Don't Forget to Stop Automatic Bill Payments When Selling Your Home
In the age of automatic bill payments, it's easy to forget to turn them off. When you sell your home, however, the last thing you want is an automatic payment going to a mortgage that has been paid off, or an HOA account that has been closed. Yeah, you'll get your money back, but it may take a few weeks....and that's if you are lucky. Ever sent a payment to a bank for a closed account. I did once. On a car loan that had been closed for years. I had a credit card with the same bank and picked the wrong loan number when doing an online bill pay. It took two months to get my money refunded.
So about a week before closing, when you are making final arrangement with the utility companies to turn off service to the residence you are selling, make sure to turn off those automatic bill payments to the mortgage and HOA. That's something only you can handle.
And so there is no confusion in the future, like with my old car payment, delete closed accounts from your online bill payment center.