Auto Debit ban
While OTT subscriptions or utility bills can easily be paid for via alternatives, it could be more painful to miss an insurance payment which could lead to lapsed coverage. Automatic bill payments are an essential part of our financial lives because the payment systems handle the tracking and paying on our behalf. Without the standing instructions we create for these payments, it’d be hard for us to keep track of various due dates, and the result would be missed payments and penalties.
What was the logic behind demanding such a change and ban auto debit? more