![]() ![]() You'll have more success if you're a longtime customer with a good track record of paying bills on time.Įven if you only get your cable company and cell phone provider to drop your bill by 20%, you're still saving $40 a month off the average cost of these bills.Avoid asking yes or no questions because you're more likely to get a "no" answer.You'll have more leverage if you're actually willing to walk away.Here are some other helpful tips can help make your negotiation go as smoothly as possible, from Sethi: Both of those points should help steer the conversation in your favor. Mention that you've found a better price with a competitor and bring up that you know it's cheaper for the company to keep you as a customer. Once you're on the phone with someone from the customer retention department, Sethi says it's time to share your research. You can either ask to be transferred directly or talk through your request with the customer service rep and hope they transfer you when you bring up cancelling your service or moving to another provider, Sethi says. This is the unit that "has the ability to retain you by giving you a bunch of free deals," he says. If they don't volunteer any, you can then say you're thinking of switching to a different provider because your current bill is too high.Īt this point, Sethi says your goal is to be transferred to the "customer retention" department. When you call your provider, you'll want to start by asking the customer service representative if they have any better plans or pricing they can offer you. If you find a cheaper rate, then it's time to jump on the phone. Before calling up your internet or cable provider and demanding that they lower your bill, research the going rate for those services in your area so you have some leverage. You also have the right to stop automatic payments.First, do your homework, Sethi says. Monitor your account to make sure the amount and timing of the transfers are what you agreed to. Make sure you understand how much and how often money will be taken out of your account. It’s important to review the copy of your authorization and keep a copy for your records. The terms of your authorization must be laid out in a clear and understandable way. The payment authorization is your agreement to allow the company to debit your bank account for payment. The company must give you a copy of the terms of your payment authorization. Pay close attention to your bank account balance and upcoming automatic payments to make sure there will be enough money in your account when the payment is scheduled. Both the bank and the company might charge you a fee if there is not enough in your account. But if you forget to track your account balance and it’s too low when an automatic (or other) payment is due, you might have to pay overdraft or NSF fees. Be careful about overdraft and insufficient funds (NSF) feesĪutomatic payments can help you avoid late fees on your bills. Be wary of a company that pressures you to repay by automatic debit. Know your rightsĪ company cannot require you to repay a loan by automatic debit from your checking account as a condition for giving you a loan (unless the loan is an overdraft line of credit). Never give your bank account or debit card information to a company that you’re at all unsure about. Consider using a different payment method until you’re sure you’re happy with the company or service. However, be careful about giving a company permission to take payments directly from your account.īefore you give a company permission to make automatic withdrawals: Verify the companyīefore agreeing to let a company automatically take money out of your bank account, make sure the company is legitimate and credible. ![]() Automatic payments can help you stay on track with bills and other regular payments.
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