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• Some big mistakes to make while setting up Auto Pay
• Unnecessary losses can be avoided
• Be careful and keep your money safe

Auto Pay Mistakes:These days most people use Auto Pay to pay everything from electricity bills to EMIs and subscriptions. Once you set up Auto Pay, money is automatically deducted each month. This facility saves time, but if you are not careful, money can be deducted from your bank account without your knowledge. Many people ignore this for months and even a small amount can cause huge losses. Making a few big mistakes when setting up Auto Pay can be costly.

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Unnecessary losses can be avoided

The most common mistake is setting up autopay in a hurry. Many people activate this feature without checking the amount, date or limit. Especially in the case of electricity bills or credit card payments, the amount keeps changing every month. If you don’t set a maximum limit, more money can be deducted. So, while setting up, carefully check how much money will be deducted, when it will be deducted and whether the amount is fixed or variable. Proper setting can prevent unnecessary damage. Many people don’t even check whether the amount is fixed or variable, leading to more money being deducted from their accounts than needed.

Choosing the wrong platform

Another big mistake is setting up autopay through an unknown app or website. Use only the bank’s official app or trusted platform. Fraudsters use fake apps and phishing links to set up auto-debit and steal money. Also, it is very important to check your account after setting up AutoPay. Be sure to check your bank statement, SMS and email alerts every month. Pay close attention to even small amounts like 50 or 100 rupees, as this could be the start of a scam.

Moreover, many people use autopay for every small and large expense. But it is better to turn it off for unnecessary subscriptions like OTT platforms. Use autopay only for essential EMIs and bills. If you find any unknown transactions, contact your bank’s customer care immediately. Turn off AutoPay or block your card if necessary. Procrastination can only increase your losses.

Be careful and keep your money safe

Autopay is a great feature, but it also comes with a responsibility. Set a limit on each autopay, turn off unnecessary subscriptions, and keep alerts always on. A little caution can prevent major damage. In this era of digital payments, a user who keeps a close eye on his account is the smart one.

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