Tips on canceling automatic withdrawals with a closed business

What happens if you had a membership or subscription at a business that closed during the pandemic and money is still being taken out of your account?

Posted: Jun 18, 2020 8:32 PM

ROCHESTER, Minn. - COVID-19 has been the cause of death for many businesses. As of last month, more than 100,000 American small businesses permanently closed, according to The Washington Post.

Kathleen Harrington with the Rochester Area Chamber of Commerce said if you have automatic withdrawls coming out of your account with a business, it's best to make sure those businesses have started operating again. Then go back and see if you've been charged during the months that business was closed. She explained knowing who you're giving your money to is in the best interest of you as a consumer and the business. "Attention, intentionality, connection to your money, to your businesses and the more local, the better," Harrington said.

The next step to keep money from coming out of your account and going to the closed business is to cancel that credit card. If you don't want to go to that step just yet though because we all know how troubling that can be, Harrington said you need to stay on top of the situation and don't forget about it because it could lead to some financial trouble with the business down the road.

Harrington explained communication is key. Make sure you know the people you're doing business with. She said that's one of the advantages to shopping local. "I'm hoping that in the coming months, everyone realizes that and shops local, does business locally because we're gonna lift each other up," said Harrington. "We're gonna strengthen our economy and we're probably gonna have even more aware consumers in the process." 

Bottomline, always pay attention to what's being taken out of your account, which sounds like common sense, but don't forget about those monthly subscriptions you have. As for the money that you've already lost, Harrington said it'll be challenging trying to get it back. The best thing you can do is reach out to your bank and continue staying in contact with the business if possible.

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