Check your bank statements: According to the survey, consumers who pay for a subscription no longer use. Are you one of them?

Online subscriptions could be costing you money and you don’t even know it.

A investigation found that 42% of consumers forgot they were still paying for a subscription they no longer used. Many of them happen after you’ve been lured into a free trial for an online streaming service or a monthly subscription service for clothing or personal items, then you forget to cancel it after that trial is over. If you need to use a credit or debit card to take advantage of the free trial, be aware that once the trial ends, you’ll start being charged if you don’t cancel.

If you accept a contract for a certain period, most subscription services have automatic renewal.

“It’s always a good idea to check your bank statements or credit card statements to make sure you’re not being charged for subscriptions you no longer want and no longer use because then you just throwing money away”, Meredith Radford with the Eastern North Carolina BBB said.

You should also be aware that scammers often pose as online subscriptions, such as Netflix or Spotify, and send you emails or text messages claiming that your password is compromised and asking you to click on a link to verify. your account. Never do that. Always go directly to the company’s website and log into your account to see if you need to take action.

Here are some other tips from the BBB regarding online subscriptions:

Do lots of research. Take the time to research a company before signing up for a subscription or trial. Do an online search for the company including the words “scam” or “complaint” to reveal any red flags you should be aware of.

Check out the free trials. Free trials can be a great way to get to know a company and try out a product, but make sure you understand how they work. Before you sign up, find out how long the trial period is, what exactly you’re agreeing to, and how and when to cancel if you decide not to subscribe. If any of this information is confusing or unavailable, take your business elsewhere.

Understand how auto-renewal works. Auto-renewals are a convenient way to keep your subscription up to date if you decide you like the service. On the expiration date, the company charges your credit or debit card and the subscription is renewed for another period. Keep in mind that companies must send you a renewal notice, which is a brief reminder that your subscription is about to renew, in advance. Always check your bank and credit card statements to make sure the cost is what you expected.

Know how to stop a subscription. There are three ways to stop automatic payments from your bank account depending on the Consumer Financial Protection Bureau: Contact the business to revoke the payment authorization, call and write your bank or credit union to inform them that you have revoked the payment authorization and/or give your bank a “stop payment order”. payment”. Usually all it takes is contacting the company to revoke authorization to cancel a subscription, but watch your bank statements closely anyway.

Cancel unwanted subscriptions early. You can usually cancel early and take advantage of the remaining time on your subscription for that billing period.

Periodically check your active subscriptions. If you’re not careful, you might lose track of the subscription services you’re paying for. Determine how much you spend on subscriptions. Review your subscriptions regularly to make sure you’re still using them.

Copyright © 2022 WTVD-TV. All rights reserved.