How Economist Payment Works and What It Means for Your Bills
What Economist Payment Is
Economist Payment is a bill payment method where a company or service provider charges your account on a schedule they set, rather than you initiating each payment yourself. The payment is usually pulled directly from your bank account using the ACH system (Automated Clearing House), which moves money electronically between banks. You authorize it once, and then the charges happen automatically on dates the company decides.
This is different from a bill you pay yourself each month. With Economist Payment, you are giving the company permission to take money from your account without asking you first each time. The company decides when to charge you, how often, and for how much—within the limits of what you authorized.
Key Takeaways
- Economist Payment is an automatic charge pulled from your bank account on a schedule the company controls, not you.
- You authorize it once by providing your bank account details, and then charges happen without you having to act each month.
- You can stop or change Economist Payment by contacting the company directly or by revoking the authorization through your bank.
- If a charge is wrong or unauthorized, you have the right to dispute it with your bank within a set time window, usually 60 days.
- Some companies offer discounts for using Economist Payment because it guarantees they will receive payment on time.
How the ACH System Pulls Money From Your Account
When you set up Economist Payment, you give the company your bank account number and routing number. They use this information to file an ACH request with your bank on the date they have chosen. Your bank then transfers the money from your account to theirs. The whole process usually takes one to two business days, though the company may initiate the pull several days before the money actually leaves your account.
ACH is the same system used for direct deposit of paychecks and for paying bills online through your bank's website. It is not instantaneous like a debit card swipe—there is a delay built in, which gives you a window to catch problems before the money is gone. If you notice a charge is coming that should not be, you can contact your bank before the transfer completes and ask them to block it.
Why Companies Use Economist Payment
Economist Payment reduces the company's risk that you will forget to pay or pay late. They know the money will arrive on schedule because they are pulling it themselves. Many companies offer a small discount—usually 0.5% to 1% off your bill—if you agree to Economist Payment, because the may provide payment saves them time and money on collection efforts.
For you, the trade-off is convenience versus control. You do not have to remember to pay each month, and you may get a discount. But you also lose the ability to decide exactly when the money leaves your account, which can matter if your paycheck timing is tight or if you need to dispute a charge.
How to Set Up Economist Payment
To start Economist Payment with a company, you will need to provide your bank account number, routing number, and the type of account (checking or savings). Most companies let you set this up online through their website or by phone. You will be asked to authorize the company to pull money from your account on a specific date each month or billing cycle.
Before you authorize, check the company's terms to see whether the charge date is fixed or whether it can change. Some companies pull on the same day every month; others pull on different dates depending on when your bill is generated. Ask what happens if the pull date falls on a weekend or holiday—most companies will pull the day before or after, but it is worth confirming so you know when to expect the charge.
Stopping or Changing Economist Payment
You can stop Economist Payment in two ways: contact the company directly and ask them to cancel the authorization, or contact your bank and revoke the authorization on your end. Contacting the company is usually faster because they can stop it immediately in their system. If you call or email them, ask for written confirmation that the authorization has been cancelled.
If you contact your bank instead, you will file what is called a revocation of authorization. Your bank will send a notice to the company telling them they can no longer pull from your account. This takes longer—usually five to ten business days—and the company may not know right away, so there is a small risk they will attempt a pull that bounces. For this reason, contacting the company first is the safer route.
If you want to change the payment date or the amount, contact the company and ask them to update your authorization. Do not assume a new authorization will replace the old one—confirm with them in writing that the old one has been cancelled before the new pull date arrives.
Disputing a Wrong or Unauthorized Charge
If Economist Payment takes money from your account that you did not authorize or that is the wrong amount, you have the right to dispute it. Contact your bank within 60 days of the charge and explain the problem. Your bank will investigate and, if they find the charge was unauthorized or incorrect, will return the money to your account while the investigation is underway.
The company will be notified of the dispute and given a chance to respond. If they cannot show proof that you authorized the charge or that the amount was correct, your bank will keep the money in your account. If the company can prove you authorized it, the money goes back to them. Keep records of any authorization you gave—emails, screenshots, or written confirmations—because these will be your proof if a dispute arises.
What Happens If Your Account Does Not Have Enough Money
If the company tries to pull money and your account does not have enough to cover it, the pull will fail and bounce. Your bank will charge you an overdraft or insufficient funds fee, usually $25 to $35. The company will also be notified that the pull failed. Some companies will try again a few days later; others will charge you a late fee or suspend your service.
If you know your account will be short on the pull date, contact the company before the charge is scheduled and ask them to delay it or to pull a smaller amount. Many companies will work with you if you reach out in advance. If the pull bounces, contact the company immediately to explain and ask whether they will retry or whether you need to make a manual payment to catch up.
Frequently Asked Questions
Can a company change the amount they charge through Economist Payment without asking me?
No. The amount must stay within the limits of what you authorized. If the company wants to charge more, they must get a new authorization from you. If they charge more without permission, that is an unauthorized charge and you can dispute it with your bank.
What if I want to pay early instead of waiting for the automatic charge?
You can usually make a manual payment anytime, even if you have Economist Payment set up. Contact the company and ask how to make an extra payment. The automatic charge will still happen on its scheduled date unless you cancel the authorization, so make sure you do not pay twice by accident.
Does Economist Payment hurt my credit score?
No, as long as the payments go through on time. Automatic payments can actually help your credit because they reduce the risk of late payments. If a payment bounces or fails, that could hurt your score if the company reports it as late.
Can I use Economist Payment with a savings account instead of checking?
Yes, most companies allow ACH pulls from either checking or savings accounts. However, some banks limit the number of transfers you can make from a savings account per month (federal rules allow up to six). Check with your bank before authorizing Economist Payment on a savings account.
What if the company goes out of business while I have Economist Payment active?
Contact your bank immediately and revoke the authorization. Even if the company no longer exists, the authorization remains in your bank's system until you cancel it. Revoking it prevents anyone from attempting to pull money using that old authorization.