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Do you trust automatic payments withdrawal systems
Article Toolsby Richard Ford
The UK equivalent to this is the Direct Debit. I have never known an error on my own account and have not met anyone else who has. It is quite easy to recall an incorrect payment simply by informing your own bank.
The main advantage is that it saves so much time. Many bills change form month to month and the only alternative to a direct debit is to make individual payments (and pay a premium for the inconvenience). Or, alternatively pay some regular sum into a budget account which would involve tying up money for no real purpose.
Ultimately we have no choice but to trust. Life becomes more expensive and troublesome if we do not. Ultimately it will become impossible to buy many different things without doing so.
In the future bank accounts will have no check books. You may pay in cash or through your card- both of these involve a degree of trust.
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