Q: What should I do if I cancelled my insurance policy but the company withdrew money out of my account?

October 4, 2018


When cancelling your policy, it is helpful to remind your agent if you are on an EFT (Electronic Funds Transfer) automatic withdrawal payment plan. Many companies allow the agent to call and have the plan cancelled; some require you to cancel directly with them. Either way, be sure to cancel as many days as possible before the scheduled EFT withdrawal date.

Should you forget to mention your participation in an EFT payment program or cancel just before the scheduled payment date (not allowing the company time to process your cancellation), it is possible that the payment will be withdrawn from your bank account. If this happens, please contact your agent who will assist you with reimbursement information. It is a good idea to have funds available in your account to avoid any overdraft or NSF (Non-Sufficient Funds) fees.

What can BHS Insurance help you with? We have over 25 associates dedicated to finding the best coverage for your life, home, and auto needs. Request a quote online today.

Answered by:

Diane Fargo

Account Manager

38 years’ insurance experience, 18 years at BHS Insurance

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