow you to continue to safely making automatic bill payments without worrying about overdrafts.
Citizens Bank offers two kinds of overdraft protection. One involves transferring money from your savings to your checking account when it is needed. The other pays for overdrafts with money advanced to you from a line of credit offered by the bank. Either type could be the solution you are looking for.
If you do want to cancel your recurring payment, all you need to do is sign into your Citizens Bank account and go to Online Banking. From there, go to Manage My Bills. Once there, you can easily cancel your payment. There is no charge for canceling the payment. However, you should cancel your payment 3 or more days before it is due to be made. Cutting it any closer could mean that the mechanics of the transfer have already started and it is too late to stop the next payment.
If you have questions about canceling a recurring bill payment, ask a Citizens Bank customer service agent. You can call one or talk to one on the help forum.
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