Automatic payments

[needarest]

Is it mandatory to have your mortgage & car payment deducted from your checking account every month. They sent me a paper they want me to sign saying that they can take my mortgage and car payment from my account.

First of all I don't like the idea of anyone taking money directly from my account. I like to pay the old fashioned way, by paper.

The big thing is my mortgage is adjustable and I can pay three different amounts. The past 6 months I payed the highest amount, however there are months like the past two months were I had to pay the lower amount due to me not working for the past couple months.

She said I have to do this by law. I am in Florida. Anyone know anything about this?

[needarest]

I forgot to add I am current on all my mortgage & car payments. I also have never been late with either.

[needarest]

I have an answer already. Thanks anyway.

[krielly]

just curious as to what the answer to your question was............????

[magyar123]

Is it mandatory to have your mortgage & car payment deducted from your checking account every month. They sent me a paper they want me to sign saying that they can take my mortgage and car payment from my account.

First of all I don't like the idea of anyone taking money directly from my account. I like to pay the old fashioned way, by paper.

The big thing is my mortgage is adjustable and I can pay three different amounts. The past 6 months I payed the highest amount, however there are months like the past two months were I had to pay the lower amount due to me not working for the past couple months.

She said I have to do this by law. I am in Florida. Anyone know anything about this?

Never heard of any creditor "mandating" automatic payments. As you yourself posted the note said "so that they can". They just want to con people into automatic payments so they can save money by not printing out/mailing out statements/hiring extra people to process the mail/payments.