Debit card usage "OVERDRAFT PROTECTION" questions

[cathy63]

... Now that I was forced to give up my debit card info, I am wondering if it would continue to be considered to be recurring, even though I have cancelled the paper check mailing and will be paying by this debit card, instead?

Here is what Wells Fargo says:

What is a recurring payment?
A recurring payment occurs when you have made at least 3 payments to the same merchant or service provider in the past 12 months through Wells Fargo Online® Bill Pay or you have authorized a merchant or service provider to take payment from your checking account or debit, prepaid, or credit card on a regular basis. As an example, some gym memberships or monthly insurance billings may be set up as recurring payments.

How do I stop recurring payments to merchants or service providers with whom I no longer do business?
Please contact the merchant or service provider directly to request changes or cancellations to recurring payments.

Your rent payment that your landlord is taking from your Wells Fargo account via debit card is (or will be in 3 months) a "recurring payment" according to Wells Fargo's own definition, which is the only definition that matters here.

At some point, you said that you had setup an account at SoFi, but the money you had deposited was still on hold. I think that you should start using the account at SoFi once that money is available and pay your rent from there. You can just tell your landlord that you're changing payment methods and here's the new one. They may even have a page where you can go online and set it up yourself.

Since you have no other accounts at SoFi, you don't have to worry about the extremely remote possibility that someone will take extra money from another account. You will have to remember to make a deposit into that account every month, far enough in advance for the funds to clear before the rent is due, but it seems like that's the only way you'll get the peace of mind you're looking for.

 

[Safire]

Here is what Wells Fargo says:



Your rent payment that your landlord is taking from your Wells Fargo account via debit card is (or will be in 3 months) a "recurring payment" according to Wells Fargo's own definition, which is the only definition that matters here.

At some point, you said that you had setup an account at SoFi, but the money you had deposited was still on hold. I think that you should start using the account at SoFi once that money is available and pay your rent from there. You can just tell your landlord that you're changing payment methods and here's the new one. They may even have a page where you can go online and set it up yourself.

Since you have no other accounts at SoFi, you don't have to worry about the extremely remote possibility that someone will take extra money from another account. You will have to remember to make a deposit into that account every month, far enough in advance for the funds to clear before the rent is due, but it seems like that's the only way you'll get the peace of mind you're looking for.

Thank you. My a/c at SoFi is the only option I can think of, aside from a prepaid debit card.

Deal with SoFi is that have a 3 day holding period of funds transferred electronically into their a/cs so I have to transfer by the 27th and then pay on the 31st / 30th just in case there's more drama. But definitely no more debit transaction on that Wells Fargo a/c, esp if that's how they describe "recurring payments".