Find An Unknown Automatic Debit PaymentThis is a problem that we hear about all the time: the person writing has an automatic payment that is coming out of their bank account, and they don't know who the payment is going to!
Part of the problem is the fact that automatic payments are not listed on your account by the full name of the organization as you know it. It could be the name of the company who owns the business you are working with, so the name on your statement could be completely different. It could be a short form that makes no sense to you. Frankly, I've almost never seen an entry on my own bank statement that I recognized immediately. In most cases, I know who the debit is going to only because the amount corresponds to a bill amount that I recognize!
Well, we recently received a comment that described this problem exactly. A bank employee wrote in and explained how they identified an unknown automatic debit. Apparently, the key is the ID number and Trace number for the automatic debit. A bank employee can research these numbers and find the orginating company.
Frankly, I couldn't believe that the bank couldn't tell you who was receiving a payment from your account -- but I hadn't found anyone who could tell me any differently. Thanks to our readers, we now know!
So, if you have an automatic debit payment and are being told that the bank can't help you -- the truth is that they don't want to. Ask them directly to research the ID# and Trace# on the automatic payment, and then tell you the name of the company. Since you will be knowledgeable of what they need to do, they will be less likely to just say "no" to you.